What is the KILT Protocol? What you need to know about the Kilt protocol and the KILT token

One of the notable projects in the Polkadot ecosystem is the KILT Protocol (KILT). The project was built in 2019 by German engineers with the name inspired by traditional men’s clothing in the northern mountains of Scotland in the 16th century.

In this article you will learn in detail what the KILT protocol is, what KILT tokens are and how they play a role in the network.

What is the KILT Protocol?

The KILT protocol is a blockchain that enables users to issue sovereign, revoked and anonymous credentials in Web3. The protocol enables users to claim any properties about themselves, to be authenticated by trusted parties and to save claims as credentials (certificates). In addition, the project was launched with the aim of promoting new, trustworthy business models.

Which problem does KILT solve?

As a special unit within the Polkadot ecosystem, KILT is able to provide a standardized “source of truth” for companies that are based on the KILT blockchain. These applications can be built according to the needs of this company without having a blockchain research and development department and without incurring excessive costs.

In addition, the project provides simple JavaScript SDK code that helps build applications without the need for knowledge of blockchain development. In addition, the KILT protocol also provides a liquidity mechanism for projects on Polkadot that are not ready for token sale, can transfer their tokens before the project launches the mainnet. This feature is called Polimec, a concept that is similar to an ERC-20 smart contract mechanism on Ethereum, but issues tokens on Polkadot or Kusama.

The project development team

The team behind the project are entrepreneurs and developers with many years of market experience. First and foremost is the founder and managing director Ingo Rübe. Rübe is also known as the CTO of Hubert Burda Media. He is the founder of the open source CMS Thunder and a former IT project manager at Axel Springer. Ingo is a founding member of the International Association for Trusted Blockchain Applications (INATBA) and sits on the Board of Directors of the Drupal Association.

Next comes the Vice President of Sales, Christine Mohan. Mohan has 25 years of experience in software and digital media. She is a former editor for major newspapers such as The New York Times and The Wall Street Journal. Until December 2020, Mohan was Marketing Director of the Web3 Foundation, the company behind Polkadot.

KILT protocol team

These are the two people who are considered important and who lead the KILT protocol project. The project also provides clear and transparent information about other members. You can refer to the detailed information on the project behind the KILT project Here.

What is a KILT token?

• Name: KILT Token (KILT)
• Total supply: 1,000,000,000 KILT
• KILT is not an ERC-20 token on the Ethereum blockchain. Token is created on Parity Substrate (parity.io) and has its own blockchain
• Token type: administration and utility tokens

KILT is the native token of the KILT protocol. Users must have KILT in order to use certain functions in the KILT protocol network. KILT will likely be listed on exchanges after the mainnet launch to facilitate trading in other cryptocurrencies and fiat.

KILT has two main functions:

• Staking Rewards: KILT is used as a reward on the network. In addition, KILT holders can stake out KILT to protect the network
• Transaction Fee: KILT is used as a fee in every project platform

At the moment there is no detailed information on how to earn and own KILT. In addition, it says from the project that KILT will not be sold until mid-2021. Of the 1 billion KILT, only 160 million tokens will be released after the mainnet launch.

There are some people out there who want to buy KILT. Be careful, however, as KILT-Coins are not currently issued, not traded and not available on any exchange.

Project roadmap

Source: KILT protocol

The illustration is an overview of the project. Accordingly, KILT will hold the Polkadot Parachain auction in the third quarter of 2021 and release the mainnet shortly afterwards.

Why does KILT have to become a parachain on Kusama? Here are four reasons:

• The ability to complete blocks well provides additional security for the KILT blockchain.
• KILT will be able to provide decentralized identifiers (DIDs) and verifiable credentials via relay chain to other Parachain projects in the ecosystem.
• The support offers massive network effects for blockchain.
• KILT will soon be able to use functions from other parachains, such as

We will update you with new information after each route.

Veronica

According to the AZCoin News

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