Altair Network cooperates with Kilt Protocol, bridging real-world assets and DeFi
One of the projects holding first place in the Parachain auction on Kusama, Altair has announced a partnership with Kilt Protocol that aims to create the interconnection between real-world assets and DeFi, promoting foresight for a fairer Web3.0, where users have control over their data and financial tools are available to everyone. The project was born with the above argument and named Centrifuge.
We’re bridging real-world assets and DeFi — and interoperability with @Kiltprotocol will help us further our vision of an equitable Web3.
Dive into how our two protocols can work together ?
— Altair (@altair_network) November 18, 2021
Centrifuge and Kilt Protocol
Accordingly, by partnering with Kilt and using SocialKYC, Altair will allow users to gain control of their digital identities on Altair. Therefore, Spotify artists, Amazon sellers, and even TikTok content creators can access the financial sector thanks to Centrifuge.
As mentioned, SocialKYC is a decentralized identity verification service to regain control of your digital identity. The project can then verify a user’s SocialKYC identity with Kilt without storing data about them. Centrifuge allows users to tokenize their assets in the real world and fund them on-chain, connecting to DeFi liquidity in platforms like Maker and – coming soon, Aave.
Centrifuge is currently a standalone Substrate blockchain (bidding for a parachain position on Polkadot soon). The next big project they’re working on is designing an underwriter token, which helps regulate incentive schemes better and create a system that can more accurately measure price risk efficiently more on cost.
Altair is an experimental, boundary-pushing project coming to Centrifuge – focusing on fringe use cases like funding test assets. Through Altair, you will be able to tokenize assets and fund them on the Kusama network.
Let’s say you want to receive liquidity from your cryptocurrency. Altair will let you open funding for various experimental assets like CryptoPunks and maybe even Kusama Punks on RMRK and other new NFT artwork.
At present, it can be said that the future of the Kusama and Polkadot ecosystem has a lot of potentials, especially in terms of the breakthroughs they can make by collaborating with many other names. Combining Kilt’s use of KYC and real-world asset verification will help the project achieve its goal of providing access to financing for any asset, enhancing Web3 visibility, and providing financial services to everyone.
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