Why this project nobody talks about will be one of the most important and highest ROI making projects on Polkadot (100X+ potential)
Intro
We all know that during the California Gold Rush, in the 1800s, the greatest profits were made by those who sold tools such as spades and pickaxes. Most people who participated in this rush did not get rich. Right now we are seeing exchanges have little risk compared to what they are gaining by letting people trade all the cryptocurrencies during one of the most historical moments of this emerging technology. As you can see, the best chance to profit gain/risk wise from this kind of event is to contribute to the process; not be the one doing the hard work.
Right now, we are seeing massive influx of both developers and money flowing into the Polkadot system, especially from Ethereum. One of the biggest and most followed events this year in crypto space will be parachain auctions, which are believed to start in the near future. Once we see more and more projects coming onto Polkadot’s mainnet, I expect this transition to greatly accelerate with more and more projects starting their crowd sales on Polkadot rather than Ethereum.
Polimec
Now we’re getting to the most interesting part. One of the biggest possible profiteers is an entity who, like those who sold spades and pickaxes during the California Gold Rush, would hold their own share of the upcoming fundraising events on Polkadot. It is time to get to know Polimec, which is what is going to be Polkadot’s own liquidity mechanism, a fundraising mechanism for the Polkadot ecosystem. Many of us remember what happened in 2017 when the last bull run was on its peak. Many projects started their own crowd sales on Ethereum by doing ICO’s, even those with no product or even a website. This created a massive demand for ETH, which skyrocketed in price when millions of people rushed to these sales. This is what I am personally expecting to see happen later this year on a larger scale on Polkadot and which is why I am betting big on Polimec.
So what does KILT Protocol have to do with Polimec or with any of this? They are the ones running Polimec and best of all for us looking to make money, utilizing KILT tokens by using KILT blockchain when they issue KYC/AML credentials which are necessary for every single investor.
In a nutshell, to issue these credentials you need to submit your credentials to the validators who will then verify them to KILT blockchain. To be able to be a validator on the KILT blockchain you need to own a yet to be announced amount of KILT and every single one of these credentials result in a transaction, which results in demand of KILT since every transaction requires KILT tokens to be used.
KILT and massive unrealized potential
As you can imagine, KILT has a huge upside ahead of it. And it is on its way to becoming one of the most fundamentally important projects in the whole Polkadot ecosystem. Oh, and did I forgot to mention, KILT is already being utilized by Fractal, which is currently de facto way to do KYC for the most projects in presale phase at Polkadot? We also have Polkadex coming, which is going to be the Uniswap of Polkadot; and as you probably guessed, has also integrated KILT’s SDK. I think this is a good point to mention KILT’s SDK is built with Java so it requires absolutely zero blockchain experience for someone to be able to integrate it to their own product.
Now that I got your attention thus and that we now know what it does and that it is going to be for the Polkadot ecosystem, it is time to start diving a bit deeper into KILT. As of writing time, there are five projects live on Rococo parachain testnet. I think it is safe to say that KILT is the least talked project, which we can see by looking at their Twitter followers and people in their official Telegram groups for an example. What I am trying to say with this is that KILT is being forgotten for no reason when we are looking at the most developed and most solid project in Polkadot. In the picture under this we have another solid evidence proofing this. From the investment perspective it is a gift from above because it implies KILT is being undervalued and has a much higher upside both in exposure and profitability. If you were to say to me, ‘this looks a lot like what happened during 2020 when Polkadot did their private sale at 1,25$’, or ask how people slept on Kusama?, it is safe to say that gain/risk wise, KILT is quickly looking like a project that will bring the best ROI while having less risk than other main projects on Polkadot because no matter what happens it will succeed.
KILT as a whole
What does KILT have to offer other than Polimec? A good question which will be answered.
KILT claims to be an open-source fat blockchain protocol for issuing claim-based verifiable, revocable, and anonymous credentials in the Web 3.0. It allows end users to claim arbitrary attributes about themselves, get them attested by trusted entities, and store the claims as self-sovereign credentials (certificates). As trusted entities can issue credentials in return for money, KILT aims to foster new business models for anyone who owns trust or wants to build up trust.
KILT Protocol and Web 3
One of the main things KILT is going to be a part of is Web 3. Web 3 has no clear definition or a single creator but instead it is going to be a collaboration of different individuals and organizations like Web3 Foundation run by the founders of the Polkadot. The main difference of Web 3 is that it’s going to be decentralized and users are going to own their data instead of there being intermediaries like Facebook. We currently have many accounts for different places like Facebook (user account), banks (passport) and workplace (time clock card) and different intermediaries like government, workplace and centralised companies. Many of these consistently use them for their own profit and those credentials are at risk of being exposed. With KILT, we are going to need only one credential which we will own ourselves and choose how to use it and what to show, even our name only. With KILT we need only one master key to use our credentials in everywhere. No more remembering of your passwords to Snapchat, YouTube and Instagram! This is only one thing, which we are going to use KILT for.
KILT and endless possibilities
One possible scenario is when I go to work, I register my ID with KILT, then I go to a cafeteria in my workplace and show my ID. I then use their vending machine ranging from variety of goods which has an ID itself and uses its earnings to auto-order inventory (paid in crypto). Using his ID, the delivery man comes to refill the vending machine with products, which also have their own ID. At the end of the month that machine will split its profits seamlessly through all investors who also have ID’s. There are much more use cases for KILT like cars, messaging, ads and such but, covering those would make this article too long.
One topical and new innovation is COVID vaccination passport. No matter what you think about it, someone is going to profit a lot from it; potentially KILT, since they released their app named AntiCov, which is built for this purpose.
The team of KILT Protocol
The KILT team has 15 employees and one of the interesting points is that they are using only full-time developers, unlike most projects. This ensures much more efficiency and faster development. Their team has some serious power ranging from ex-CMO of Polkadot/Web3 and CFO of Web3 to developers, who came on third in Apple’s developer boot camp out of 2000 invited people. The team consists of computer scientists, mathematicians, lawyers and philosophers to ensure they reach their full potential for all stages, from theoretical innovations on paper to practical innovations on government-scale. One interesting thing is that over half of them are developers so there is a lot happening behind the scenes, which shows up in impressive GitHub activity for example.
The CEO of KILT Protocol
We all know looking into the CEO is one of the most important things. With start-ups, it is even more important. If you listen to the CEO, Ingo Rübe, you can hear the passion and knowledge from his words. Ingo has been on Drupal’s board too which is like WordPress but even bigger. He also got a Computer Science degree from the Technical University of Berlin, which is one of the most competitive universities in Germany. He has also been a CTO of Hubert Burda Media (who are invested in KILT), which is one of the largest media companies of Germany and is generating billions of euros in revenue. He started his first start-up in the 90s, which he sold in 2000 and clearly proved he has a lot of relevant experience. He is also a member of the notorious International Association for Trusted Blockchain Applications (INATBA) and a part of German Bundestag as a blockchain expert.
Partnerships
The project has also partnered with Moonbeam, Fractal, Polkadex, dena (German Energy Agency), Energy Web and is also close with the man himself, Gavin Wood and who knows how much is under NDA. KILT has also received two grants from Web3 Foundation. They are also part of the GAIA-X, which is a project that has more than 300 organizations from many countries participating and the main objective is an open sovereign data ecosystem against our current centralized data ecosystem run by couple US companies.
KILT and dena (German Energy Agency)
Their partnership with dena (German Energy Agency) should alone prove the seriousness of the project. It proves that KILT is suitable to be utilized in one of the most regulated fields in the whole world. KILT is being used as an infrastructure for decentralised identifiers and verifiable credentials to represent machine identities for smart meters. Not only does this project have dena in it but it also has more than 20 industry players too. The project includes more than traditional energy sources like batteries and vehicle charging stations. The amount of demand for KILT will be massive from this partnership in the future and it proves that KILT is highly competent.
KILT and one of the most known Polkadot projects, Moonbeam
Another impressive partnership of theirs is with Moonbeam, which ensures that Polimec will have smart contract functions to make sure vesting, air drops, sales, bounties and everything else currently possible on Ethereum is possible on Polimec too. This ensures smooth issuing, transferring and hopping from another chain to another without any effort. As you can see from Moonbeam’s website, they are not working with just anyone either.
KILT Protocol is one of the first projects building on Substrate (launched in 2018) and is going to be vital part of the infrastructure of the whole Polkadot ecosystem in its first phase while going to make a huge difference outside too when it is getting implemented with businesses and governments.
How is KILT any different from its competition?
As you would imagine, this field is going to have parabolic growth in the future so there is a lot of competition and there will continue to be a lot of competition around. The good news is that there is enough room for everyone. I have yet to see any of these competitors having a better team, connections or advancement rate. Besides that, as of now, KILT is the only project in its field that has solved the price/truth paradox, which means it has a phenomenal advantage over others since it is the key to industrial adoption because entities want as stabilized business as possible and that works best if you have forecastable fees. KILT is also the only project that has totally anonymous credentials, which is very important in this space and in government-scale adoption to ensure the safety of their citizens. KILT also uses JavaScript SDK, which is the most common coding language so there are no high barriers to entry unlike for most projects.
KILT and blockchain
Blockchain and credentials are a perfect match due to superior security since blockchain makes it impossible to forge or alter them. The market is poised to be worth of hundreds of billions of dollars in the future. One interesting thing to factor-in is that KILT has somehow managed to fix the price of one transaction, which is extremely important and beneficial for the companies who are seeking for stability. The price of putting credentials on KILT costs less than 0,1€ per transaction which is over 100x less than what it would cost on Ethereum. This is a major bullish point for KILT and one of the most important things driving its superiority compared to both traditional credential methods and other blockchain-based credential methods. Unlike many projects, this one does actually need a blockchain for itself.
How does KILT actually work?
In our current world, when we are asked to verify our identity to a bodyguard in the bar, or create credentials for us in social media, we have numerous things that KILT can and will improve. Why would I need to show my whole passport with many personal details when the bodyguard (verifier) needs to only see my picture and birthday? With KILT we can solve this since I (claimer) can choose what to show. When I (claimer) create my account on social media (verifier), which includes sensitive information, I am risking potential misuse via since this service is centralised. With the blockchain that KILT is using we donot have this risk since it removes the risk of a single point of failure. Blockchain has superior security and this is very valuable in our current world where digital crimes are becoming more and more common. You cannot forge or hack the blockchain. Even if you could, KILT does not store your personal information anyways and is fit for GDPR.
KILT stores only three things on their blockchain: hash function (for credentials), the hash of claim type schemas (CTYPEs, standards of claims and credentials) and KILT token payment information. With KILT you canot see what those credentials on hash function are, only to verify and attest them. KILT has three core function roles (claimers, attesters and verifiers) to ensure its safety and usefulness. Let’s say Iam applying for a loan; I (claimer) show my passport issued by the central authority that is the government in this case (attester) and show it to the bank (verifier). With KILT, the claimer is the entity (an individual or an object) who is trying to claim something about themselves. The claimer then has to use attesters. Attesters are trust providers whose job is to receive, validate and confirm claims (e.g., this passport is valid). Attesters do this by creating credentials (e.g., passport) by cryptographically signing them and sending them back to the claimer. Verifiers then identify claimers through a cryptographic challenge which ensures that there will be no unauthorised use of credentials or man-in-the-middle attacks. This cryptographic challenge requires a cryptographic signature from the attester. Attesters can choose to receive KILT from a claimer to give them an incentive to fulfil their role as a trust provider with a financial incentive.
The difference in our current system is that the claimer is now paying an extremely small fee instead of having their credentials stored in centralised data silos and potentially getting them sold to other entities. If attesters verify false credentials they will lose their trust and verifiers and claimers will stop trusting them, which will destroy their business. Claimers can select their attesters and these attesters are different from each other by price, speed of attestation, supported credential types and the importance of verifiers trusting their credentials. Verifiers can choose which attesters to trust. This leads to maximum competition between all these attesters this new system and allows everyone to find their suitable solution while always having an improvement over our current system.
Conclusion
This is going to be my largest investment ever and definitely one of the projects I am aiming to hold for years to come for the maximum profit. With everything I know and considering KILT will be a vital part of Polkadot’s ecosystem and real life, I think it is safe to say that it is going to get at least 10% of Polkadot’s market cap, which is $3,2 billion from Polkadot’s current market cap, which is poised to increase as well. This project is outstanding in every possible way, both tech and investment wise, and I firmly believe it will make over 100x gains from here. And of course, we will be able to stake it in Q2 2021 with rewards starting with impressive 15% and Ingo recently said that they already have multiple exchanges interested in integrating staking on their exchanges.
I AM NOT A FINANCIAL ADVISOR AND THIS IS NOT A FINANCIAL ADVICE
Useful links
https://t.me/KILTLIBRARY (REALLY USEFUL)
https://www.kilt.io/ (On the bottom you can find links to their socials etc.)
https://hsvgts.medium.com/kilt-self-sovereign-identity-for-a-web3-world-929be0ac2afe
Q&A
Q: How much is the supply?
A: The MAXIMUM supply will be 10 billion with inflation of over 50 years. At token generation event (TGE) there will be only a total supply of 160 million with approximately 33% of them circulating.
Q: Where can I buy KILT?
A: As of now nowhere yet so it’s best to stay tuned in their official Telegram channel (https://t.me/KILTProtocolChat)
Q: How is the token needed?
A: As per their whitepaper:
● Paying angel’s share (gas) when writing an attestation on the KILT Blockchain
● Paying an Attestation fee
● Register a new CTYPE on the blockchain
● Creating a Hierarchy of Trust (including the Private Curated Registry) and managing the delegations in the structure
● Creating and setting up a Token Curated Attester (TCA, explained in Chapter 5)
● Expert applying to a TCA
● Paying for an Attestation issued by a TCA
● Direct transactions in KILT tokens between users of the network
● Distributing the block reward to Validators
● Contributing to network security (staking/nominating Validators in the proof-of-stake consensus mechanism)
Q: Roadmap?
A:
