Crypto Society is excited to be hosting an AMA with Dylan Dewdney, Project Lead of Kylin Network.
The Kylin team comprises talents from different fields of the digital world, ranging from data science, project operation, full-stack development to cryptocurrency early adopters and evangelists. This team believes it is a group of strong exponents of reforming the status-quo and making substantial contributions that can propel us into the next stage of data feeding, data exchange and data analytics.
Although oracles have become an area of high interest in the blockchain world, and many projects have been working on the issue, our team finds that from a practical perspective, and through a number of people in our network that have explored integrating them or others, they find the price feed queries too expensive. Indeed, quite a few projects we are aware of just decided to use centralized data feeds. Therefore, the narrative value of using an oracle may be far greater than practical value (usage) due to cost. So when working through cost of use, this is a key area for Kylin to consider as the validated data feeds will need to be cost effective to drive real usage.
Kylin seeks to create a validated data repository and economy such that the externalities that OCWs reference will be more robust, secure, reliable and trustless. Additionally, we believe that it is only via Polkadot that we can ensure a cost effective solution that data consumers and Dapp Builders will actually use over centralized sources.
Besides, defeated by the data streams dilemma, which is the inability to funnel real and instantaneous data onto the blockchain to create greater social value. After learning the developments of Polkadot network expansion and the Substrate 2.0 Framework upgrade, we believe Kylin Network can serve as a competent facilitator between the supply and demand equation.