Picasso to Collaborate with KILT Protocol to Leverage its Decentralized Identity Tools for the Creation of Secondary and Tertiary Primitives
Composable hopes that parachain procurement is in our near future, and thus are hard at work perfecting what we are building for Picasso, our Kusama parachain. An exciting new step we are taking in improving Picasso is exploring ways to leverage KILT’s decentralized identity technology. This will help us improve how identities are represented on Picasso, and will also help us better understand user behaviors on our offering. Through this collaboration, we aim to build several liquidity products.
The Future of DeFi with Decentralized Identity and Credentialing
Decentralized identity is increasingly important with a variety of primitives being developed that rely on users’ on-chain activity. For a nascent ecosystem such as Kusama, there is an opportunity for the creation of a native link between identity and decentralized finance applications, from the genesis of the deployment of these applications. This link would more readily allow for ecosystem developers to be able to better understand their users’ behaviors, and thereby tailor their product offerings.
Furthermore, this infrastructure would also allow for the more targeted distribution of liquidity distribution events, such as bootstrapping periods, airdrops to specific users, whitelisting initial users for a new liquidity mining event, etc. These are all potential components of products the Composable team is exploring for deployment on Picasso. Working with KILT would enable user experience optimization that we hope to offer not only to the Picasso ecosystem as a whole, but also to pallet and dApp developers. KILT’s identifier methodology allows for this understanding to be developed, while preserving the privacy of these users.
Additionally, we intend to utilize KILT’s infrastructure to create a credentialing layer for liquidity offering products that would exist on Picasso as well. For instance, some auctions/liquidity provisioning products may be restricted to users from specific geographies;credentials leveraging KILT’s technology might solve this problem, without compromising the privacy of these users.
Several of the secondary and tertiary applications on Picasso will focus around improving cross-chain liquidity fragmentation, and enhancing its composability cross application. We are excited to be working with KILT and leveraging its powerful technology into a number of these solutions, which will ensure product decisions and our Picasso offering, will ultimately best serve our users.
KILT: Digital Identities that Protect Personal Data
KILT is a project providing decentralized identities for participants in the Web 3.0 space. This technology allows users to represent their identity without revealing aspects of the identity that the user desires to keep private. Thus, KILT can be used to preserve user privacy in addition to utilities like creating identifiers for machines, services, and anything else requiring some sort of identifier.
KILT identities are self-sovereign, anonymous, revocable, verifiable, and decentralized credentials. This is offered to other applications via its software development kit (SDK). The KILT SDK allows developers to easily create dApps and other blockchain applications that issue, hold, and verify credentials. These can be customized to meet the needs of various organizations, at a low cost.
This project adopted Substrate early on (in 2018), which provides it with seamless integration into Polkadot’s ecosystem and any linked projects, such as our Picasso parachain.
KILT procured its own parachain on September 8th during Kusama’s sixth parachain auction. Built upon this parachain is a global network of collators, which holds and secures the data for KILT’s blockchain. KILT has also announced some of its next steps, including implementing its first runtime upgrade, introducing governance and Treasury capabilities and adding KILT core functionalities such as Decentralised Identifiers (DIDs) and Verifiable Credentials.
Composable is pleased to be working with this promising parachain-based protocol, and believes that incorporating KILT’s technology will help us best serve our users in a privacy-protected manner.
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