Thread by @luidjin

Let´s talk about @Kiltprotocol $KILT, an open source BC protocol for issuing decentralized identifiers and verifiable credentials who intends to become the identity solution for Web 3.0 Currently running in #Kusama plans to get a Parachain slot in #Polkadot.

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$KILT is a decentralized blockchain protocol for issuing self-sovereign, anonymous and verifiable credentials, enabling trust market business models in Web 3. KILT’s mission is to return control over personal data to its owner, restoring privacy to the individual.

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Internet users need to register for using services. If those services become successful, they accumulate millions of logins and often collect data on users. This leads to three major problems:

1. The data silos are honeypots for hackers and thus a high security risk.

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2. The vast amount of users on one service automatically generates a monopoly. Better services coming up have little chance of being recognized, and the monopoly service will not evolve as fast as it could because it does not fear competition. #Decentralization

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3. The amount of data collected by only a few services gives these services an unfair advantage in the age of artificial intelligence.
$KILT enables an alternative:

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$KILT provides a new mechanism for manage user data, enabling the issuance and holding of credentials digitally. An Attester issues a credential at the request of a user (Claimer). The credential describes certain attributes of the Claimer, which the Attester can determine.

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The Attester sends the credential to the user who stores it locally. The user gains full control over credentials and data. $KILT works like the real world, where trusted authorities issue documents to be owned and controlled by the individual. Controlled by THE PEOPLE.

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$KILT stores a checksum (hash) of this credential on the KILT Blockchain. Blockchain technology enables the user to prove the authenticity of their document to anyone they decide to show it to.

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$KILT is built on privacy by design principles, never storing any personal data on the blockchain. The personal data is in the credential which is under complete control of the user, while the blockchain only stores hash values.
#privacy

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Just like the real, analogue world, the user can hold many different credentials in their private wallet and use them for different purposes. The user is always under full control of their data and can decide when, why, and to whom they show a credential.
#DataSecurity

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Unlike the real world, $KILT even allows the user to only show selected sections of their credentials while still allowing the validity of the credential to be checked via the hash value on the blockchain.
$KILT enables Data Sovereignty.

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$KILT decouples the verification process from the Attester just needing the KILT blockchain to verify validity what makes the system extra scalable and ensures privacy. An out of process Attester cannot be corrupted and will never know where and what the data was used for.

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We are faced with a powerful tool that solves some important problems: it returns ownership and custody of data to people, promotes a fairer environment of competition between companies and allows total decentralization while maintaining high levels of security.
$KILT

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It even opens the possibility of stopping being the product and deciding to whom and how we sell our data.
For all this, and with regulations just around the corner in the crypto world, $KILT has serious chances of becoming a winning project.
#Kusama #Polkadot

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