Dylan Dewdney discusses oracles and Web 3.0 at Kylin Network

0:01i'm ashton addison from event chain for investmentpitch media and the cryptocoin show and today on blockchain interviews we have dylan dudeny the ceo of kylan network dylan welcome to the show and thanks for taking the time to be here today complete pleasure thank you so much i really appreciate you having me likewise let's dive straight into kylan network

0:22i know your team has a huge initiative ahead if you could start for the viewers by just giving an overview and the focus of collin network and some of the problems that your team is solving for so um the highest the highest level overview of the project it kind of takes a viewpoint of us being us being sort of a leading edge working on this novel idea

0:48of d data right and d data for us means decentralized data marketplace uh more or less but it's there's sort of other things that conceptually that grow around that idea too um and and we take the viewpoint of like hey uh d5 is this really powerful incredible interesting thing that has resulted out of a composite of or convergence of all these different

1:10technologies obviously including blockchain but also this you know other other things happening in the world right now we thought um you know we thought that the comparison was really appropriate because we see data being sort of operationalized and monetized in the same way that traditional financial instruments have been operationally monetized operationalized and monetized in d5 we

1:36see that happening um in d data right and data getting sort of operationalized and monetized in the same way so we had this you know slogan like doing for data what dfi did for crypto um and that's and that's sort of that's sort of a real like kind of like the essence of of the project uh we are you know rightly and wrongly in some ways or at least not

2:01sufficiently compared to chain link or like polka dot of or oracle polka dot or chainlink of polkadot um we see that sort of like traditional price feeding functionality as just as just the first use case of of d data or of or if automations running um sort of like smart contracts and information that we need to get you know in this in the price feeding

2:28circumstance you need to get asset prices to to run uh automations in in d5 um but i think that there are uh just like an incredible uh number of use cases above and beyond price feeding that we're that that's really like what we're looking at in terms of the big overall vision so um we're probably best conceptualized is like a cross between chain link in the sense that we get off

2:54chain data on chain um uh the graph where we're working on querying where we get on chain data opt chain where you want to query the graph or query create the blockchain and get some information um and then also something like ocean protocol where we're setting up the context for a decentralized data marketplace where there's data feeding and consumption

3:16and that's pretty much it yeah thanks dylan and that's a great intro and that's actually one of the first times i've actually heard the term d data you know even though chain link has been talking about oracle's and price feeds for quite a while and sort of brought more of a name to it in the space you don't really hear a lot about decentralized data

3:35and you know as an oracle you know kylan i i know kylian is has a lot of initiatives you know as a web 3.0 platform oracle is one of the functionalities but it's not the whole you know the whole bag but in terms of the oracle part is that really the the first step for your team is to you get information from uh price and data feeds and put it into the the price feeds for decentralized

4:02exchanges so that you can price these assets and i guess that's really the the where the where the cutoff is where you know how does a decentralized protocol that's running smart contracts able to to find real-time prices of assets when the contracts you know have information that needs to be uh coming from the real world yeah so i'll just give you like sort of

4:25like an inside look at how this kind of like developed and what some of the thinking was initially and um and you know in terms of the strategy so i i i've done traditional startup and i've done crypto startup and one thing that i've always honed in on is this idea of high value niche use case so you want to sort of you want to be getting into areas that are

4:51that are growing and also somewhat niche and i think the first time i read that concept i forget what it was but it was applied to like amazon where they were or no excuse me it was it was applied to it was applied to paypal um helping i think amazon and um helping amazon and i don't want to use up too much time because i know we only have 15 minutes but uh

5:16but it was helping he was helping uh ebay right like ebay couldn't do settlements so paypal helped so all of a sudden all these ebay people were like you gotta use you gotta use paypal man like it's like it's the easiest way to settle this stuff out like oh my god so like strategically we took this approach where yes we had this like you know like in

5:35the same way that like amazon wasn't just about selling books you know we're not just about price feeding in the sense that yes you can sell books on the internet but you can do you can become this you know larger broader thing too but that's the first thing you need to do in order to to build your business you have to have like a use case right so for us we thought okay

5:55um you know oracle services uh you know obviously there's a hot narrative around it we demystify that a little bit with our community and in terms of educating what that actually means it's calling apis to chain with some consensus validation process behind it um but uh but but you know we've we felt like that was a very um important place to be and and to be

6:20in polka dot was even more important because we felt that some of the scalability issues that we see in f and and you know hope maybe they'll get solved maybe no one quite knows like if they'll get solved or not we felt that they would be solved uh within the polka dot um uh context so that here's a great place to build an oracle um just on that you know part of that uh

6:45uh larger strategic vision and so we thought uh you know how how hard would it be to get a lot of people um invested in this idea of a polka dot-based organ sure and that has helped us certainly grow but it's not you know it's not like a the big picture but yes indeed um you know we've found our uh partnerships relatively smooth and easy to make

7:11and quick like we've rapidly developed over i think we're now at like 51 public and non-public which puts us i think just just right under chain link and maybe connect with band in terms of partnerships um and i think part of the reasoning behind that is because we're in this exploding area and everybody wants exposure to it meaning polka dot and then also we take a very like

7:36agnostic approach we we encourage our partners to have multiple oracles because we think that that's just only a good idea um you know to satisfy a number of needs because we think that as time goes on um that that just narrow oracle functionality price feeding for d5 is going to become a little bit commoditized a and then b it makes logical sense to have a number

8:00of you know vendors or service providers for oracle services you can draw on um so that's that's kind of the big strategy and inside look there definitely and i like how you mentioned uh the how ethereum is it has a lot of d5 applications on there and there is a great uh move to polka dot to hopefully solve all of these transaction costs make it faster make it smoother

8:26and kylin is also working in the polka dot and substrate ecosystem but it looks like you're anticipating you know cross blockchain transfers or other blockchains as well if the oracle in the future needs to work with more blockchains that start coming out with decentralized finance applications cardano or cosmos or whatever is that something that is in the works

8:48for kailyn yeah and i i guess i i should i should be careful to just temper what i just said by saying you know we're not by any means um maximalist about polka dot in fact the reason why we chose polkadot was that we felt you know we we wouldn't like we had this thesis where okay if we we started to see the thesis of we expect it to be a multi-chain world there's gonna be a lot

9:12of complementary chains it's not gonna be like one chain to rule them all there's gonna be a lot of different layer one solution serving different needs um and different communities involved with them because i do believe that it's actually like human beings and communities that are symbiotically attached with blockchain technologies like you know it's almost half and half in

9:30terms of power and authorial vision in my in my in my um in my head um so but we did think that like if that's a thesis there's going to be lots of change and we accept that then we want to be in the place where the connections are being made and we want to be in the number one number two we want to be in the place where um we see you know developer interest

9:54momentum so we we saw a lot of you know developer interests moving over to substrate um just really organically not trying to like combine the interest of developers or trying to incentivize them in any way this is far before polkadot was getting like high valuations we saw a lot of developers really interested in it um and then yeah and then just the

10:17overall architecture of it is such that um it incentivizes connections being made and and sort of like layer one solutions being built on that layer zero bridge chaining from uh other layer ones that are extraneous to polka dot if you will like ethereum and btc um we felt like that was just like a really great context to to build definitely and in terms of

10:42the actual use of using using the oracle for all these partnerships that you made do they require uh the kailan token to be using that and just overall question of what are the main functionalities of the coin token on the network and is it creating a sustainable ecosystem overall yeah so um the the really cool thing about like i feel like we've almost

11:06built more of a an incentivization um product than like a technological product in some ways um because the the way that we built this out if we we've i call it this like skin in the game model of knowing something is accurate or inaccurate right like we can't say something is necessarily like true like we can't say like once you put a kailan stamp on or

11:29powered by kylie now it's true but what you can say is that there's there's a a certain amount of value that's behind whatever is being uh proffered up or fed as you know in a feed in in the network right you can say well there's you know it's a bunch of staked kyl behind us and if and if whatever the feed is is wrong if it's crappy um then they're gonna

11:55lose it uh so i think that that's that's like a very interesting um weight in a decentralized descent uh dis uh disintermediated uh way to ensure that something is sort of accurate or um that you can sort of like depend on it or that or the info is is worth its you know salt or worth its ky i will say um and i think that that's a really cool

12:21functionality that uh that you can start thinking about um in these types of systems i don't expect kylian is going to be the first nor the last i i expect in this you know sort of like d data you know world that hopefully maybe another like crypto wave i'm hoping we're hoping um i expect there's gonna be a lot of different um types of ways to solve this uh

12:46but uh and by the way we made up that word just so you know if you hadn't heard of it before we made it up so that's why although i i may have cropped up independently in other places but uh yeah so in terms of the token itself um something we have that's really neat so obviously we have this consensus mechanism which backs up you know all of the api feeds that are

13:12that are being uh fed through um but then we have a business module as well that we hope is going to actually end up being in the long term a larger component of the network where people are paying for access in kyl to whatever oracle scripting parameter has been set up by the oracle programmer to call and i hope i'm not getting to do whatever the information that is getting

13:37called to chain that is important to that that person that's that's calling it um so if you want to look up you know let's use that like old school stock example pork belly futures you know prices or something right like if you want to look up if you want to look that up um and get a sense that and automate some sort of functionality and whatever you're

13:58working on um that's that's like something that you can you can do and it'll take kyle to access behind a paywall and that that business module is really neat because um the way we've set it up we expect a real sort of like gold rush of scripting parameters to be developed because in perpetuity the oracle programmers get uh 15 of whatever kuil is paid to access that that oracle

14:26script right in turn data the data feeders get a percentage uh the miners get a percentage and so on but um i think that that's really neat because as a developer i'm like oh okay so if i go to kylan and i like spend a few months to like write oracle scripting parameter calling a you know a variety of apis or whatever even one or two um you know and and people use that like

14:51forever well that now i got it made in the shade um we don't like we we don't want to have to build everything out although it's important for us and the foundation to kick-start a lot of this stuff and a lot of thinking about it so we're working with like berkeley blockchain accelerator right now and getting you know a lot of their community into the idea of like

15:11yeah you know why don't you think about building an oracle scripting parameter um so yeah uh the the kyl serves that was a really long answer but it serves three functions um number one is it's to access for access number two we will terminate in a hundred percent dow which is 100 community governed dow within five years i think or four years after main net but five years in total

15:37probably um uh and then three uh it's used as part of the consensus and staking great thanks dylan yeah and we're we are gonna answer that way quicker no it's great to go into details and you know i think it helps uh elaborate a little bit more you know um so i i do thank you for that and we are running short on time so i just want to talk about the present and then just the future

16:01here in terms of what are you working on right now in the next steps that in the near-term future uh for what kailan is going to be releasing to the public in say the next six months yeah so the next step for us that one of the biggest next steps is to get on to our road toward uh parachain so uh and part of that is uh releasing uh rook like getting on rococo um so

16:26that'll be a big step that we'll accomplish i think in less than 45 days um and we'll have some sort of test netting available uh that people can take part in uh the pll community initiative well i i think we've designed a really simple like yet very rewarding uh pair chain lease offering uh initiative for our community so that we have a really great chance of winning

16:50and perishing we've already secured guaranteed slash garrett we have a guarantee of around two hundred thousand dot already for pair jane um so we'll we assume most people think it's around a million dot that will that will be needed to uh win an auction for fair trade so that's all coming up hopefully by july august time no one knows for sure because it depends on the development of

17:15polka dot um and then in the meantime we're setting up uh kind of like bridge staking for our community because it like kind of sucks just to hold on to like uh no like everyone is used to being able to get some yield nowadays from their tokens so it's like if you can't figure out yield for your token like you better figure it out in some way shape or form

17:36um so we had this you know we had this sort of like time period between our launch and our main net that we don't have any yield functionality so we've uh we've engineered that with the third party we'll be unveiling that next week for a community to sort of bridge that gap um and yeah we just keep listening to our community and in fact they're like they're like the second ceo

17:57uh in some ways i mean like very very angry you know sometimes second ceo like and then sometimes very like you know extremely happy with the price is going high too but yes i'm sure it ain't good too but we try to listen to our community and i think that communities tell us your community tells you a ton about what you need to be doing um some you listen to some you don't but

18:20those are two two big things coming up and i completely agree dylan the community and especially as you continue to grow it into you know a full dow and sort of release the project to the community uh to have your influence but then let them slowly step in and give good ideas is very beneficial i think so uh in terms of having more community members

18:43growing the community having viewers follow along for these updates what's the best way for them to get involved in the community and to follow along yeah so we have a pretty active twitter um we have a pretty active telegram uh uh both an official an unofficial one um we started i we started this new initiative where uh every friday we actually do this like kind of almost like a

19:06clubhouse in our telegram and anybody can come on and ask me for like 15 20 minutes anything that's on their mind you know um hopefully i don't get harassed too much you know uh just joking but it's actually been really great we tried it out uh yesterday it was a big success so i i'm just a big fan of making um really direct connections as much as possible with our community

19:29um you know obviously we're very busy with the project too uh but yeah those are those are the main channels um and uh we can probably link them you know under here or whatever uh but yeah telegram twitter um and we'll be at block down uh so i hope everybody checks it out um and i guess that's really soon so yeah like six days away yeah well i will i will leave uh the links to the kylin

19:56twitter telegram and the block down i know you're speaking there all the best with that all the best with the project overall moving forward and like let's follow up in the near future when you get these updates out yeah i'd love that i'd love that and i really appreciate your time