What is Kylin Network? Kylin Network (KYL) is a Blockchain project that provides users with secure and simultaneous market data. In this article, you can find answers to frequently asked questions such as what is Kylin Network, what it offers, what is KYL coin, how to get it, what is it used for. As Kriptokoin.com , we have prepared for you. Let’s examine the project together.
What is Kylin Network? What does it offer?
Kylin Network is a project built with Blockchain technology that provides its users with reliable and simultaneous market data. The project leverages open networks such as Polkadot Substrate to provide on-chain and off-chain data to its users. The native cryptocurrency of the project is KYL coin. The platform offers three main services. These; Kylin Data is Oracle, Kylin Data Analytics and Kylin Data Marketplace. Kylin Data Oracle is a decentralized data feed protocol that provides concurrent data. The protocol validates on-chain and off-chain data and reliably processes it into blocks.
Kylin Data Analytics is a data analytics protocol. Users of this tool; can use data for purposes such as making sense, molding and interpreting. In addition, the Data Analytics tool also acts as a query engine for external analytics tools such as dApps. Kylin Data Marketplace is a dApp built on Polkadot that works as Kylin Network’s data marketplace. Users can exchange data using this application and price their data and offer it for sale. The app supports all types of data, including social media posts, weather and currency rates.
What is KYL coin? What is it used for?
KYL coin is a token that works as Kylin Network’s native cryptocurrency. The token, whose maximum supply is limited to 1 billion, was created on the Ethereum Blockchain with the ERC-20 smart contract. KYL, a governance token, ensures the decentralization of the platform. Token holders can participate in the management of the platform, vote in decision-making processes and submit proposals for exchange to the community. In addition, the KYL token has certain use cases within the network.
KYL coin can be staked. This means that KYL holders can earn additional token rewards at maturity by locking their holdings to a certain maturity. Miners who stake more KYL are more likely to be selected for verification. KYL, which can also be used as an exchange tool, is paid as a query fee to query third party dApps in the Data Analytics service. In addition, users can access data behind the paywall with the token. At the time of writing, KYL coin was the 804th largest cryptocurrency with a market cap of around $17 million. In addition, there were 270 million KYLs in circulation, accounting for 27% of the token’s maximum supply.
How to get KYL coin?
KYL coin is currently not supported by major exchanges. Cryptocurrency exchanges listing the token include Gate.io, Uniswap, CoinBene. Investors interested in the Kylin Network project can purchase the token by subscribing to one of these exchanges and depositing money in their wallets.
