Kylin Network Launched Oracles To Protect DeFi From Data Manipulation

The Kylin Network platform is now working on a cross-chain data infrastructure and Data economy as it announced the release of oracles to provide the DEfi space with accurate, reliable, and cost-saving sources of external information and to also protect it from data manipulation as we are reading more in today’s blockchain news.

The oracles developed by Kylin Network can remove the risks of crypto price manipulations or inaccurate data by connecting to several reliable sources that verify the information received and feeding DeFi smart contracts on a real-time basis. According to the developers, DeFi smart contracts will be protected as they are now very dependent on financial data. It will also add further security and integrity to the foundations of what people are calling the next financial revolution.

With the Kylin solution being powered by PolkaDot, Defi smart contracts can now read and analyze information from external sources and can also make accurate decisions based on the received data.  Kylin Network can also be used by lending services for collecting financial data from different sources like social media and calculating credit scores on loan rates. This way, it will enable the creation of a decentralized governance model and risk control mechanisms to promote a beneficial relationship between creditors, guarantors, and borrowers. Kevin Hsu, the former data scientist in Credit Suisse said:

 “A smart contract is not smart unless you get the input right. Therefore, the right source data becomes the most critical infrastructure piece before DeFi can grow from an experiment to compete and eat the traditional finance world.”

#Kylin #Oracle is a universal oracle protocol to create a secure and reliable on-chain data warehouse in a decentralized and trustless way, giving any #DeFi applications and #blockchain access to accurate data sources.https://t.co/inlGWayfjp

— Kylin Network (@Kylin_Network) September 4, 2020

The CEO of the platform Dylan Dewdney said:

 “ultimately, our aim is to build Data Economy 3.0; a validated, decentralized data economy that will have far-reaching implications beyond DeFi, we hope. In contrast to data economies like Google or Facebook, there is no centrality, and through game theory and tokenomics we can compel good actors and info rather than the other way around. Powering DeFi is just the first step. We feel we have moved beyond the oracle to an entirely new business model that nonetheless will include oracle-type services”.

While most of the oracles are centralized and some like Chainlink have noticeable attack surfaces as they are controlled by insiders, the Kylin Oracle’s are decentralized which could become a breakthrough in the decentralized data market.