KILT Protocol

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Discover KILT Protocol's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is KILT Protocol?

The KILT Protocol (KILT) is a decentralized blockchain network designed to facilitate the creation, claiming, issuance, submission, and verification of digital credentials. It aims to provide a self-sovereign digital identity system, allowing individuals to control their data and choose what information they want to disclose. Built on Polkadot, KILT enables secure and scalable digital identity solutions, making it a standard for identity verification in Web3 applications.

How is KILT Protocol used?

KILT Protocol (KILT) is a blockchain-based protocol designed to provide a framework for verifiable, revocable, and anonymous credentials in the Web 3.0 landscape. It aims to return control over personal data to its owner, restoring privacy to the individual and enabling innovative business models around identity and credentials.

Key Features and Use Cases
  • Decentralized Identity: KILT allows users to create decentralized identifiers (DIDs) and verifiable credentials, which can be used for various purposes such as Know Your Customer (KYC) and Know Your Business (KYB) processes, age verification, and regulatory compliance.
  • Self-Sovereign Data: Users have control over their data and can choose which information they want to disclose to whom, ensuring data privacy and minimizing data storage.
  • Digital Credentials: KILT enables the issuance of reusable digital credentials, which can be used across different platforms and services, reducing the need for multiple identity verifications.
  • Enterprise Integration: KILT is integrated with various enterprise partners, such as Deloitte Consulting AG, to support KYC and KYB processes, and with projects like Polimec for regulatory compliant fundraising.
  • Developer Tools: KILT provides a JavaScript SDK and other tools for developers to build identity-related applications and services, such as Attester businesses and decentralized identity systems.
Technical Details
  • Blockchain Technology: KILT is built on Parity Substrate and launched as a Kusama parachain, allowing for seamless integration with other projects in the Polkadot ecosystem.
  • Data Formats: The protocol defines specific data formats for handling different types of data, including identities, claims, attestations, and verifications.

Overall, KILT Protocol is designed to provide a secure, scalable, and decentralized digital identity solution, enabling users to manage their personal data and credentials in a self-sovereign manner while facilitating innovative business models and use cases.

How do I store KILT Protocol?

To store KILT Protocol (KILT) tokens securely, it is recommended to use a cold wallet, which is offline and not connected to the internet. There are two types of cold wallets:

  1. Paper Wallet: This is a simple, offline wallet where you generate a public and private key using a program. You can print these keys on a piece of paper and store them securely. The keys are in the form of QR codes that you can scan for future transactions.

  2. Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person with the USB drive can access the assets. Most people prefer hardware cold wallets, especially for storing large amounts of coins or tokens.

Additionally, you can also use wallets like Trust Wallet, which allows you to manage and store KILT tokens. You can add KILT Protocol to Trust Wallet by locating it through the token search feature or manually adding it using the contract address.

Another option is the Sporran wallet, which is a browser extension that holds your KILT coins and stores your digital credentials, giving you control over your personal data. Sporran is a free desktop browser extension that displays KILT Coin balances, enables signing and sending transactions on the KILT blockchain, and allows you to build and manage your digital identity.

How to buy KILT Protocol?

To buy KILT Protocol (KILT) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports KILT Protocol trading. Popular options include Kraken, gate.io, and MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features.

  2. Create an Account: Register on the chosen exchange's official website or app. You may be able to sign up with your social account if the exchange supports one-step registration.

  3. Verify Your Identity: Complete the verification process by providing a government-issued identification document. Enable two-step verification for added security.

  1. Deposit Funds: Use fiat currency to buy a cryptocurrency like USDT, ETH, or BNB. You can use the exchange's OTC trading service or a financial service platform like PayPal or Robinhood (for US residents).

  2. Transfer Funds to KILT-Supporting Exchange: If necessary, transfer your purchased cryptocurrency to an exchange that supports KILT Protocol trading.

  3. Buy KILT Protocol: Use your deposited cryptocurrency to buy KILT Protocol tokens in the spot market.

  1. Store Your KILT Tokens: After purchasing, store your KILT tokens securely in a wallet. You can use the Sporran wallet, which is specifically designed for managing digital identities on the KILT Protocol.

Remember to research the fees, security features, and supported currencies before choosing an exchange. Additionally, consider your investment approach, crypto storage, and other aspects of buying and trading KILT Protocol.

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History of KILT Protocol

The KILT Protocol, a decentralized identity blockchain, was founded by Ingo Rübe, the CEO of BOTLabs GmbH, a blockchain consulting company in Berlin, Germany. The idea for KILT Protocol was born in the spring of 2018 after an intense period of research and creative exchange. Rübe, who served as the CTO of Hubert Burda Media from 2012 to 2017, recognized the potential of blockchain to address the problems of the current system, where users have lost control over their own data. He set out to create solutions built on top of KILT that could be standardized and implemented by corporations, governments, and entrepreneurs around the world.

KILT secured a slot on the Kusama parachain in September 2021 and later moved to Polkadot in October 2022 to take advantage of the bank-grade security required by companies that will integrate KILT in early 2023. This move marked a significant milestone in the development of the KILT Protocol, as it inherited all security and cross-chain development capabilities from Polkadot.

The KILT token, which is necessary for the staking system of the network, was introduced as part of the tokenomics system. The initial supply in circulation was 34 million, with the remaining pre-issued coins gradually unlocking over a period of 6 to 60 months. The initial inflation rate was set at 5% per annum, decreasing to 1% per annum over six years and eventually approaching 0%.

Today, KILT Protocol continues to enable new business opportunities, marketplaces, and revenue streams around digital identity and data sovereignty, building on real-world trust relationships and reusable digital credentials.

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How KILT Protocol works

The KILT Protocol is a blockchain-based system designed to provide secure, scalable, and decentralized digital identity solutions. It enables the creation, claiming, issuance, presentation, and verification of digital credentials in a self-sovereign manner, ensuring users have control over their data and can choose what information to disclose.

Key Components
  1. Digital Credentials:

    • KILT allows users to create and manage digital credentials, which are verified by trusted entities. These credentials can be used to prove various attributes about individuals, organizations, objects, or artificial intelligences.
    • The protocol ensures that these credentials are revocable, meaning they can be withdrawn or updated as needed.
  2. Decentralized Identifiers (DIDs):

    • Users can create a DID, which is a unique digital identifier that serves as a digital fingerprint. This DID is linked to a decentralized identity document, allowing users to manage their digital identity securely.
    • DIDs are resolved to a DID entry stored on the KILT blockchain, which includes a signing key, an encryption key, and a link to the corresponding DID document.
  3. Trust Market:

  • The protocol features a trust market where trusted entities can attach prices to their attestation services. This incentivizes these entities to provide reliable verification of digital credentials.
  • Claimers can pay for these services using the KILT token or other tokens outside the protocol.
  1. Tokenomics:

    • The KILT token serves three primary functions:
      • Payment: Used to pay for attestation services.
      • On-Chain Utility: Locked for voting on on-chain governance activities, with longer lock periods increasing voting power.
      • Staking: Used to incentivize collators to maintain the blockchain network by storing data, gathering transactions, and constructing blocks.
  2. Blockchain Technology:

    • KILT is built on the Polkadot network, leveraging its security and cross-chain development capabilities.
    • The protocol uses Parity Substrate as its underlying blockchain technology stack.
  3. Software Development Kit (SDK):

  • KILT provides a JavaScript SDK, making it accessible for developers to build applications and services on the KILT infrastructure.
Functionality and Applications
  • Identity Management: Users can create and manage their digital identities, controlling what information they share with online services.
  • Digital Credentials: KILT issues claim-based, verifiable, revocable, and anonymous credentials, ensuring data privacy and control.
  • Business Opportunities: The protocol enables new business models based on trust relationships and data sovereignty, such as issuing reusable digital credentials for regulatory compliance and age verification.

Overall, the KILT Protocol aims to create a world of trust in the digital ecosystem by providing secure, scalable, and decentralized digital identity solutions.

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KILT Protocol's strengths

The token KILT Protocol (KILT) has several strengths that contribute to its potential success:

  1. Decentralized Governance: KILT Protocol operates on a decentralized governance model, where every KILT Coin holder has a say in how the network is run. This ensures that decisions are made by the community through a transparent system of on-chain governance.

  2. Security and Scalability: KILT Protocol provides secure and scalable identity solutions, which are essential for various applications, including enterprise and decentralized finance (DeFi). This is achieved through the use of decentralized identifiers (DIDs) and verifiable credentials.

  3. Self-Sovereign Identity: KILT enables users to have full control over their digital identity, allowing them to selectively share personal information and maintain data privacy. This is a key aspect of self-sovereign identity, which is crucial in the digital age.

  1. Multi-Utility Token: The KILT Coin has multiple utilities, including payment for DIDs and attestation services, on-chain functions such as governance, and staking. This diversifies its use cases and increases its value proposition.

  2. Strong Partnerships: KILT has established partnerships with prominent organizations like Deloitte Consulting AG, which integrated KILT for issuing reusable digital credentials to support Know Your Customer (KYC) and Know Your Business (KYB) processes. This demonstrates the protocol's potential for real-world adoption.

  3. Incentivization Mechanisms: The KILT Protocol incorporates incentivization mechanisms for collators and delegators, ensuring the long-term sustainability of the network. This includes staking rewards and a low inflation rate, which helps maintain the value of the KILT Coin.

  1. Community Engagement: KILT has a strong focus on community engagement, with various services and tools available for developers, such as the Sporran wallet and the TypeScript SDK. This encourages collaboration and innovation within the ecosystem.

These strengths collectively contribute to the potential success and adoption of the KILT Protocol and its token.

KILT Protocol's risks

KILT Protocol (KILT) is considered a relatively high-risk investment due to its risk score. This assessment is primarily based on the amount of money invested in the project and the potential for significant losses. The risk is particularly relevant for investors who are primarily concerned with risk assessment.

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Did KILT Protocol raise funds?

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KILT Protocol’s team

  • Ingo Rübe: Founder and CEO of KILT Protocol, leading a team in Berlin that develops enterprise and consumer services for digital identity protection across various industries.

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