KILT Protocol:
#Kilt is a fully decentralized identity protocol for issuing self-sovereign, verifiable credentials.
In this thread we will discuss the tech, tokenomics and the value proposition to help you understand the project in more simple terms.
/Thread 🧵
#Kilt is a fully decentralized identity protocol for issuing self-sovereign, verifiable credentials.
In this thread we will discuss the tech, tokenomics and the value proposition to help you understand the project in more simple terms.
/Thread 🧵
1. Value Proposition
$KILT is the only project in ID and Credentials which "solves the price/truth Paradox".
They produce affordable credentials whilst delivering the security of a permissionless blockchain.
This is key to adoption by the Financial Industry.
$KILT is the only project in ID and Credentials which "solves the price/truth Paradox".
They produce affordable credentials whilst delivering the security of a permissionless blockchain.
This is key to adoption by the Financial Industry.
2. Visualise
Say you are sick.
If a person, X, comes to you claiming they are a doctor, it would be hard for you to trust this person, because you know nothing but their name.
If the same person produces a medical license issued by the government, you would trust them more.
Say you are sick.
If a person, X, comes to you claiming they are a doctor, it would be hard for you to trust this person, because you know nothing but their name.
If the same person produces a medical license issued by the government, you would trust them more.
3. Problem
How does this relate to $KILT?
The KILT Protocol is a blockchain-based platform for the issuance of claimable, verifiable, credentials in the digital world.
Aiming to replicate the trust model of the real-world in a a safe web space where user data is not exploited.
How does this relate to $KILT?
The KILT Protocol is a blockchain-based platform for the issuance of claimable, verifiable, credentials in the digital world.
Aiming to replicate the trust model of the real-world in a a safe web space where user data is not exploited.
4. Solution
@Kiltprotocol creates verifiable credentials, not just for people, but also for objects, businesses and services on the internet.
If someone wants to sign up for a subscription online, the service provider can verify their identity....
@Kiltprotocol creates verifiable credentials, not just for people, but also for objects, businesses and services on the internet.
If someone wants to sign up for a subscription online, the service provider can verify their identity....
5. Solution (continued)
They too can verify the service provider’s legitimacy.
This ultimately creates a trust-based internet.
Let's talk more about the structure of Kilt...
They too can verify the service provider’s legitimacy.
This ultimately creates a trust-based internet.
Let's talk more about the structure of Kilt...
6. Structure (Part 1)
KILT Protocol follows a top-down structure, where there are three main players that set the trust game rolling.
These players are called Attesters, Claimers, and Verifiers.
In Kilt Network, there are identities and identifiers.
More on this...
KILT Protocol follows a top-down structure, where there are three main players that set the trust game rolling.
These players are called Attesters, Claimers, and Verifiers.
In Kilt Network, there are identities and identifiers.
7. Structure (Part 2)
Identifiers are simply names or numbers that are given to people, businesses, or machines.
An identifier alone is never sufficient to create an identity.
When an identifier is associated with a credential, an identity is created.
Identifiers are simply names or numbers that are given to people, businesses, or machines.
An identifier alone is never sufficient to create an identity.
When an identifier is associated with a credential, an identity is created.
8. Claimers
Claimers can either be individuals, objects or businesses claiming something about themselves to create an identity online.
They use their identifier and sign the claim.
There needs to be someone to validate this claim and this is where attesters come in.
Claimers can either be individuals, objects or businesses claiming something about themselves to create an identity online.
They use their identifier and sign the claim.
There needs to be someone to validate this claim and this is where attesters come in.
9. Attesters
Their role is to validate the claims of people, objects or businesses and provide certification by cryptographically signing the attestations.
Anyone can join the $KILT Protocol, as an attester, to verify claims.
Falsely attested claims can cost them reputation.
Their role is to validate the claims of people, objects or businesses and provide certification by cryptographically signing the attestations.
Anyone can join the $KILT Protocol, as an attester, to verify claims.
Falsely attested claims can cost them reputation.
10. Attesters (Part 2)
While attesters have the right to verify claims, they have no right over the user’s credentials and cannot store their data by any means.
What about Verifiers?
Verifiers are players who create a demand for credentials.
More on verifiers...
While attesters have the right to verify claims, they have no right over the user’s credentials and cannot store their data by any means.
What about Verifiers?
Verifiers are players who create a demand for credentials.
More on verifiers...
11. Verifiers
The verifiers trust attesters to provide valid certifications and use that as a proof of identity that can be attached to a claimer.
They have the power to choose the attesters thereby preventing the unauthorised use of user credentials.
The verifiers trust attesters to provide valid certifications and use that as a proof of identity that can be attached to a claimer.
They have the power to choose the attesters thereby preventing the unauthorised use of user credentials.
12. Why a Blockchain helps?
The $KILT Protocol uses a blockchain network to carry out this process.
On a blockchain network, information is not stored on a single centralised server, but on thousands of decentralised nodes. This makes it almost immune to hacks and data thefts.
The $KILT Protocol uses a blockchain network to carry out this process.
On a blockchain network, information is not stored on a single centralised server, but on thousands of decentralised nodes. This makes it almost immune to hacks and data thefts.
13. To Summarise
#Kilt is a blockchain protocol for issuing self-sovereign verifiable, revocable, anonymous credentials and enabling trust market business models in the Web 3.0.
#Parachains?
Let's talk a bit further about this...
#Kilt is a blockchain protocol for issuing self-sovereign verifiable, revocable, anonymous credentials and enabling trust market business models in the Web 3.0.
#Parachains?
Let's talk a bit further about this...
14. Parachains
Parachains are sovereign blockchains running in parallel within the Kusama and Polkadot networks.
$Kilt is a parachain.
Many projects in the $Dot ecosystem can use $KILT functionality.
Which will bring greater value into $KILT.
Let's talk about the Tokenomics.
Parachains are sovereign blockchains running in parallel within the Kusama and Polkadot networks.
$Kilt is a parachain.
Many projects in the $Dot ecosystem can use $KILT functionality.
Which will bring greater value into $KILT.
Let's talk about the Tokenomics.
15. Tokenomics (Part 1)
$KILT is based on Parity Substrate (parity.io). KILT will have a native Blockchain and a native coin.
Total supply at Token Generation Event (TGE): 150 million pre-minted $KILT Coins.
• Initial circulating supply: 34 million.
$KILT is based on Parity Substrate (parity.io). KILT will have a native Blockchain and a native coin.
Total supply at Token Generation Event (TGE): 150 million pre-minted $KILT Coins.
• Initial circulating supply: 34 million.
16. Tokenomics (Part 2)
Initial inflation will be around 5% per annum, dropping to 1% per annum within the first 6 years and then slowly moving towards 0%.
• $KILT will become a decentralised parachain on #Kusama, and will launch with incentivisation and staking mechanisms.
Initial inflation will be around 5% per annum, dropping to 1% per annum within the first 6 years and then slowly moving towards 0%.
• $KILT will become a decentralised parachain on #Kusama, and will launch with incentivisation and staking mechanisms.
17. Token Utility
-Payment Utility
Payment for attestation services can be made in KILT Coins or outside of the protocol.
-On Chain Utility
Participate in governance votes such as votes for functionality changes and upgrades as well as usage of Treasury funds.
-Staking Utility
-Payment Utility
Payment for attestation services can be made in KILT Coins or outside of the protocol.
-On Chain Utility
Participate in governance votes such as votes for functionality changes and upgrades as well as usage of Treasury funds.
-Staking Utility
Conclusion
Identity arguably stops Billions of $ of potential investment.
I am excited for the numerous possibilities that $KILT will bring as Parachain launches occur more.
The narrative around Polkadot has slowly been hidden in the Crypto Community, yet will play out soon.
Identity arguably stops Billions of $ of potential investment.
I am excited for the numerous possibilities that $KILT will bring as Parachain launches occur more.
The narrative around Polkadot has slowly been hidden in the Crypto Community, yet will play out soon.
If you want to learn more about promising DeFi and Altcoin projects.
I post every day about different projects, breaking down the tech and fundamentals for you to understand it simply.
I also drop some important alpha on Medium for you, linked below:
medium.com/@crypto8fi
I post every day about different projects, breaking down the tech and fundamentals for you to understand it simply.
I also drop some important alpha on Medium for you, linked below:
medium.com/@crypto8fi
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