Kusama Parachain KILT enters the market with the aim of meeting the need for a decentralized identity solution – Original News

By November 25, 2021Layer2
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Earlier this week, the KILT protocol distributed its native KILT tokens on Kusama to users supporting the protocol’s crowdlon.

In parallel with its token transferability event, KILT has launched two new additions to store and staking KILT – the Sporan Wallet and the Stakeboard staking application.

KILT and its decentralized identity solution

KILT is an open-source blockchain protocol for the issuance of decentralized identifiers and verifiable credentials—and it aims to be the go-to identity solution for Web 3.0.

Protocol launched its flagship product, SocialKYC, in May this year and announced plans to launch it as a parachain on Polkadot. Designed as a decentralized alternative to current KYC processes, SocialKYC verifies a user’s identity via their social accounts, email address or phone number and then forgets about it.

As soon as the credential is issued, Social KYC is forgotten about both it and the user and does not store, silo or share any personal data.

These fundamentals enable a myriad of use cases for social KYC, which have been recognized by the public. In September, KILT won the 6th Kusama Parachain Auction, locking 220,000 KSM into the crowdlon. In early November, KILT transitioned to a fully decentralized network as BOTLabs delegated all decision-making to the community.

And now, the protocol has finally distributed rewards to its CrowdLoan supporters, launching a Token Transferability Event (TTE) earlier in the week. Users who locked their KSM tokens to support the protocol in the Parachain auction received a proportionate amount of KILT tokens, for a total of 4.5 million KILT.

Break: @KiltprotocolTokenomics of:
– Total supply on TGE: 150 million KILT coins
– Initial circulating supply: 32.5 million
– Crowdlon: Reserved for 4.5 million participants
– Initial inflation approx. Falls 5% to 1% in first 6 years
– One KILT Network, One KILT Coin https://t.co/7Dkobd1MFV pic.twitter.com/FnmIMtWaeF

– Christine Mohan – KILT is Hiring! (@christinemohan) 11 August 2021

As part of the much awaited TTE, KILT also introduced two new products – Stakeboard and Sporain.

TTE is today!

Today is KILT’s token transferability event. KILT coins were distributed to CrowdLoan supporters who can now store them in stake on their Sporane wallet and stakeboard.

Full blog post here: https://t.co/6R77idLzWt

– KILT PROTOCOL – WE ARE HIRING! (@kiltprotocol) November 22, 2021

Sporain is a wallet designed to hold KILT tokens. Designed as a browser extension, Sporran provides users with a way to sign and submit transactions on the KILT blockchain. Next month, users will also be able to use the wallet to store their credentials and create a digital identity.

Serving as an extension of the wallet’s functionality is Stakeboard, a web application that allows users to interact directly with the KILT blockchain and stake their tokens.

Janta KILT . bet big bucks on

In the weeks prior to its crowdlon, KILT enjoyed a popularity that can easily be measured by the Acala that it saw prior to its Parachain auction. Its ambitious proposal to give users back control of their digital identities resonates with the market, which poured millions of dollars worth of KSM into its crowdlon.

And while it’s still hard to say how KILT will perform when it hits one of the big exchanges, its recent listing There is considerable appetite for the token as shown on MEXC Global.

Judging by the popularity of the protocol in Kusama and the Polkadot ecosystem, the price of KILT could increase even further if it realizes its plan to transition to the Polkadot parachain.

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