What Is Kylin (KYL)?

Kylin network describes itself as a cross-chain platform supporting the data economy of Polkadot. Kylin network is considered a connective tissue between the blockchain or Web3 world and the 'real world,' offering insights and informing each in synergy.

According to the whitepaper, there are various problems associated with the existing blockchain networks including need of accessible data querying and data analytics, and high costs of Legacy oracles and difficulties in feeding off-chain data. The Kylin Network is based on the Polkadot network, and its cross-chain interoperability is considered a resolution for these issues that plague the blockchain ecosystem. The Kylin network aims to be the data infrastructure for decentralized finance (DeFi) and Web3.0 backed by Polkadot.

The platform powers the infrastructure of the main adoption layers of blockchain, such as NFTs, Defi, and DAOs, via reforming data awareness and access. Kylin also assists GameFi in creating an economic ecology by enabling access to off and on-chain data, varying data streams, guaranteeing their accuracy and authenticity.

The native token of the Kylin network platform is KYL. The KYL token plays a significant role in securing and supporting the decentralized data network.

The users need to stake the tokens with a high stake to accomplish the data requests. Users can use KYL tokens to pay transaction fees and query fees. Also, the token holders are eligible to vote for the upgrades related to the protocol and changes in the parameters on Kylin Network.

History of Kylin (KYL)

The Kylin Network team comprises twenty-one members from technical, financial, and marketing backgrounds. Kylin Network's skilled team hails from some of the most prestigious blockchain initiatives and companies, including Wharton, Columbia University, Harmony, Credit Suisse, and many others. Dylan Dewdney, a crypto enthusiast, is the project lead and the co-founder of Harbour DAO. The platform's launch took place in 2020, with the official whitepaper published in the same year.

The total supply of KYL tokens is one billion.