KILT staking: decentralization ahead

KILT protocol has finally reached the last part of the launch process that is crowdloan token distribution and launch of governance. Therefore KILT protocol decentralized its network and allows delegation of KILT tokens. This article will guide you through the staking process and also highlight some important news from the protocol.

What’s KILT?

KILT is a fully decentralized blockchain identity protocol for issuing sovereign, anonymous and verifiable identities. KILT’s mission is to bring back control of personal data to its owner and restore individual privacy. Developers can use KILT’s open-source Javascript SDK to quickly build applications for issuing, holding, and verifying identities, and create additional incentives around identity and privacy. The KILT protocol was originally developed by BOTLabs GmbH.

After more than three years of planning and development, KILT is reaching full decentralization. The KILT protocol was first proposed in 2018 and developed by BOTLabs under the leadership of Ingo Rübe. From the beginning, KILT was designed to evolve into a decentralized blockchain network that aims to return control of personal data to its owner, restore privacy and dignity to the individual, and also enable innovative, industry-independent business models around identity.

So.. what’s new in the KILT protocol?

Thanks to the support of its community, KILT secured a parachain slot on the Kusama network and launched as a parachain on September 8. KILT was designed as a limited delegated proof of stake (LDPoS) system with delegates supporting a network of collators who create blocks. In line with this design, an initial cohort of 16 active collat0rs was involved at launch. This number is expected to increase to 75 in the coming months.

The creators of the protocol have also created a browser extension, similar to other wallets, where you can store your tokens and keep track of your identities. It’s called Sporran and you can sign and enter transactions on the KILT blockchain from this extension. In early December, you’ll also be able to use Sporran to store private data and create a digital identity — much like in the real world when you carry your driver’s license or ID card in your wallet, for example.

You can also create multiple identities — for example, a work identity with all your qualifications, a gaming identity with your rankings, etc. Sporran provides a way to manage and sign transactions with these digital identities on the KILT blockchain. This gives you back control over your own data when you provide information to the online services.

Sporran is currently available for use as a Google Chrome and Firefox browser extension. You can see how to start staking your KILT tokens in our video

Stakeboard

Stakeboard is a web application allowing direct interaction with KILT blockchain and KILT staking.

To participate in staking you need to have your identity ready(KILT address) with at least 1001 KILT tokens (1000 for staking; 1 to cover transactional costs). Every identity with this minimum can choose one collator and delegate its coins to it. While collators are keeping the data safe on the KILT blockchain, the transactions are being collected and blocks created also by the help of collators. List of active collators can be found here or on community sites, like StakeKILT.

It’s important to note that if you decide to unbond your tokens and stop staking, you will have to wait for 7 days before your tokens will be transferable.

When a selected collator successfully produces blocks, its delegates can earn a reward of up to 8% per year in the first year after launch; 6% in the second year. For more details on navigating Stakeboard, watch the video.
For any questions regarding these services, please visit the technical support pages, or feel free to ask us anytime on our Twitter.

Development in the hands of the community

As part of handing the network over to the ecosystem, BOTLabs GmbH, the company that developed the KILT network, will be publishing a series of tutorials and blogs over the next few weeks to help the community take control of the network. These will include instructions on how to become an active participant in the ecosystem, including how to vote and how to participate in KILT.

We would be delighted if you decide to stake with our own Polkadottrers collator under address 4pnAJ41mGHGDKCGBGY2zzu1hfvPasPkGAKDgPeprSkxnUmGM.

If you like this article, consider supporting us by the nomination of your tokens to Kusama or Polkadot validator going by the POLKADOTTERS name.