There are many reasons behind the success of Polkadot, but one of the biggest reasons is the scalability of blockchain. This is largely due to the fact that it allows deployable projects blockchain their own with smart contract functionality. Biggest goal of Polkadot is to provide the most robust platform for security, scalability, and innovation. Currently, there are many outstanding projects being built based on the technology of Polkadot.
Right now, huge amount of both developers and capital is flocking to the Polkadot system, especially from Ethereum. One of the biggest and most watched events this year is the auction parachain. crowdloan on Polkadot and not Ethereum.
KILT Protocol is one of the projects that are followed & gained a lot of attention by the online community.
Like the people who sold shovels during the California Gold Rush, one of the most profitable actors is the entity that contributes to upcoming fundraising events on Polkadot. Polimec will be Polkadot's own liquidity mechanism, a fundraising mechanism for the Polkadot ecosystem.
Many of us probably remember what happened in 2017 when the bull run was at its peak. Many projects started selling their own tokens on Ethereum by doing an ICO, even projects without a product or even without a website. Accordingly, the demand for ETH skyrocketed, causing prices to soar as millions flocked to these deals. Similarly, this is likely to happen later this year on a larger scale on Polkadot and that's why many people bet big on Polimec.
Diagram depicting the importance of Polimec on Polkadot
So KILT What does Protocol have to do with Polymerc? The protocol is built on Polimec and is considered the best for fundraising, using blockchain's native token KILT when they release the necessary KYC/AML (identity verification/anti-money laundering) information for every investor.
In short, for this process to go smoothly, you need to submit your information to validators for verification and include them in the KILT blockchain. To become a validator on the KILT blockchain, you need to own a small amount of KILT, and all of this validation is through a transaction, fueling demand for KILT as every transaction requires the use of KILT tokens.
KILT and the huge untapped potential
KILT has a great advantage in the future and will be one of the most important fundamental projects in the entire Polkadot ecosystem. KILT is also currently collaborating with Fractal, the KYC vehicle for most of the projects in the presale phase in Polkadot. Besides, Polkadex (like Uniswap of Polkadot) is coming soon which also integrates KILT's SDK. KILT's SDK is built in Java, so no blockchain experience is required when integrating into the product. This is similar to Terra, Kava nice Thorchain using 's SDK Cosmos (ATOM) so.
As of March this year, there are 5 active projects on testnet (test network) parachain Rococo. It seems that KILT is the least mentioned project considering the number of followers on Twitter and the official Telegram groups. KILT is being gratuitously forgotten while it is the most developed and solid project in Polkadot.
From an investment perspective, this is a blessing as it implies KILT is undervalued and will go much higher in both impression share and profitability. If someone says “this looks like what happened in 2020 when Polkadot did their private sale for $1.25” or asked people who have been waiting Kusama like, it can be said that KILT is looking more and more like a project that will give the best ROI while taking less risk than other big projects on Polkadot because it will succeed no matter what.
Besides Polymerc, what else can KILT bring? KILT claims to be an open source blockchain protocol that provides on-demand, revoked, verifiable, and anonymous credentials in Web 3.0. The protocol allows users to assert arbitrary attributes about themselves, authenticated by trusted parties, and store the request as credentials (certificates). In the context of trusted entities issuing credentials to receive funds, KILT aims to promote a new business model for anyone who owns trust or wants to build trust.
KILT Protocol and Web 3
One of the important things is that KILT is also involved in Web 3. There is no clear definition for Web 3 or a single creator but instead a collaboration of many different individuals and organizations such as the Web3 Foundation operated by the founders of Polkadot.
The main difference of Web 3 is that it is decentralized and users manage their data instead of intermediaries like Facebook. There are now many accounts on various systems such as Facebook (user accounts), banks (passports), workplaces (time cards) and many other intermediaries such as government, centralized companies. Many of these people regularly use them for their own profit, and those credentials are at risk of being exposed.
With KILT, users simply need a credential that is managed by themselves and chooses how to use and display what, even just their name. Also, only one master key is needed to use the credential everywhere. No need to remember multiple passwords for accounts on Snapchat, YouTube and Instagram!
KILT and endless possibilities
Imagine in a world where KILT has become extremely popular, when you go to work, you register your ID with KILT, then go to the coffee shop at work and show your ID. You use a vending machine that has a variety of goods assigned its own ID and automatically orders by salary (pay by cryptocurrency). Using his or her ID, the delivery person comes to fill the vending machine with products, which also have their own ID. At the end of the month, that machine will distribute profits seamlessly to all investors who also have IDs. There are many other use cases for KILT like automotive, messaging, advertising, etc.
A new and topical innovation is the COVID vaccination passport. It's likely that KILT will profit a lot from that since they released an AntiCov app built for this purpose.
Team of KILT Protocol
Team KILT has 15 employees and one of the interesting things is that they only employ full-time developers, unlike most other projects. This ensures higher efficiency and faster development. The team features some big names, from former Polkadot/Web3 CMO and Web3 CFO to developers who ranked third on the 2000 invitees at Apple's developer training program. .
Team cincubatea KILT Protocol
The team includes computer scientists, mathematicians, lawyers and philosophers to ensure the full potential of all stages, from theoretical innovation on paper to practical innovation at scale government. What's interesting is that more than half of them are developers so there's a lot going on behind the scenes, for example the impressive GitHub activity.
CEO of the KILT Protocol project
We all know the CEO is one of the most important factors. With startups, that's even more important. If you have a chance to listen to what CEO Ingo Rübe has to say, you can recognize his passion and knowledge. Ingo is currently on the board of Drupal, a platform like WordPress but even bigger. He holds a Computer Science degree from the Technical University of Berlin, one of the most competitive universities in Germany. He is also the CTO of Hubert Burda Media (the company that invests in KILT), one of Germany's largest media companies and has billions of euros in revenue.
Ingo Rübe – CEOincubatea KILT Protocol
He started his first startup in the 90s. The company was sold back in 2000 and clearly proves that he has a lot of relevant experience. Ingo Rübe is a member of the renowned International Association for Trusted Blockchain Applications (INATBA) and also works for the German Bundestag as a blockchain expert.
Project in cooperation with Moonbeam, Fractal, Polkadex, dena (German Energy Agency), Energy Web and close to the founder of Polkadot Gavin Wood. KILT has received 2 grants from the Web3 Foundation. They are also involved in the GAIA-X project which has more than 300 organizations from many countries and the main goal is to create a sovereign open data ecosystem against the current centralized data ecosystem created by a number of companies. operated by the United States.
KILT and dena (German Energy Agency)
The partnership with dena alone proves the seriousness of the project. Specifically, KILT is suitable for use in one of the most heavily regulated sectors worldwide. KILT is being used as an infrastructure for decentralized identifiers and verifiable credentials representing smart meter server identities.
In addition to dena, the project collaborates with more than 20 companies in the industry, including not only traditional energy sources such as batteries and vehicle charging stations. The amount of demand for KILT will be huge from this partnership in the future and it proves that KILT has a very high capacity.
KILT and Moonbeam
Another impressive partnership of KILT is with Moonbeam. Moonbeam is one of the best known Polkadot projects. This ensures that Polimec will have smart contract functions for investing, airdrops, selling, bounties and everything else available on the web. Ethereum are all possible on Polymerc. Accordingly, the process of issuing, transferring and moving from one chain to another is guaranteed to go smoothly without much effort. As you can see from Moonbeam's website, they are not partnered with anyone else.
KILT Protocol is one of the first projects to build on Substrate (launched in 2018) and will be an important part of the infrastructure in the entire Polkadot ecosystem at the first stage while creating major external difference when it is deployed with business and government.
How is KILT different from the competition?
As you would imagine, the field will grow parabolic in the future so there will be a lot of competition. The good news is that there's room for everyone. Currently, none of these competitors have a better team, partnership or promotion rate than KILT.
Besides, as of now, KILT is the only project in the field that solves the price/truth paradox, which means it has a huge advantage over other projects. It is key to industry adoption as businesses want the most stable business and best performance if fees are predictable.
KILT and blockchain
Blockchain and credential are a perfect match due to their superior security as it is impossible to forge or change them on the blockchain. The market is expected to be worth hundreds of billions of dollars in the future.
One interesting thing to note is that KILT somehow fixed the price of a transaction, which is extremely important and beneficial for companies looking for stability.
The credential set price on KILT is around $1.16 per transaction, 100 times lower than the price on Ethereum. This is a prominent advantage of KILT and is one of the most important things driving its superiority over other traditional as well as blockchain-based authentication methods. Unlike many projects, KILT really needs a blockchain for itself.
How does KILT work?
In today's world, when we have to verify identities with security staff in bars or create credentials on social media, there are many things that KILT can and will improve on. Why show an entire passport with lots of personal details when the security officer (verifier) only needs to see a photo and date of birth?
With KILT, it is easy for users to solve this problem because they (the claimant - claimer) can choose what to display. When requesters create accounts on social media (verifiers), which include sensitive information, they are at risk of abuse because the service is centralized. With the blockchain that KILT is using, there is no such risk as it eliminates the risk of a single point of failure. Blockchain has outstanding security and this is very valuable in today's world as digital crime is becoming more and more common. No one can fake or hack blockchain. Even where possible, KILT does not store users' personal information and is consistent with general data protection regulations.
Core Process in KILT
KILT stores only 3 things on the blockchain: the hash (for credentials), the hash of the request type scheme (CTYPE, request standards and credentials), the KILT token payment information. With KILT, you cannot see what the credentials on the hash are, but can only verify and validate them. KILT has 3 core functional roles (requester, validator and verifier) to ensure safety and usefulness.
CTYPE helps secure investment for all participants
Let's say the user is applying for a loan, they (the requester) present the passport issued by the central authority which is the government in this case (the endorser) to the bank (the verifier).
The process of using credentials.
With KILT, a claimant is an entity (an individual or object) that is trying to claim something about themselves. The requester must then use an authenticator. Endorsers are trust providers whose job it is to receive, authenticate, and validate claims (e.g. this passport is valid). The authenticator does this by generating credentials (e.g. passport) by cryptographically signing and sending it back to the requestor. The verifier then determines the identity of the requester through a cryptographic challenge to ensure there is no unauthorized use of the credential or man-in-the-middle attacks. A cryptographic challenge requires a cryptographic signature from a validator. A validator may choose to receive a KILT from a claimant to be motivated to fulfill his or her role as a trust provider for financial reasons.
The core process in KILT uses blockchain.
The difference in the current system is that the requestor is now paying a very small fee instead of storing the credentials in centralized data repositories and potentially being sold to other organizations. If validators verify false information, they will lose trust and verifiers and claimants will stop trusting them, causing heavy damage to their business.
The requester can choose the endorser. Validators vary in price, validation speed, supported credential types, and the importance of verifiers trusting their credential. Verifiers can choose validators to trust. This leads to maximum competition among all validators in this new system and allows everyone to find the right solution while always being an improvement over our current system.
KILT will be an important part of Polkadot's ecosystem and achieve at least 10% of Polkadot's market capitalization i.e. $4.4 billion. This number is expected to continue to increase. Therefore, for many people, this will be one of the potential projects to invest in for many years to come to get maximum return.
This project is outstanding in every way, both technology and investment wise. Many are even so optimistic that they hope to make 100 times more profit than they are now. Furthermore, Ingo recently said that many exchanges are interested in integrating staking on their platforms.