AMA Session between Reef Finance and Kylin Network

Hello everyone, it’s Precious and in this article, I will be giving you a rundown of the AMA session done between Darshan, Marketing Lead — Reef Finance, Denko Macheski — CEO Reef Finance and Dylan Dewdney, CEO of Kylin Network

It was hosted by Darshan from the Reef Finance Marketing Team and few questions were thrown to Dylan Dewdney, CEO of Kylin Network and Denko Macheski — CEO Reef Finance, all related to Kylin Network & Reef Finance

The conversation went thus:

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Darshan | Reef Finance: Hello Denko Mancheski and Dylan Dewdney

Dylan Dewdney | Kylin Network: Hi all and happy to be here!

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Darshan | Reef Finance: Happy to have you for today’s AMA! Before starting with AMA, please tell us about yourself and how did you start in the Crypto?

Dylan Dewdney | Kylin Network: Hey! Ok, I began in crypto by randomly coming across an article about Bitcoin in late 2010. I was and am pretty obsessed with technological and paradigmatic revolutions and trying to understand what the next, most impactful ‘thing’ may be. In addition, I’ve also been super interested in social movements through history (mostly transgressive or ‘revolutionary’). How they came to be, what was the context for their creation, etc.

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Darshan | Reef Finance: Happy to have you for today’s AMA! Before starting with AMA, please tell us about yourself and how did you start in the Crypto?

Dylan Dewdney | Kylin Network: Hey! Ok, I began in crypto by randomly coming across an article about Bitcoin in late 2010. I was and am pretty obsessed with technological and paradigmatic revolutions and trying to understand what the next, most impactful ‘thing’ may be. In addition, I’ve also been super interested in social movements through history (mostly transgressive or ‘revolutionary’). How they came to be, what was the context for their creation, etc.

I’d like to say I was ‘in’ right then, but it just stuck in my head for a year or so and then I read another randomly-met article in late 2011, and that’s when I started really researching and learning some basics of cryptography, and balancing some of the economic and social theory background I already had and just got more progressively involved. I mined etc, and then met a lot of early influencers and builders either virtually or irl here in Toronto — in especial, the growing eth community starting around 2014.

Darshan | Reef Finance: Wow! Trust me, I never met anyone who has been in the space since 2010. Your journey sounds so cool!

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Darshan | Reef Finance: Interesting, that means you’ve also helped to Grow ETH Community. Good to know!

Q2. How did you start with Kylin and how would you describe it to the Reef Community?

Dylan Dewdney | Kylin Network: It’s interesting how many founders I have met working in this exact time and area (polkadot) have a very similar story. I think we are all keying in to some extent on what we hoped eth would be. We started Kylin because we felt that it was a comprehensive, robust, and economical way to solve “The Oracle Problem”, or how to get real-word data, on and off chain. comprehensive because we had an ability to cross chain via polkadot, robust because we could figure out an efficient, decentralized architectural solution, and economical bc the incentive mechanism(s) are aligned via polkadot in a better way than alternatives and then we began really iterating beyond just the ‘static’ idea of getting an api to chain.

what does it mean when we can validate the data? what are the implications of a data marketplace? what happens when we can apply analytical and/or BI/Machine intelligence to this data?

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Darshan | Reef Finance: Thanks! You’ve explained Kylin in very simple way. I’m paying close attention to Kylin’s Development :)

Q3 What are the main components of Kylin? Could you enlighten us about the Kylin Data Analytics?

Dylan Dewdney | Kylin Network: There are essentially three main components of Kylin:

  1. oracle
  2. marketplace
  3. analytics.
    These three things work in some synergy; the analytics component has the basic architecture of a RESTful server + a query engine. This is codespeak, respectively, for a way to organize and coordinate lots of info and then to query it, sort of like google, with any state-of-the-art external analytics tools that’d normally be used in a context like this: BI, machine intelligence, for example, could be applied here.

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Darshan | Reef Finance: Interesting! Eager to learn more about these components. Let’s get onto another question!

Q4 : Tell us a little about your recent partnership with Reef Finance. Could you enlighten the community of the benefits they get from it?

Dylan Dewdney | Kylin Network: First of all, Denko and team are leaders in the space, even among their peers (like me). We were eager to hook up with Reef bc we saw some obvious fit: we are building explicitly on Polkadot; Reef is DeFi infrastructural project and we are working on becoming a data infrastructural project, we both need each other very much. Opposed to other oracle services, we can provide a very cost-efficient way of driving validated and decentralized price feed data through our work extending the capabilities of OCWs and validating them and then, working together so closely from a foundational point in both projects, I expect that we will find ways to tease out some great use cases for one another. We are a better horse to ride on to put it prosaically — I truly believe we can take each other farther through partnership

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Darshan | Reef Finance: Amazing! Looks like Kylin has many interesting plans with Reef. Excited for both projects really!

Q5 “Reef Finance will use Kylin Data Marketplace and Kylin Oracle Network to efficiently collect both off-chain and on-chain data.” Can you explain and tell us more about your Data Oracle Network and Data Marketplace?

Dylan Dewdney | Kylin Network: Almost any defi application has a base layer that is beholden to a real-world thing: which is real-time price data. It is one thing to simply call this data from various sources and get it on chain. It is entirely another thing to validate it. At Kylin, we are doing both through the operation of an oracle node, and then an arbitration node. In a simple, elegant way, and decentralized way we solve this validation problem, or how do we know we can trust the oracle?

It‘s not a centralized architecture where node operators are reporting results and we just average them and then punish them, any arbitration node can challenge at any time. it’s like running across a trench in WW1 — an oracle node better be sure it won’t get shot, so you don’t run across the trench unless you are confident in the accuracy and validity of the info/data you provide. that’s the data validation/oracle side. And most relevant to Reef, of course, is that they can rely on an amazing, robust, and cheap price feed.

When it comes to the marketplace side — the sky is the limit, really, and that’s a matter of imagination. How is Reef stronger with access to a validated data marketplace? Either accessing important info to make decisions about itself or other projects? Is there a data stream that Reef can monetize in a decentralized and validated way? Is there one that it can consume that will provide important insights or business functions?

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Darshan | Reef Finance: Thanks for the brief answer Dylan!

Last question before opening the floor for Community’s Questions.

Q6 : Kylin has received grant from the Web3 Foundation. Can you share your experience around this and how you achieved it?

Dylan Dewdney | Kylin Network: For us, that was a very important milestone. It was a boundary line between the market taking us seriously or not, IMO. It wasn’t easy to achieve, but it was a great process because W3F proved to be an incredibly supportive (though challenging) partner in our progress. We gained a depper understanding of our own project and how we usefully fit within the ecosystem.

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The AMA session was one of the best as attendees were satisfied with the answers gotten during the AMA session. All answers to question was satisfactory showing that both projects has a lot to offer to the DeFi community.

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For More Information about Reef Finance:

Website: https://reef.finance/

Telegram Group: https://t.me/reefdefi

Twitter: https://twitter.com/reefdefi

Medium: https://medium.com/reef-finance