Rebuilding Internet Trust Through the KILT Protocol

Since the creation of the internet, it has morphed into a landscape that would be unrecognisable to the first users. With hacking, forgery and scamming rife, there is a justified lack of trust among internet users that their private information will be kept safe. As such, there is a real need for new systems that propose better solutions when it comes to keeping personal information safe and ensuring that the credibility of individuals, organisations and objects can be accurately proven.

KILT

KILT is an upcoming substrate based Polkadot ecosystem data project using Web 3 Foundation.

KILT is expected to be an essential building block of the Web 3.0. This system allows individuals, organisations, objects, and artificial intelligences to claim arbitrary attributes about themselves and get them attested by trusted entities. Consequently, the claimants are able to maintain their privacy, and an economy of trust is developed, with the attesters deemed most trustworthy receiving the highest amount of business. This means that the key element missing from so much of the internet, trust, become the most valuable currency in this system, increasing the security offered to claimants. The main purpose of KILT is to level the playing field for companies, allowing them to be more innovative, build more trusting relationships, and have data sovereignty.

Polkadot Ecosystem and The Polkadot Liquidity Mechanism – Polimec

Polkadot is becoming the basis for the new crypto-ecosystem, solving many problems that older blockchains have. However, in order to gain significance within the crypto market, Polkadot needs a way to fundraise in order to build and maintain a strong, healthy ecosystem. Polimec (Polkadot Liquidity Mechanism) is a proposed way that Polkadot can do this. Polimec is a blockchain system a bit like the ERC20, but for issuing pre-released currencies on Polkadot, and Kusama too. It enables, and in fact encourages and incentivises, $DOT holders to re-invest their DOT tokens into the Polkadot ecosystem by allowing them to earn sustainable and secure returns on their investments using KILT. Using KILT will provide a high level of security to prevent DOT holders from being scammed, and it could be the key to growing the Polkadot ecosystem whilst securing $DOT holders with tokenised and secured gains.

The KILT Protocol Team

The KILT team is largely based in Berlin, Germany. Ingo Rübe is the founder BOTLabs, a blockchain company that is currently developing KILT Protocol. He has a previous track record in blockchain technology being a founding member of INATBA. The rest of the team from business development, operations and development have a wealth of experience in the field of developing blockchain projects.

Partnerships

KILT Protocol has partnered with Germany’s Federal Energy Agency – Deutsche Energie-Agentur (DENA), China’s Glacier Blockchain, Starks Network and Polkadex among others.

KILT Tokens

The fundamental force that will prevent the KILT network from being misused will be the awarding of tokens to those who are deemed to be most deserving of them. Over the lifetime of the network, 1 billion KILT tokens will be issued, with 40% of these being issued initially, and the remaining 60% issued over time to agents, known as validators, doing valuable work within the network to maintain its integrity and ensure it is being used correctly.

Value

The value of KILT is clear to see. Whilst the presale of KILT tokens has now ended, once the mainnet goes live, KILT tokens will be available to the public. Given the structure of the tokenised system used by KILT, and how new Polkadot’s parachain is, there is likely to be high demand for these tokens, as early investors could make very large gains. If we were to compare the opportunity to other more well-known case studies from recent years, one might predict that this could be the next Ocean Protocol or Phala Network.