Polimec Spins Off as Standalone Project; Will Use KILT Credentials for KYC/AML
In September 2020 the initial team behind the development of KILT Protocol published the original Polimec whitepaper, introducing an open-source mechanism for supporting early-stage projects in the Polkadot ecosystem. Using Polimec (Polkadot Liquidity Mechanism), projects would be able to access critical development funding. KILT credentials would be used to identify project supporters in KYC and AML processes, and the supporter would register a DID (decentralized identifier) on Polimec.
Now a dedicated team with extensive experience in blockchain and financial services has taken on further development of Polimec and the launch of the network in late 2023. This team has evolved Polimec into a decentralized community-driven funding protocol to accelerate the Web3 ecosystem. The protocol will enable fundraising in a transparent and regulatory compliant manner, aligning stakeholder incentives during and beyond the fundraise.
As in the original concept, Polimec will utilize the KILT blockchain for on-chain credentials for KYC/AML processes, issued by trusted third parties. In this way, the Polimec use case is a mechanism to accelerate the adoption of KILT credentials and DIDs (decentralized identifiers) and increase the traction for KILT Protocol.
“The new Polimec team is building an on-chain funding mechanism for Polkadot projects as a Polkadot parachain, while utilizing the power of another Polkadot parachain — KILT — to efficiently reach their goals. This is a milestone for the Polkadot ecosystem”, said Ingo Rübe, founder of KILT Protocol. “It’s exciting to see the beginning of a KILT ecosystem of entrepreneurs, creating new businesses that serve as growth drivers to scale KILT more rapidly.”
“With this business model around KILT credentials and DIDs, we are creating a significant addition to the KILT ecosystem. Polimec has evolved into an independent project that will disrupt current fundraising models and enable a fully decentralized regulatory compliant fundraising protocol for Web3”, said Kasper Mai Jørgensen, co-founder of Polimec.
KILT is a blockchain identity protocol for generating decentralized identifiers (DIDs) and verifiable credentials, providing secure, practical identity solutions for enterprise and consumers.
Polimec is a decentralized community-driven funding protocol developed on Polkadot to accelerate the Web3 ecosystem. The open-source and module-based blockchain system is designed to facilitate fundraising in a regulatory compliant and sustainable manner using on-chain credentials.