KILT Protocol aims to be the best identity solution for Web 3.0

Earlier this week, the KILT protocol distributed native KILT tokens to users who support the protocol’s community on Kusama.

Parallel to the event, KILT has also released two new additions for KILT storage and staking out, including the Sporran wallet and the stakeboard staking app, such as Bitcoin magazine reported.

Best decentralized identity solution for Web 3.0

KILT is an open source blockchain protocol that provides decentralized identifiers and verifiable certificates and aims to be the best identity solution for Web 3.0.

The protocol launched its flagship product SocialKYC in May and plans to launch it as a Parachain on Polkadot. Designed as a decentralized alternative to current KYC processes, SocialKYC verifies the identity of users via their social accounts, email addresses or phone numbers – and then forgets it.

Immediately after completing the information review, SocialKYC automatically forgets both this information and the user and does not store or share any personal data.

These basics bring innumerable use cases for SocialKYC. In September, KILT won the 6th Kusama Parachain auction and brought in over 220,000 KSM in the crowdloan. In early November, KILT switched to a fully decentralized network when the BOTLabs transferred all decision-making powers to the community.

And now the protocol has finally distributed rewards to community supporters and started a Token Transferability (TTE) event earlier this week. Users who blocked their KSM to support the protocol in the Parachain auction received a corresponding amount of KILT totaling 4.5 million.

As part of the highly anticipated TTE, KILT is also introducing two new products – Stakeboard and Sporran.

Sporran is a wallet for KILT tokens. Designed as a browser extension, Sporran offers users the ability to sign and send blockchain transactions. In the next month, users will also be able to use the wallet to store login information and create digital identities.

An extension of the wallet functionality is Stakeboard, a web application that allows users to interact directly with the blockchain and stake tokens.

Big bet on KILT

In the weeks leading up to the community push, the protocol enjoyed a certain popularity that is easily comparable to what Acala experienced prior to its Parachain auction. This ambitious proposal to give users back control of their digital identities appears to have caught on in the marketplace and tens of millions of dollars in KSM values have been poured into the crowdloan.

And while it is impossible to predict the extent and extent of the attack by once it is listed on the major exchanges, its listing on MEXC Global shows that the appetite for the token is great. The price has risen sharply after the listing and brings big profits for the crowdloan participants.

KILT / USDT on MEXC Global | Source: MEXC

If the protocol’s popularity is appreciated in the Kusama and Polkadot ecosystems, could see a price explosion if it realizes its plan to move to the Polkadot Parachain.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.