Altair Network cooperates with KILT Protocol, connects material assets with DeFi, promotes the use of SocialKYC
One of the projects that took first place in the Parachain auction on Kusama, Altair, has announced a partnership with KILT Protocol to create the connection between real assets and DeFi and further advance the vision for a fair Web 3.0 where the users are have control over their data and financial instruments are available to everyone. The project was born with the above ideal and was called the centrifuge.
Altair Network works with KILT Protocol to create fair Web 3.0
By partnering with KILT and using SocialKYC, Altair will enable users to take control of their digital identities on the network. Accordingly, Spotify artists, Amazon sellers and even TikTok content creators can access the financial sector thanks to Centrifuge.
As mentioned earlier, SocialKYC is a decentralized identity verification service that helps users regain control of their digital identities. The project can then verify the SocialKYC identity of the user with KILT without the need to store any data about them. Centrifuge enables users to tokenize their real-world assets and fund them in the chain by connecting to DeFi liquidity in platforms like Maker and Aave.
Centrifuge is currently a standalone blockchain substrate (will soon be auctioning a Parachain lot on Polkadot). The next big project they’re working on is developing an underwriter token that will help better regulate incentive systems and create a system that can measure price risk more accurately and efficiently.
Altair is an experimental, cross-border project coming to Centrifuge that focuses on fringe use cases such as test object funding. You can tokenize assets through Altair and fund them on the Kusama network.
Let’s say you want to get liquidity from your cryptocurrency. Altair allows you to raise funding for a variety of experimental assets like CryptoPunks and maybe even Kusama punks for 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 potential, especially in terms of the breakthroughs they can make by working with many other names. The combination of the use of the KYC mechanism of the KILT protocol and real-world verification of assets will help the project achieve its goal of providing access to finance for every asset, improving visibility on the Web3 and providing financial services to all.
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