Kylin Weekly Update #6: Snapshot
A Case for DeData
DeData is an abridged version of the compound word Decentralized–Data. It is a new paradigm of data that upholds the tenets of blockchain technology, including decentralization, immutability, and openness, across its entire stream — from the point of creation/sourcing to consumption at an endpoint.
The iteration of the web, now popularly known as web3, pushing the frontier of applicability of the internet by giving back power to users to own the content generated and their data by a sustained incentivized network of nodes running open and transparent ledgers, which requires this sort of data to extend its applications.
We can see this Data framework growing when we consider how infrastructures are springing up to handle every point of a data stream, from feeding it to the blockchain with a network of oracles to storing it on peer-to-peer storage networks.
This is important because blockchains are, by default, isolated deterministic machines, and this is where their impenetrable security comes from. However, this blessing is also a curse as this isolation shrinks the potential.
The blockchain may have been built for immutability but not infallibility, so if we feed it any data, it must be validated, complete and accurate. When we store it as well, it must be redundant and uncensorable.
The growing concept of DeData targets every point of a Data stream to decentralize it, to maintain truth, accuracy, user sovereignty, and autonomy. If the source that feeds you controls you, we must ensure that source is not a central point of failure and prone to attack.
Project Update: Pichiu Snapshot
Since the Kylin team announced the decision to onboard Kusama Network before participating in the Polkadot parachain auction, the goal has been to develop an Oracle that Listens, Extract, Format, Validates, Compute, and Broadcasts. In doing so, the Kylin Truth Machine will be able to deliver data to the best in Accuracy, Validity, Reliability, Timeliness, Relevance, and Completeness.
Onboarding to Kusama is a staging process unlike the Rococo network, the real testing grounds, Kusama is the final and ultimate test with real financial consequences. As Kylin remains poised to develop a Modular and Configurable Data Framework for all Web3 Middleware, the next step is the Polkadot Parachain auction.
For this, we have already obtained our Parachain ID and proceeded with registration.
All the necessary code has also been added, and nodes have been deployed.
We have made a promise to our community; our goal remains to deliver consistently.
There will be a token transfer of the Canary Network tokens $PCHU in the nearest future to loyal $KYL holders as an incentive for their continued faith in the project.
We’re excited to announce that the first snapshot will be taken within a fortnight. We cannot disclose the exact time this will take place for apparent reasons and how many more snapshots will be taken after the first. All we can say, for now, is to be prepared.
How to Participate in the Snapshot?
To be eligible to receive the $PCHU transfer, you’ll need to hold your $KYL ERC-20 tokens in a non-custodial wallet like Metamask, Trust Wallet, Coinbase Wallet, Ledger Wallet, or be staking on https://staking.kylin.network/ $KYL tokens that are staking and the unclaimed rewards are BOTH eligible for the snapshot.
$KYL tokens that are being held on exchanges will NOT be included in the snapshot.
Substrate Builders Program Update
Kylin’s Tech Lead, Sylvain Cormier, had a call with the Substrate Builders Program last week. The milestones were delivered and are currently being evaluated.
- The Dynamic NFT market as a source of truth concept, proposed in the Kylin whitepaper, will most likely ensure Kylin’s position in the parachain ecosystem and was initially well received.
- It was mentioned that the program could help find top developer talent for the project.
- It was indicated that a symbolic financial incentive was to be given upon successful completion of the program
Kylin Partners with Onfinality
We recently announced a partnership with Onfinality for API and node deployment services. This is the first partnership for Kylin Network after a long while. We have several other partnerships to be announced soon.
More on the Partnership, you can now log in to access the new Enhanced API service for Kylin Network and see Kylin Network’s network spec in the OnFinality Marketplace.
Read more here.
Kylin Around the Web
Kylin’s Tech Lead, Sylvain Features in ADO.
We’re proud of our superstar Tech Lead, Sylvain Cormier, as he once again represents Kylin Network. In a YouTube video hosted by the Alliance of Decentralized Oracles, Sylvain engages other players in the oracle space on the topic “Cross-chain Oracle Standardization,”
The conversation features team members from Tellor, Spuddy, and others. You can watch the video here.
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide accurate, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.