Polimec announces separation to work independently, using KILT credentials for KYC/AML
According to the announcement from KILT Protocol on Medium, a dedicated development team with extensive experience in blockchain and financial services has announced that it is splitting and doing its independent project, continuing to develop Polymer and launch the mainnet by the end of 2023.
Polimec Spins Off as Standalone Project
In September 2020, the KILT Protocol development team released the Polimec white paper and introduced an open-source mechanism to support early-stage projects in the Polkadot ecosystem. Projects can access important development capital using Polimec (Polkadot Liquidity Mechanism). KILT credentials will be used to identify project supporters in the KYC and AML processes, and facilitators will register a DID (decentralized identifier) on Polimec.
Accordingly, the development team announced to continue developing Polimec and launch the mainnet by the end of 2023. The team has developed Polimec into a decentralized community-based funding protocol to accelerate the Web3 ecosystem. This protocol will enable transparent and regulatory-compliant fundraising, aligning stakeholder incentives within and outside the fundraising process.
It is known that Polimec will use 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 and DID credentials (decentralized identifier) and gain traction for the 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. 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”, Ingo Rübe, founder of KILT Protocol stated in the blog.
“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 Jorgensen, co-founder of Polimec.
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