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Highlights
- KILT Protocol is an open source blockchain protocol that is developed on the Polkadot network.
- The KILT protocol is used to issue verifiable and anonymous credentials in Web 3.0 and with the help of an entity called the ATTESTER.
- Founder of the Ingo Rube believes one of its USPs is that it gives them control of the digital identity back in the hands of consumers.
KILT Protocol is an open source blockchain protocol that is developed on the Polkadot network. The KILT protocol is used to issue verifiable and anonymous credentials in Web 3.0. With the help of an entity called the ATTESTER, it allows the user to claim a certificate on the KILT blockchain. The project was conceptualised to allow the software industry to get involved in Web 3.0 and the organisation that it's attached to create enhanced trust and data sovereignty. Once the certificate is verified, users can revoke it on the KILT platform and use it per their requirements.
How does KILT work?
In Web 2.0, the users are expected to provide email addresses, mobile numbers etc., to access a service. These details are often shared with the partners, subsidiaries. In most cases, the application itself bypasses the system and asks the users to authenticate the credentials.
However, with KYCs becoming a standard operating procedure, KILT operates by obtaining the SocialKYC of the user to verify the user's internet identity. KILT uses the JavaScript SDK for creating and validating the digital credentials. With KILT, a user can generate practical applications without knowing blockchain development. Founder of the Ingo Rube believes one of KILT's USP is that it gives them control of the digital identity back in the hands of consumers.
Earlier this year, KILT had joined hands with Polkadex to create a decentralised KYC system for exchange users. Polkadex, along with Fractal, will manage the KYC credentials through the KILT protocol.
What the KILT Protocol Offers
Being an open-sourced platform, one can earn KILT coins by offering attestation services. It allows the organisation's individuals to claim arbitrary attributes and validate them with trusted entities. As the users have control of their data, users have the freedom of which information they wish to make public and to whom.
Conclusion
While developing this protocol, KILT developers’ primary objective was to ensure the trust factor. So, they focussed on functionality that offers simple solutions to complex problems. The protocol allows the description and validation of characteristics consistently. Besides, it gives the user access to data, which will enable them to verify their data in the digital world.
KILT protocol is relatively new in the market, and it will take time before people and organisations warm up. The partnership between Polkadex and Fractal should urge more users to come on to the platform and adapt it in a more quantifiable manner.
