How does KILT benefit from blockchain technology?
KILT project proposes a new mechanism for handling user data and it enables the issuance and bearing of credentials in the digital world. KILT is a blockchain protocol for issuing self-sovereign, anonymous and verifiable credentials and enabling trust market business models in Web 3.0. Taking advantage of the benefits of blockchain, their team would like to enable data sovereignty and bring trust to a whole new level.
Why will KILT become a parachain in Polkdot ecosystem?
With the planned integration into the Polkadot ecosystem, KILT just announced their plan to take part in the first Kusama parachain auctions as well as their aim to start their mainnet on Kusama shortly after securing a parachain slot.
A Kusama parachain can provide core functionality for KILT including:
- The ability to finalise blocks and thus secure our network, even while KILT is backed by a relatively small collator network. This provides an extra layer of security to the KILT Blockchain.
- KILT will be able to provide DIDs (Decentralised Identifiers) and Verifiable Credentials through the Relay Chain to other parachain projects inside the ecosystem.
- This will provide enormous network effects for the KILT Blockchain.
- KILT would soon be able to utilise functionality from other parachains, such as smart contract systems and oracles.
Parachains on Polkadot
Founded by Gavin Wood, co – founder of Ethereum, Polkadot has launched its first-ever parachain and is on its way to become the basis for a new crypto economy. Its ecosystem was created with the aim to achieve three functions: governance, staking abilities, and bonding to “parachains''. Parachains are similar to Ethereum’s shards spread transactions across multiple nodes and allow for a faster and more-scalable network.
Source: KILT Protocol
