Link to Medium Articlesubmitted by SokoDirect to KylinNetwork [link] [comments]
DeFi refers to “decentralized finance”. In the world of blockchain, it is also called open finance. Its goal is to subvert the traditional financial service system and promote the arrival of a new era of digital economy, so that everyone can obtain great economic freedom. It can be said that the emergence of DeFi is a perfect integration of decentralized technology (blockchain) and the modern financial industry. it has spawned a series of innovative applications in many traditional scenarios such as securities trading, lending, and insurance, and has triggered the craze in the crypto world.
1. DeFi and oracle pain pointsDecentralized finance(DeFi) and the decentralized lending services it contains are widely used and hyped in the world of encrypted assets. However, every underlying protocol of decentralized finance requires asset prices for operation and guidance. The correctness of the price has become the decisive factor for the smooth operation of the entire financial system, and the oracle is the key to providing price input data for the DeFi system.
The function of the oracle is a means to provide off-chain data for on-chain smart contracts. Under ideal circumstances, the oracle should be a trustless system, as long as it can operate normally according to specific decentralization principles. At the same time, the oracle needs to have the following four characteristics:
2. What is Kylin?Kylin Oracle is a universal oracle protocol. Its main function is to build an on-chain data warehouse through decentralization and trustlessness, and to provide accurate social data and market data to various DeFi applications and blockchain projects.
Kylin Oracle is characterized by providing reliable, efficient and trustless solutions for the off-chain data application. Kylin Oracle, which is built on Substrate, will be connected to the Polkadot ecosystem in a parachain, sharing the underlying consensus of the Polkadot, operating in a fully decentralized and highly scalable manner, and ensuring the security and network performance of the protocol.
Kylin Oracle encompasses 5 entities, including Data Consumer, Data Warehouse, Oracle Node, Arbitration Node and Blockchain Node. These five entities represent the major components of Kylin’s architecture. The details and the relationships, represented by the arrows, wit one another is as follows:
As shown in the figure, five roles form a data request model in Kylin Oracle:
3. Kylin Token EconomicsKylin Oracle designed a unique economic incentive model to ensure fair distribution of benefits among participants.
Finally, in order to ensure the authenticity and availability of data, Kylin Oracle has designed a unique challenge mechanism. Any validator can challenge existing inactive miners by staking tokens. The challenger needs to stake 1.2 times KYL of the challenged. Once the challenge is successful, the challenger will be rewarded with 20% KYL slashed from the staking of challenged. If the challenge fails, the challenger’s staked KYL will be directly burnt. The authenticity standard of the data is that the price data provided by the verifier does not deviate from the real-time price at the time of quotation by 5%.
4. Kylin’s application and visionKylin Oracle mainly has the following six application scenarios:
Decentralized insurance automatic payment The decentralized insurance platform can obtain various on-chain and off-chain data by connecting to the Kylin oracle machine to complete the judgment and automatic payment of insurance activities. Stable coins and crypto derivatives Stablecoins and encrypted derivatives need to frequently obtain off-chain real-time price data. Kylin Network can obtain reliable data in multiple scenarios in real time and efficiently. Crypto asset lending platform Kylin Oracle can provide off-chain information including real-time and reliable currency prices, interest rate levels, and borrowers’ social information to the on-chain lending platform Cross-chain decentralized exchange The lightweight Kylin Network interface that can be deployed on multiple chains provides the possibility for decentralized exchanges to realize cross-chain atomic transactions. Decentralized casinos and games Kylin Network random number engine provides unpredictable and verifiable random number generation. Blockchain computing market Commercial computing such as machine learning training models and 3D rendering needs to complete a variety of complex computing tasks. Kylin Oracle serves as a bridge to provide verifiable and unlimited off-chain computing functions for the blockchain computing market.Kylin Oracle built through the Polkadot network will superimpose a unique token economic model and governance mechanism by utilizing the characteristics of Substrate to solve current project pain points and effectively improve the existing oracle ecosystem.
About Kylin NetworkKylin 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 hopes to provide valid, reliable, secure, cost effective and easily-coordinated data sources and data analytics.
Contact Kylin NetworkTelegram: https://t.me/KylinOfficial
Official website: https://kylin.network/
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