AMA 7th of December Recap

Hey Kylians!

As you all have noticed we announced we will join the Kusama parachain auctions on the 12th of December. A lot of hard work has gone into this and we feel it is very important to educate and update the Kylin Network community on a daily basis so everyone will know what is happening and how to participate in the entire process.

That´s why our CEO Anand Houston aka Monetization Andy has committed to host a live AMA on YouTube for the coming days so almost all answers that are being raised will be answered the same day. Since we are dealing with a global community we realise not everyone will be able to understand the YouTube videos. We will do our best to deliver as much written content as well to serve our entire community.

➡️ How come the tokenomics say 30% and the now announced rewards are 10.5M PCHU?

The breakdown of the $PCHU tokenomics that goes towards a parachain is meant for the entirety of parachains. The number of participants in the ausctions has dropped a lot lately. The Kylin Network team feels it doesn’t make sense to spend all resources on one parachain since we aim to have Pichiu running on Kusama for a period of up to 5 years. This does depend a lot on when mass adoption kicks in. We expect a big boom in users of the network within 2/3 years. We do want to make sure we can keep running on Kusama while moving forward.

➡️ Do exchanges support the crowdloan?

Yes, there are exchanges that support the crowloans. We will get confirmation on which ones and update the community this week.

➡️ Is there a max on how much KSM one party is allowed to put up?

No, this is not the case. The 30K is a maximum cap that (hopefully) will be filled by our entire community.

➡️ Where are the PCHU tokens dropped (wallet/exchanges)?

They are going to be dropped directly into people’s wallets. We don’t have all the details of the drop yet and are looking which solutions will allow us to be able to drop $PCHU as fast as possible. It is going to be a snapshot process of the non-custodial wallets that hold $KYL. This will make sure we know the correct percentages we need to send to each wallet. We will connect them using a Dapp.

➡️ When can we start locking our KSM?

December the 12th. Details on where and how will be made public in the coming days.

➡️ Do we know who our competitors are in the auction?

We don’t look at other projects as competitors. We will need almost all participants to be successful to make Polkadot succeed. When we join the auctions and we do not win the first round we will automatically go into the next one. The real question here is just, when will we win the auction?

➡️ How long will our KSM be locked?

Participating in Kusama crowdloans means you lock your tokens for 48 weeks, so a little under a year.

➡️ Will there be staking for PCHU?

Yes we will be offering something for $PCHU, but not from the start. The details are still being worked on. We are still architecting how we can integrate the use case of Pichiu into the system. There is a very wide range of possibilities here but of course $PCHU will be utilized for querying fees and such on the network.

➡️ What will $PCHU be used for?

It will be used for facilitating query fees and transactions on the data marketplace. On top of that we are looking for other ways to utilize it.

➡️ What are the rewards in $PCHU for each $KSM that is put up for the crowdloan?

1 $KSM will get you 350 $PCHU

➡️ If $PCHU is destroyed in the future, will there be some $KYL exchange with the burn?

We don’t intend on destroying any $PCHU. There are to many monetization opportunities available by having 2 different networks that can optimise in slightly different ways to allow for more sufficient services as we scale up towards mass adoption. In the vastly unlikely situation we do decide to burn $PCHU in the future there will be some type of an exchange burn situation to make sure the value can be transferred in some way towards Kylin.

➡️ Will the $PCHU tokens be redeemable when the network is retired or will they just loose utility?

We have no intentions of retiring the network. Ideally we will be able to offer and monetize solutions through the $PCHU token. It is a bit of an experiment since it is going to be the canary network token and will be used in an environment whose motto is ‘Expect Chaos’. It is meant for testing which is extremely useful when you build something entirely new. It will allow us to take risks in testing new code and applications that we cannot take on Polkadot.

User experience is what matters the most and it’s got to be great. Our current website looks beautiful (at least in our opinion) and does not need to be changed at all but it is in fact a Billboard. What we are working towards is a website that will be a moving model and can be updated and changed constantly without a lot of trouble. In the most optimistic timeframe it will be available this Friday. We have also got to be conservative since we have to onboard it into our domain, which might take some more time. This would mean it will go live early next week.

At the moment we have full focus on creating educational content for the community and doing live AMAs every day. The last thing we want to do is rush into things. We will take a step by step approach and always keep in the back of our minds what will benefit both the project and the community the most.

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