Identity verification solution KILT Protocol now fully decentralized according to official announcement today. KILT protocol harnesses the Kusama (KSM) and Polkadot (DOT) instruments, and as of today is 100% community governed.
What KILT Protocol decentralization means
According to the official press release from BOTLabs GmbH, the company behind the development of KILT Protocol, decision-making has now been effectively handed over to the community.
From now on, KILT will be run via a sophisticated system of governance in which any KILT Coin holder can propose changes to the network that can be voted on by the community. This level of decentralization is what makes Web3, the next generation of the internet, truly fair and exciting.
KILT Protocol Decentralization Day
Until now, a Sudo Key module allowed the development team to make any necessary changes to the blockchain on behalf of the network without the vote of the KILT community. Now that the network has been audited and these functionalities are running as planned, the time has come for the community to take control.
Today KILT reached the final step of decentralization. The Sudo Key was removed and governance of the KILT blockchain transitioned into the hands of its community.
Governance at work
The first proposal in front of KILT community governance is to allow tokens to be transferred (TTE) and to distribute the “thank you” KILT Coins to supporters of the crowdloan. With sufficient backing, this proposal will go to referendum within the week allowing KILT Coin holders to vote on the proposal over the following 7 days.
Following a successful referendum, proposals are automatically carried out on KILT on-chain by the system, after an enactment period of one day. So it can be expected that the KILT Coins will be distributed to crowd-loan supporters in around two weeks’ time.
The Path to Decentralization
First conceived in 2018, KILT was developed by BOTLabs under the direction of Ingo Rübe. From the beginning, KILT was designed to evolve into a decentralized blockchain network that aims to return control over personal data to its owner, restoring privacy and dignity to the individual as well as enabling innovative, industry-agnostic business models around identity.
Thanks to support from its community, KILT secured a parachain slot on the Kusama network and launched as a live blockchain on September 8th of this year. KILT was designed as a limited delegated proof of stake (LDPoS) system, with delegators who support a network of collators that hold and secure the data of the KILT blockchain and create blocks. Following this design, an initial cohort of 16 active collators were onboarded at launch. This number is expected to increase to 75 in the coming months.
Since launch, the development team of KILT Protocol added functions such as staking, governance, and a Treasury, which will fund projects that support the KILT ecosystem, approved by community vote. Decentralized Identifiers (DIDs) and Verifiable Credentials were also added to provide developers with tools to create businesses around identity and credentials.
In the Hands of the Community
As part of handing over the network to the ecosystem a series of how-to guides and blogs will be published over the next few weeks to assist the community in how to smoothly take control of their network. These will include guidance on how to become an active participant in the ecosystem including how to vote and how to stake on KILT.
About KILT Protocol
This SugarWired author has no position in KILT protocol, but does have a position in POLKADOT. This is not financial advice.