An open-source blockchain protocol for issuing self-sovereign, anonymous and verifiable credentials, KILT became a fully decentralized blockchain network on November 11.
In a press release, the KILT team announced that it has reached the final step of decentralization. According to BOTLabs GmbH, the firm behind KILT Protocol, the Sudo Key was removed, and governance of the KILT ecosystem was handed over to the hands of its community. In short, the company has given decision-making to the community.
What is more, KILT will run through a system of governance in which KILT Coin holders take control and can suggest things to the network on which the community will have to vote.
Driving deeper, the firm notes that the first proposal in front of KILT community governance would not only allow tokens to be transferred (TTE) but also allow the distribution of the “thank you” KILT Coins to the crowdloan supporters. Not to mention that the proposal will go for a vote today on November 12, for KILT Coin holders to choose from over the following 7 days.
Additionally, the team emphasized that proposals are automatically achieved on KILT on-chain by the system after an enactment period of one day. As a matter of fact, the KILT Coins can be given to crowdloan supporters in around two weeks.
Launched in 2018, KILT aims to return control over personal data to its owner, restoring privacy to the individual and enabling innovative, industry-agnostic business models around identity.
Note that KILT secured a parachain slot on the Kusama network and launched as a live blockchain on September 8, 2021.
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Source: Cryptocurrency - investing.com
