KILT Protocol [OLD] KILT Price

What is KILT Protocol [OLD] (KILT)?

KILT Protocol: Empowering Digital Identity in Web 3.0

In a rapidly evolving digital landscape, where privacy concerns and data ownership are at the forefront, KILT Protocol emerges as a groundbreaking solution built on the Polkadot ecosystem. Founded in 2018 by Ingo Rübe, CEO of BOTLabs GmbH, KILT Protocol aims to revolutionize the way we perceive and manage digital identity.

Mission and Vision of KILT Protocol

KILT's mission is clear: to return control over personal data to individuals, restoring privacy and fostering innovative business models centered around identity and credentials. The protocol achieves this by seamlessly combining real-world trust with the transformative benefits of blockchain technology.

Key Features and Functionality

KILT Protocol introduces the concept of a decentralized identifier (DID), allowing users to create, issue, and verify digital identity credentials on the Polkadot parachain. Users can attach various credentials, such as social media or email accounts, to their DID using SocialKYC, enhancing the authenticity and depth of their digital identity.

A unique aspect of KILT is its Trust Market for Attesters, enabling trusted entities to attach prices to their attestation work and receive compensation. This market fosters a dynamic ecosystem where the issuance and verification of claims-based credentials are incentivized and rewarded.

Utility of the KILT Coin

The KILT blockchain operates on its native cryptocurrency, the KILT Coin, which plays a pivotal role in ensuring the security and continuous operation of the network. The coin has diverse use cases, including paying for attestation fees, registering new CTYPEs on the blockchain, and creating hierarchies of trust. Additionally, it facilitates direct transactions between users, contributes to network security through staking, and serves as a means to distribute block rewards to validators.

Technology Stack and Integration Opportunities

Built on Parity Substrate, KILT Protocol launched its mainnet as a Kusama parachain in September 2021. The use of Substrate provides seamless integration opportunities with Kusama and Polkadot projects, spanning gaming, NFTs, DeFi, and DEXs. Notably, KILT is actively pursuing enterprise partnerships in sectors such as energy, healthcare, and banking, demonstrating its versatility in addressing diverse real-world business cases.

Founding Vision and Leadership

Ingo Rübe, with a background in technology and extensive experience at Hubert Burda Media and Axel Springer SE, founded KILT Protocol with the vision of standardizing and implementing identity solutions globally. As the CEO of BOTLabs GmbH, Ingo has been a driving force in the blockchain space and a member of influential organizations like the Drupal Association and the International Association for Trusted Blockchain Applications (INATBA).

How KILT Works

KILT's digital identity comprises two components: a Digital Identifier (DID) and Verifiable Credentials (VCs). Identity evolves as users add more credentials to their identifier. KILT employs a unique approach by never storing personal data on the blockchain; instead, it utilizes hash values stored on-chain. This ensures user control over their data, with the blockchain serving as a secure layer for authentication and validation.

Unique Value Proposition

What sets KILT Protocol apart is its dedication to building a permissionless trust infrastructure for real-world business cases. By providing a base layer for verifiable credentials in Web 3.0, KILT empowers individuals and entities to prove and protect their online identity. Leveraging the Kusama parachain, KILT ensures additional security, interoperability, and the ability to offer DIDs and VCs to other parachain projects via the Relay Chain.

In the era of digital transformation, KILT Protocol emerges as a beacon for reclaiming control over personal data. Its innovative approach to digital identity, commitment to user privacy, and integration capabilities with various industries position KILT as a formidable player in the evolving landscape of decentralized identity solutions. As developers harness the power of KILT's open-source JavaScript SDK, the protocol is set to catalyze the creation of new businesses centered around identity and privacy in the Web 3.0 era.

What is unique about KILT Protocol [OLD] (KILT)?

KILT Protocol distinguishes itself by offering a permissionless trust infrastructure for real-world business cases, allowing users to control and protect their digital identity. Its innovative combination of decentralized identifiers (DID) and verifiable credentials (VCs) on the Polkadot parachain ensures privacy and incentivizes trust through a dynamic Trust Market for Attesters.

Who are the founders of KILT Protocol [OLD] (KILT)?

KILT Protocol was founded in 2018 by Ingo Rübe, CEO of BOTLabs GmbH, in collaboration with Hubert Burda Media. Ingo's extensive background, including serving as CTO at Hubert Burda Media and his involvement in blockchain associations, reflects a visionary leader driving the standardization and global implementation of identity solutions.