Kylin Parachain Crowdloan Details

We are happy to announce the details of Kylin Crowdloan!

In light of recent events, our Crowdloan auction is already live, and this post provides more details about what to expect from Kylin Network.

Kylin Network entered the Polkadot auction 24 to win parachain leases 9–16. Once we go live, from August 27, 2022, to July 1, 2024, Kylin Network will bring a decentralized data marketplace as a Source of Truth to the Dotsama ecosystem.

We’ll outline the following details in the article:

- Kylin’s product-market vision
- Why is Kylin going for auction slot 24 as against the intended 26
- Crowdloan details

Kylin Network is Building the World’s first Truth Machine via A Decentralized and Configurable Data Feeding Oracle System.

The Kylin Network has always had a mandate for the management of data. Our vision for an impactful product-market fit has evolved from our experience building a decentralized data warehouse on Rococo and researching how to fulfil our mandate as a decentralized oracle system. Hitherto, we aim to be the source of factual and validated info to DeFi first, Web3

applications and smart contract automation. Our solution is an oracle network, synergistic primarily with off-chain workers (OCW) and working with other instances to fetch, validate, and feed data to dApps seeking a fair and decentralized data debit.

“ The Kylin Network will now be a Modular & Configurable Data Framework for all Web3 Middleware”.

The need for Decentralized Data (DeData) hasn’t changed; however, our product vision has become more elaborate and our market vision laser-focused. Kylin Network will now be a Modular & Configurable Data Framework for all Web3 Middleware. This means Kylin Network is a B2B solution that will offer its data democratization solution to other application layers via an SDK, enabling the wave of the Web3 revolution. We aim for synergy with OCW, in-house Web3 middleware solutions, and those outside of it, even across chains.

With ongoing development, Kylin’s new product architecture will soon attain MVP status. Kylin Oracle pallet is being fitted with essential oracle components that justify its use as

a source of truth, a multi-level oracle data aggregation mechanism to balance security, authenticity, persistence, and speed. Our updated documents, like the newly published Whitepaper, describe this and the use of the democracy pallet to manage oracle instances with transparency and authenticity.

Kylin Network Parachain Slot 24 or 25, or 26?

The crowdloan was started on July 27, intending to join the August 28 auction 26. This had the consequence of automatically (and unknowingly) triggering a bid for the current auctions (23–24–25–26) with the amount in the crowdloan at that time as the bid amount.

The intent of starting an early crowdloan was to provide the maximum time for crowdfunding. The Substrate Builders Program gave us some support for understanding the auction but had nothing to do with our decision to start an early crowdloan.

This procedure should have been investigated thoroughly by us and tested. We apologize for any disturbance this may have caused. Processes have been implemented to prevent such a situation from happening again.

Kylin Crowdloan details

Kylin crowdloan is already live, and we’re bidding for a Polkadot parachain slot to bring a Modular and Configurable Data Framework for the Dotsama ecosystem. We are in the mix and have a shot at winning this current batch. If Kylin loses this current auction, we’ll automatically participate in the next auction 25. We believe this will allow more community members to contribute to this crowdloan and earn rewards.

Kylin is participating in a Polkadot parachain slot #24, #25, and #26, and as such, will support a crowdloan to enable the community to vote for:

- Auctions 24, 25 and 26
- Lease Duration: 96 weeks
- Crowdloan Target Cap: 90,000 DOT

To participate in the crowdloan, you may need to lock your DOT on https://parachains.info/details/kylin_network and vote for Kylin Network to become a parachain.

The KYL Token

$KYL is Kylin Networks’s coin. Its purpose is as follows:

• Network fees: The $KYL & $PCHU tokens find value in settling the network overheads and other on-chain economic activities between agents, including; dApp queries, Polkadot parachain and external queries, dispute resolution, elections and inquiries
• Staking: To secure their position in the Kylin ecosystem, the following entities must comply with the SLA requirements and stake an amount that can be slashed in case of bad behavior.
• Data Market/NFT/SNFT: Submitting data feeds the Kylin Network decentralized data marketplace, and the questions necessary to test and validate the submitted data are powered by the $KYL tokens.
• Rewards: Network contributions from all entities on the network are compensated with the $KYL/$PCHU token for their effort;

We have 13.5% of the KYL total token supply available for the parachain spanning 6 lease periods. This was initially 15% in the tokenomics, but the team adjusted and reserved 1.5% of the $KYL tokens to secure the DOT when Kylin Network fundraised.

In total, 135M KYL tokens will be rewarded as an incentive for those periods.

We have allocated KYL tokens in the first leasing period as follows:

20M KYL / 90k DOT = 222.22 KYL/DOT (~45.43% leasing return)

1 DOT = 222.22 KYL

To be released over the bonding period, the vesting will be linear, releasing every block.

The community spoke, and we listened, hence why we raised the amount per crowdloan DOT from 55.55 to 222.22/DOT.

About Kylin Network

Kylin Network is a composable and configurable multi-level oracle infrastructure built as a Polka Dot para chain, for the democratization and delivery of accurate data on time, at a reliably low cost. Kylin offers a way for chain-agnostic APIs to serve data according to service level agreements (SLA) that the consumers of this data will be aware of.

Data source compatibility beyond price feeds will bootstrap a free data market. This will allow market demand to determine the direction of the innovation of a feed, its price, and supply. With dynamic NFTs & SFTs, Kylin is innovatively tokenizing data streams that have been democratically accepted on the Kylin Network.

Originally published at https://kylin.substack.com on August 9, 2022.