Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Kylin Network. The AMA took place on March 2nd, 2021 and our guest was @dyLanoshi.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Luis Merino 🇪🇸 | Satoshi Club: Hello SatoshiClubbers and welcome to Kylin Network AMA! Today our guest is @dyLanoshi, welcome!
D. Папа Роуч: hello all! @dyLanoshi hello! good to have you here!
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: great to be here!
D. Папа Роуч: how are you doing?😊 this is the first question of our AMA😄
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: honestly, not bad – after 6 days of intensity, got some rest finally last night
Luis Merino 🇪🇸 | Satoshi Club: Nice to hear 😄
D. Папа Роуч: great!
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: not that i actually know what that is like unfortunately, but i can imagine it is similar, intense and bewildering being in the midst of a launch is like an acid trip
Luis Merino 🇪🇸 | Satoshi Club: It should be difficult of course. So you had a nice rest… That’s nice, because Satoshi Club has many great questions for you 😉
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: but extremely grateful too! and emotional – 6 months ago no one knew who we were really, and our team has worked so hard and our community has been so amazing. we have such a great group of people who have put their faith in us – from our fist investors to our latest supporters during the launch
D. Папа Роуч: so, are you ready for the portion of AMA with Satoshi Club? 😉 @dyLanoshi
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes!
Luis Merino 🇪🇸 | Satoshi Club: Congratulations 👏👏
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: thank you
D. Папа Роуч: yeah, this is awesome feeling! so let’s begin with intro? can you please tell Satoshi Club a bit about your experience in crypto? and introduce Kylin Network as well? 😊
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: Yeah for sure!
So I’ve been around for some time. Known about BTC since late 2010 and then actually really started down it in late 2011. Initially had more of an academic background, but half of my working life is still prob in more itinerant jobs like waiting tables and such, actually. Eventually found myself in the context of corporate world and progressive involvement in blockchain. From Toronto and met Ethereum team early on, took part in their ICO and held until the last bull run. Did some angel investing after that which I sucked at and then started moving into building projects and teams, with a focus on either crypto primitives/fundamental problems, or both.In a really really general way, Kylin aims to be the basic context for a DeData world.We connect the real world to the blockchain and vice versa
Luis Merino 🇪🇸 | Satoshi Club: You are an early adopter 👀😄
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: believe it or not when btc was at $70 I thought I was late. lmao
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: things were so so much differen then
D. Папа Роуч: haha still not late to buy at 50k😄😉
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: conan obrien started making fun of it on his show, people just thought it was ‘zany’ then, like the same as people wearing tin foil caps to protect from microwaves. No joke. We’ve come a long way
D. Папа Роуч: nice journey! more than 10 years in crypto! cool
Luis Merino 🇪🇸 | Satoshi Club: Lucky you 😉
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: a lot of people focus on the fact that we can provide a more cost-effective, higher throughput oracle use-case, but this is actually the tip of the iceberg, we hope
Luis Merino 🇪🇸 | Satoshi Club: Oh my god…😂😂😂😂
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: i don;t want people to get an impression that i have tons of btc, btw – i was as rational as anyone else along this whole journey. just fyi
D. Папа Роуч: so you sell most of them in profit 😉 something like this? 😁
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes, crypto has been good to me, but i also spent many years in the trenches explaining it to people who thought i was a little off
Luis Merino 🇪🇸 | Satoshi Club: 😄😄
D. Папа Роуч: haha alright! thank you for the great intro @dyLanosh ! if you are ready we can start with the questions from Satoshi Club community? 😇
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes please!
Luis Merino 🇪🇸 | Satoshi Club: Let’s go!
D. Папа Роуч: let’s gooooo! 🚀
Q1 from Telegram user @Highpee
Your token sale on PolkaStarter which was set at a price of $0.05 was exhausted within 2 minutes and not all whitelisted address were able to participate. But I learnt you are going to run a Phase 2 sale through a Liquidity Bootstrapping Pool (LBP) on Balancer. When is the Balancer sale and will you require a whitelist/KYC for this? Also, Why is the price of the Phase 2 sale set at $0.95 which is far higher than the $0.05 price for POLS sale and what assets is/are needed to participate in this phase?
Luis Merino 🇪🇸 | Satoshi Club: Great question 😄
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: I will be the first to admit our launch was challenging. We had a really massive interest in the IDO, and I think we should have been better prepared for it. Ultimately, we have to compromise on features of our token launch design (and overall tokenomics). ok, so the LBP. this was something we figured out as a cutting edge methodology to engender some more fairness in the launch process. it’s this really neat way to prevent bot front-running
WARNING — LBPs and timing
This is probably unlike any other sale you’ve ever done. Unlike in, say Uniswap, where two assets in a pool have equal weight, in LBPs the weights of the assets can be changed over time, hence, we ‘bootstrap liquidity’. As noted above, it is important not to jump in too early. Stay rational. If you feel the price is too high, wait a few minutes or longer until it reaches a value you think is correct. Unlike a standard pool, there are two main methods by which the price can change: 1) there is a constant downward pressure on the price from the variable weighting, but 2) in concert with this is that the price will get a ‘bump’ every time someone sends USDC to the pool in exchange for KYL.
WARNING — LBPs and price discovery
You will need to understand that when you swap USDC for KYL in a LBP pool, you essentially are ‘naming your price’. Although we have a starting price, of $0.95, this does NOT mean that KYL has been valued at $0.95! This is essentially a placeholder starting point at a 19X (95/5=19) valuation to the public sale price of $0.05 that should help prevent bot front-running prior to the weight function kicking in. We repeat, do not confuse the starting price with a proposed token value! In other words, if everyone does nothing or, overall, adds very little liquidity when the LBP starts, the price will naturally fall, and fall fast. This is why it is so important in an LBP to stay calm and not FOMO. Over a certain time period, it should become more and more clear the price basis of KYL, which is why it is further recommended not to ‘storm the gates’. In simplest terms, the LBP puts a lot of agency in the hands of the participants to work dynamically and most importantly — organically — toward a methodology/system of price discovery with hopefully a more rational and human basis than other ways. Subsequent to the LBP ending, the token price will be set in the Uniswap pool, which represents the 3rd and final phase of the KYL token launch.
I’m just going to copy/paste what we’ve put together up here for ref too^^^
D. Папа Роуч: thank you! also, as i heard token sales on Balancer are quite expensive regarding to gas fees, is that correct? so people should hold more ETH to make a successful transaction there?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: TL;DR: the $0.95 IS NOT an assessment of value, it’s a function of the LBP. afaik as expensive as on any DEX, but would you rather a bot scoop it?
D. Папа Роуч: nope
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: and yes, people should hold adequate eth to run txs
Luis Merino 🇪🇸 | Satoshi Club: That’s important❗️
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: i hope this all makes sense?
D. Папа Роуч: sure!
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: so the idea is we really want to get to organic price discovery based on humans. IMO we are in an unhealthy phase – too bullish and valuations are too crazy. LBPs hopefully enforce some rationality on retail investors
Luis Merino 🇪🇸 | Satoshi Club: You are right 😂
D. Папа Роуч: yep, market is very hot, it’s a bit scary 😁
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: ultimately leading-we hope–to better entry points, but we all have to work together on this – IT’S EXTREMELY IMPORTANT NOT TO FOMO IN ON THE LBP
wait
wait
watch
do not jump in
you will get rekt
D. Папа Роуч: so best strategy is a bit wait, and then buy for the more adequate price😇. i hope it will work 👀😄
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: whatever you do, and i can’t i guess formally give advice, but my academic sentiment on this is do not go in at the start
D. Папа Роуч: gotcha!
Luis Merino 🇪🇸 | Satoshi Club: Noted
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: we have a ton of great analyses floatng aroundin the unofficial chat on this btw. Really fascinating to speculate on how it will go down
D. Папа Роуч: nice! need to read those posts 😇 Thank you for the good answer! ready for the next question?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: ofc
Q2 from Telegram user @lequang123
Kylin network plans to Unlock the potential of DeFi using bridges and cross-chain synthetics. Will it be possible to establish cross-chain liquidity bridges to make it easier for LPs to work and improve the status of transactions? What improvements will we see in the blockchain with kylin?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: so, this is something we are working with Shadows a bit on already (and others). short answer is yes! it will take some time before this is really operational like it is in other contexts (eth world eg), bc Polkadot needs some time to mature yet, but i expect within 6 months. 2nd part of the question is super general, but Kylin at its base is the scaffolding to a validated data infrastructure for the world. we are just getting kickstarted with the oracle use case, but the oracle use case is just one of a sea of validated data use cases that will drive decentralized data proceses.
D. Папа Роуч: so Kylin Network will support many blockchains? what will be the fee structure? will we have to pay everytime when we connect to new blockchain?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: eventually, yes, through bridge-chaining on polkadot. The fee structure is like this.
D. Папа Роуч: ok, got it
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:
Luis Merino 🇪🇸 | Satoshi Club:
I have no questions regarding this answer 😳
Which is pretty strange haha. Great answer Dylan 👏
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:
thanks! there are really 2 sides to Kylin: the NPOS consensus side which is like a fork of dot and then the biz module side (which is really far more interesting in some ways as it’s the innovative aspect). They interoperate and we have this extremely juicy incentivization aspect to oracle scripting on the biz module 15% in perpetuity
D. Папа Роуч: oh yeah, i see😊
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: so we expect a cambrian explosion of people engineering really cool scripts, either in a journeyman way, or as part of a way of dogfooding data providers themselves. Does this all make sense? so consumers pay in KYL for access
D. Папа Роуч: it definitely makes sense 😄
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: and that paid KYL is given overand then likely about 60% of KYL is locked at any time for ~12% APR and that staking mechanism drives skin in the game for oracle and arbitration nodes Kylin is like if DOT itself became a data feeding/consumption functionality validation layer. This is why we call ourselves infrastructural because, even though off-chain workers satisfy oracle functionalities in a way in Substrate 2.0, they are limited and there’s no way to validate what they bring on to chain. I should prob note that i’m done with each response, huh?lol
D. Папа Роуч: haha! thank you for detailed explanation! i think you gave us as much info as possible 😄👍thanks a lot! ready for the third question?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: for sure
D. Папа Роуч: let’s do this!
Q3 from Telegram user @KevSalom
As you say, a good oracle service must have four important characteristics: accuracy, timeliness, high cost against attacks and decentralization. Does Klyin Network meet all these characteristics in their entirety? What role does Polkadot play in all this? Has it been key to achieving what other oracles have failed to do?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes, we do, i think. accuracy for sure will come with time and become more robust as we engineer many sources of data feeding (apis). timeliness for sure! we can settle much faster thanks to DOT, in near real-time high cost against attacks, yes on this too; through our arbitration mechanism and slashing decentralization – in the long-term for sure, though we need to ve a bit careful at the start and vet validators a bit through 100 validators program, but they get vetted less and less as the system becomes more robust. Polkadot’s role is that it provided us the context we felt to adequately solve The Oracle Problem in the way that it needed to be solved – at a cost effective and high throughput basis
We think it’s the key, yes
D. Папа Роуч: would you call Chainlink your main competitor?
Luis Merino 🇪🇸 | Satoshi Club: Does Kylin really have competitors? They will smash them all
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: here’s the thing: chainlink is awesome, but chainlink will need to innovate beyond their narrative imo oracles are like email in 2001 they will be a feature.I don’t see that we have direct competitors (like Chainlink) in the sense of any project attempting to build an infrastructural level data validation layer. Of course, we get compared to Chainlink a lot, and that’s ok. Most people who will employ data feeding services will use a variety of oracles to come to the best result, and it is only logical. Finding partners, so far, has proved pretty smooth. In the most general terms, Kylin is a general data validation layer. In more specific terms, it’s probably best conceptualized as a cross between Chainlink (we can satisfy getting off-chain data on-chain), the Graph (through querying we can get on-chain data, off-chain for analytics), and then Ocean Protocol (where we are setting up the basis for a decen-tralized data market infrastructure). So yeah the Chainlink comparison is necessary, but not sufficient.
Luis Merino 🇪🇸 | Satoshi Club: Btw Dylan, an offtopic question. How big is your team?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: FT and PT we are 22 or so, and it looks like Berkeley will lend us one of their BC accelerator interns soon too. and then we have this amazing amazing committed group of volunteers – i think around 10 or so now with a core group of 4 or so ambassadors
Luis Merino 🇪🇸 | Satoshi Club: Not a small one 💪Do you plan to extend those groups?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: i guess not now ha i expect that we will expand the ambassador network a bit as needed
https://kylinnetwork.medium.com/introducing-the-kylin-ambassadors-program-kap-34d0c76e08fc
Luis Merino 🇪🇸 | Satoshi Club: Thank you for your answers! Do you want to move to Q4? 😊
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: let’s do it!
Luis Merino 🇪🇸 | Satoshi Club: Thanks 😊👏@Cool_as_Ice shoot it 🚀
D. Папа Роуч: ok! let’s talk about community then 😉
Q4 from Telegram user @yellowchamp
I read in your website that Kylin Network has some great Community engagement and the one that interest me is the Bounty Program for General Community. So,can you explain more about this Bounty Program in your network? How to participate in this program? What are the benefits and rewards as prizes for this Bounty Program? What is the motivation and objective and proceeds of this program? Can we also invite some friends or colleagues to participate this Bounty Program? Thank you
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: tbh we have been so busy with product and then launch we haven’t fully formed the program out yet. but we will provide some details on this post launch
D. Папа Роуч: i assume we can expect some cool things for the community 😉
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: for sure!
Luis Merino 🇪🇸 | Satoshi Club: Great things to come ✨
D. Папа Роуч: don’t forget to share news about those events later in our club as well 😇so let’s proceed to the next question? ready?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: totally, please yes
Q5 from Telegram user @Wormz28
Data Consumer, Data Warehouse, Oracle Node, Arbitration Node, and Blockchain Node, these are the five entities of Kylin Oracle that represents the major components of Kylin’s Architecture. So can you explain the details of each entities and the interralated relationships of the components?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: I can, but the token economy white paper does it so much better
Luis Merino 🇪🇸 | Satoshi Club: Please share it with us 👍
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:https://docsend.com/view/rxexqc3cnjh3efz4 as well as this visual is helpful
Luis Merino 🇪🇸 | Satoshi Club: Thank you 😊
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: of course!
Luis Merino 🇪🇸 | Satoshi Club: This picture is really useful and informative
D. Папа Роуч: displays everything perfectly 👌
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: hehe
Luis Merino 🇪🇸 | Satoshi Club: Yes, I have no questions for this one, do you?
D. Папа Роуч: everything is clear
Luis Merino 🇪🇸 | Satoshi Club: @dyLanoshi ready for the last question of this part?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes please
Q6 from Telegram user @Indomiekuy
Can you share with us who are your important partners that Kylin Network have? How many total partner that you have for now? What are the result for Kylin Network from your partnership?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: thanks! for sure! proud to say we have more pre-launch partnerships than any other oracle as far as we know. we have 33 partnerships in total atm, half of which are public
some that we can highlight ^
Luis Merino 🇪🇸 | Satoshi Club: And they are huge projects 😳👏Congratulations on that 🎉
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: many of these we are working on use case paramteres above and beyond price feeding
D. Папа Роуч: do you have plans regarding to NFT sector? you cover so many directions in crypto, is there a place for NFTs in Kylin Network?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes, indeed. we are clearly bullish on NFTs
Luis Merino 🇪🇸 | Satoshi Club: Those are great news, NFTs are rocking atm 🚀
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:
https://kylinnetwork.medium.com/polkapets-and-kylin-team-up-d4b4e41fdebe
bondly is a big partner of ours. we may think about using NFTS as an access point for thinks like validation or discounts or buffers on aspect of tokenomics. rn we have associated two NFTS with airdrops
https://kylinnetwork.medium.com/bondly-kylin-instructions-for-nft-card-sale-6bf2bd7a8e9f
Luis Merino 🇪🇸 | Satoshi Club: Kylin NFT is adorable 🥰🥰
D. Папа Роуч: great! those NFTs look nice 👍
Luis Merino 🇪🇸 | Satoshi Club: Ready for a storm of questions in part 2? @dyLanoshi
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes indeed!
Part 2 — live questions from the Telegram community
Q1 from Telegram User @Wormz28
🔥🔥🔥🔥
HELLO 👋 @dyLanoshi
How’s your experience having AMA here in Satoshi Club and what can you say about the group and the community?
🔥🔥🔥🔥
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: you guys rock; i like these sorts of amas in authentic cool communities
Q2 from Telegram User @stargateeatlantis
I have seen many projects starts with really good promises but when there is low income on presale they abandon the project. How can I be sure this won’t happen with Kylin?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: we have at least 2 years roadmap with our current funding and treasury management, and we have hustled our assess off so far – i expect that to continue
Q3 from Telegram User @RamonPila25
Is it possible for users to become any of the node types required for Kylin to function? What are the requirements for them?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: yes, but after some time – we will work with some trusted validator nodes first to ensure everything is smooth
Q4 from Telegram User @Robotliker
@dyLanoshi
Hello sir!
There is the chance of fake pools and listing of fake tokens in defi , what is the real contract address of KYL?ALSO what is your official telegram community
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:
great question:
https://kylin.network/
0x67B6D479c7bB412C54e03dCA8E1Bc6740ce6b99C
Q5 from Telegram User @atillayeni
Solana network, Tron network and Avalanche network are growing too. Will you add support for those blockchains?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: Yes! already speaking with AVAX team for some time now
Q6 from Telegram User @LadislavPavlistik
What is the best thing you would point out in your project?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: Our community tbh
Q7 from Telegram User @KhaleesiTheCryptoLady
Why Kylin? What is the story behind naming your project – KYLIN? It is a beautiful name for a girl. 🥰
@dyLanoshi
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO:
haha it is a mythological beast – from primarily asian origin
https://en.wikipedia.org/wiki/Qilin
the Kylin is ‘said to appear with the imminent arrival or passing of a sage or illustrious ruler’
Q8 from Telegram User @nadee5
Is there any limitations to buy KYL tokens in LBP?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: theoretically, yes: 13M
practically, speaking, no
Q9 from Telegram User @topind7
Can you identify the DEX Kylin will launch on after the sale and the date you will launch it?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: we will go on uniswap soon after the Balancer LBP
Q10 from Telegram User @blockchainstake
What are the priorities of Kylin on this new year 2021 can you share your milestones you want to achieve this year?
(Won’t DM You First) – Dylan Dewdney | Kylin Network – CEO: securing more partnerships, POC Testent, and Parachain auction!
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Kylin Network . They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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