KILT Protocol or KILT (KILT/USDT – Trade it here) is a protocol for self-sovereign data and interoperability built on top of the permissionless KILT blockchain. This article will explore the core features and overall tokenomics of the KILT Protocol (plus ways of how to buy KILT token and earn it on MEXC).
The core component of KILT is a digital identity protocol for:
- generating and managing Decentralized Identifiers (DID)
- issuing and presenting digital Verifiable Credentials (VC).
In contrast to other centralized alternatives, KILT features self-sovereign data as well as revocable Credentials anchored to the KILT blockchain.
KILT Core Features
In particular KILT provides:
- A universal identity protocol for individuals, organizations, objects, and intelligent agents to obtain Credentials for arbitrary attributes about themselves issued by trusted Attesters.
- A Self-Sovereign mechanism for putting Credential holders in control of their own data by letting them store Credentials onto their own favorite storage and by giving them the choice to select which information from those Credentials to share with whom.
- A Trust Market for Attesters of such Credentials, which allows widely trusted entities to get compensated for their valuable attestation work.
KILT provides a protocol and the tools for people to manage their own data, and to build a digital identity by collecting Credentials issued by trusted entities. Such Credentials are not publicly available, but stay within the user’s control. This is somehow very similar to the approach used for centuries before our data was being monetized by big corporations.
The core ideas are:
- Managing user’s identities in the form of Decentralized Identifiers (DID), with the support of the KILT blockchain
- Obtaining digital Verifiable Credentials about user-specified Claims
- Supporting revocation of Verifiable Credentials by their Attesters
- Presenting and verifying Verifiable Credentials in a privacy-preserving and user-controlled way
KILT Ecosystem
External services built on KILT, at the time of writing, include:
- Sporran Wallet: A browser extension for storing KILT Coins and digital credentials.
- Skateboard: A staking platform for KILT Coins that integrates with the Sporran wallet.
- SocialKYC: A verification service for regaining control over the user’s digital identity.
- DIDsign: A decentralized way to sign and verify files privately and securely.
- Web3name: web3name (w3n) is a custom name that the user create to represent the user’s on-chain DID, which personalizes the user’s digital identity.
KILT Tokenomics
At network launch, KILT shall start with three major coin utilities: payment, on-chain
and staking.
- Payment Utility
Facilitates claimers paying attesters for digital revocable credentials. Payment for attestation services can be made in KILT Coins or outside of the protocol. Since Attesters pay the Angel’s Share in KILT, they are incentivised to accept KILT Coins as payment for services.
- On-Chain Utility
Anchor credentials, trust hierarchies, DIDs and CTYPES. Defend against spamming of the blockchain through the Angel’s Share (gas or transaction costs). Participate in governance votes such as votes for functionality changes and upgrades as well as usage of Treasury funds.
- Stake Utility
Staking mechanism for the parachain maintainers (collators) and token holders (delegators). Incentivises collators and delegators to maintain the network; punishes misbehaving collators by withholding rewards. Collators and delegators need to stake KILT Coins to be able to receive block rewards.
How to buy KILT?
You can buy KILT on MEXC following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “KILT” using the search bar to see the available trading pairs. Take KILT/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of KILT you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy KILT] to confirm your order. You will find the purchased KILT in your Spot Wallet.
For the comprehensive guide on how to buy KILT and other available tokens, please visit special MEXC How to Buy Guides Section.
Recent KILT Token Price & Performance
Since listed on MEXC in 2021, KILT reached the highest price (ATH) of 13.49 USDT in October 2021.
Interested in crypto like KILT?
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