What is KILT Protocol?
The KILT Protocol is a decentralized blockchain identity solution that aims to return control over personal data to the individual. It combines real-world trust with the benefits of blockchain technology to create a permissionless trust infrastructure for real-world business cases. By providing a secure and user-friendly way to represent your identity, KILT is helping individuals and entities prove and protect their online identity.
KILT is built on Parity Substrate and launched as a Kusama parachain in September 2021. This provides several key benefits, including enhanced security through network protection and block finalization, interoperability with other parachains and projects, and the ability to provide DIDs (Decentralized Identifiers) and Verifiable Credentials to other parachain projects via the Relay Chain.
At its core, KILT works by creating digital identities that consist of two parts: a Digital Identifier (DID) and Verifiable Credentials (VCs) linked to the identifier. Trusted authorities, or Attesters, can issue credentials which are then owned and controlled by the individual, or Claimer. The blockchain is used to store hash values, while the actual personal data remains in the user's possession. This allows users to prove the authenticity and validity of their credentials to anyone they choose to show it to, while also giving Attesters the ability to revoke credentials if they are no longer valid.
KILT Protocol was founded in 2018 by Ingo Rübe, CEO of BOTLabs GmbH, and Hubert Burda Media. Recognizing the potential of blockchain to restore control over personal data, Ingo set out to create identity solutions that could be used by businesses and entrepreneurs around the world. Today, KILT is implementing enterprise partnerships in various industries, including energy, health care, and banking, and is well-positioned to play a leading role in Web 3.0.
In conclusion, KILT Protocol is a unique and innovative solution that offers a secure, user-friendly, and decentralized way to represent your identity online. By providing a base layer for verifiable credentials in Web 3.0, KILT is helping to restore privacy and autonomy to the individual, and is poised for continued growth and success in the coming years.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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