One of the notable projects on the Polkadot ecosystem is Kilt Protocol (KILT). The project was built in 2019 by German founders. In this article, let’s find out in detail what the Kilt Protocol is, what the KILT Coin is and how they play a role in the network.
What is Kill Protocol?
KILT is an open-source fat blockchain protocol for issuing claim-based verifiable, revocable, and anonymous credentials in Web 3.0. 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 in return for money, KILT aims to foster new business models for anyone who owns trust or wants to build up trust.
What problem does Kilt solve?
As a unique entity within the Polkadot ecosystem, Kilt can provide a standardized “source of truth” for businesses building on the blockchain. These applications can be built according to the needs of that company without requiring them to have a blockchain research/development department or a higher cost.
The project provides JavaScript SDK that supports building applications without requiring any blockchain development skills. In addition, Kilt Protocol also provides a liquidity mechanism for projects on Polkadot that are not ready for a token sale can transfer their tokens before the project releases its mainnet. This feature is called Polimec (Polkadot Liquidity Mechanism). It is an open-source blockchain system designed to help get liquidity into Polkadot-based projects that are not yet ready to sell transferable currencies on their own technology.
Polimec is a dedicated blockchain, running as a part thread to Polkadot which can hold balances of multiple currencies directly on its runtime.
Parachain on Polkadot / Kusama
Why KILT need Polkadot / Kusama parachain? Here are four of the reasons:
- The ability to finalize blocks well and, even while KILT is backed by a relatively small collator network. This provides extra security to the KILT Blockchain
- KILT would be able to provide its DIDs (Decentralized Identifiers) and Verifiable Credentials through the Relay Chain to other parachain projects inside the ecosystem
- This would provide enormous network effects for the KILT blockchain
- KILT would soon be able to utilize functionality from other parachains, such as smart contract systems and oracles.
KILT Team
The team behind the project are entrepreneurs and developers with extensive experience in the market. First, is the founder and CEO, Ingo Rübe. Rübe is also known as the CTO of Hubert Burda Media. He is the founder of the open-source CMS Thunder and former IT Project Manager at Axel Springer. Ingo is a founding member of the International Association for Trusted Blockchain Applications (INATBA) and serves on the Board of Directors of the Drupal Association.
Next up is the Vice President of Business Development, Christine Mohan. Mohan has 25 years of experience in software and digital media. She specializes in working for start-ups and many major newspapers such as The New York Times and The Wall Street Journal. Previously, Mohan was the former CMO of the Web3 Foundation/Polkadot and co-founder of Civil Media, a blockchain distribution platform.
KILT Protocol team in Berlin
Those are the two people who are considered important and lead the Kilt Protocol project. Moreover, the project also clearly and transparently states information about other members. You can find detailed information about the project behind the Kilt project here.
What is KILT Coin?
KILT is the native coin of the Kilt Protocol. Users need to own KILT to use certain functions in the Kilt Protocol network. KILT will likely be listed on exchanges after the mainnet launch, in order to facilitate the ability to trade with other cryptocurrencies and fiat.
KILT is based on Parity Substrate. KILT will have a native blockchain and a native coin. That makes KILT fit for interoperability with other ecosystem projects and allows the use of the Parachain functions. The Substrate is a modular system powered by Parity Technologies that makes it easy to build customized blockchains by using pre-built components. Substrate also allows seamless integration with Polkadot.
Key Metrics
At the TGE there will be 150 million pre-minted KILT Coins. All of these coins, regardless of being unvested, vested or locked, can be used in some governance and voting processes and can be staked for block rewards.
Source: KILT Protocol
• 100 million of these coins are dedicated for the community. These coins have no
lockup and no vesting; or a 6 month lockup; or linear vesting over 6, 12, 18 or 24
months.
• An amount of 4.5 million of these coins are reserved for crowdloan voting
participants; some of which are unlocked linearly over 6 months after distribution.
• Fifty million coins are allocated to BOTLabs with a 60 months’ linear vesting.
• However, only about 34 million (23%) of the total number of coins minted at TGE
will be in circulation after the Token Transferability Event (TTE) of the mainnet. This
represents approximately 10% of the fully diluted distribution.
• After TGE, newly minted tokens are paid out to collators, delegators and the
Treasury.
• The rate of newly minted tokens shall diminish over time (see details below).
• Therefore the distribution converges towards an asymptotic maximum of about
290 million KILT Coins (290,560,000).
Roadmap
Source: KILT Protocol
Above is an overview of the project. Accordingly, Kilt will conduct the Kusama Parachain slot auction in Q3 2021 and release the mainnet after that.
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