Sep 21, 2020
SHORT ABOUT: KILT PROTOCOL
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On 4th of September Kilt Protocol announced about getting the second grant from Web3 Foundation. The first grant was aimed for developing Substrate Anonymous Credentials (grant for revocable anonymous credentials solution), the second one — for Polimec: A Fundraising Mechanism for Projects within the Polkadot Ecosystem.
Let’s have a short look at this project.
What is KILT.
Kilt is a blockchain protocol, built on Substrate, for issuing self-sovereign verifiable, revocable, anonymous credentials and enabling trust market business models in the Web 3.0.
What problem solves
Kilt protocol is one of the projects that strive for keeping personal data secure from any malicious acts. It allows end users to claim arbitrary attributes about themselves, get them attested by trusted entities, and store the claims as self-sovereign credentials (certificates). As trusted entities can issue credentials for a fee, KILT aims to foster new business models for anyone who owns trust or wants to build up trust.
Where to try:
The KILT Demo Client Walkthrough document
Evolution stage:
Mash Net testnet with following features (current stage):
- Test KILT token,
- transactions written to the testnet chain could be reset anytime.
- No migration of transactions to persistent testnet
- No TCAs
- No Token economy / block rewards
- No connection to Polkadot
- Authority nodes are run Botlabs or by invitation
- Implementers and contributors can run their own node but cannot propose new blocks
Future steps:
Wash Net testnet:
- transactions are safe and preserved for the mainnet.
- productive use contributors software can be started with the restrictions (no running token economy (maybe in an experimental phase))
- still use test tokens.
- launch is planned probably around 2020 Q2.
Spirit Net Mainnet: Launch TBC.
COIN: KILT COIN
KILT Coins could be used for transaction fees and other network-related tasks.
Total Supply: 1 billion.
40% — to be pre-mined and distributed before the launch of the network.
60% — to be minted over time and would be rewarded to agents that conduct valuable work for the network.
POLIMEC
Kilt protocol introduced to us their upcoming project Polimec: The Polkadot Liquidity Mechanism.
It’s a critically important mechanism, helping new Polkadot-based projects to issue transferable pre-coins before launch of their mainnet.
Now all the starting projects use ERC20 Smart Contract mechanism, but gas price is so high that trading of the coins in small amounts is almost impossible.
Opposite ERC20 based tokens Polimec does not use Smart Contracts, holding the balances of all Polimec issued currencies directly on the Polimec blockchain.
Polimec does not have a native currency, so maintainers are only rewarded in Gas fees, paid in the currency transferred.
Polimec utilizes the KILT Protocol issuance, proof and verification of KYC/AML Credentials.
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