KILT Protocol Launches Sporran and Stakeboard for Easy KILT Storage and Staking

KILT Protocol (KILT) has announced the launch of Sporran and Skateboard. The team says Sporran is a browser extension that will function as a wallet for KILT tokens, while Stakeboard is the staking platform for KILT.

KILT Wallet and Staking Platform Now Live

In another exciting development for members of the Kusama (KSM) ecosystem, Kusama parachain auction winner, KILT has started their token distribution and the team has now rolled out the Sporran wallet and Stakeboard, to facilitate secure and frictionless storage and staking of the digital asset.

“The Sporran wallet can be used to hold KILT Coins and provides a way for users to sign and submit KILT blockchain transactions. And in early December, users will also be able to use Sporran to store credentials and create a digital identity – similar to how you would in the real world by adding credentials (such as your driver’s license) to your wallet. Skateboard is a web application that allows you to interact directly with the KILT blockchain to stake your KILT Coins,” explains the team.

As reported by BTCManager on September 8, 2021, KILT, a fully decentralized blockchain identity protocol for issuing self-sovereign, anonymous and verifiable credentials,  emerged as the winner of the sixth Kusama parachain slot auction, after successfully gathering support from more than 8,000 participants during its crowdloan process.

Storing and Staking KILT

Notably, the team has hinted that the Sporran wallet, which is currently available for use as a browser extension on Google Chrome and Firefox, allows users to build and keep their identities in one place, while also enabling them to manage and sign transactions with these digital identities on the KILT network.

Simply put, the Sporran wallet is designed to give users total control over their own data, especially when providing their personal info to online services.

With Stakeboard, KILT holders will be able to stake their coins and earn decent rewards. However, to do this, a user must have a valid KILT Identity (wallet address) containing at least 1,001 KILT Coins (1,000 for staking; 1 to cover transaction fees). 

“Each Identity with this minimum can choose one collator to delegate their coins to. Collators hold the data of the KILT blockchain, collect transactions and build blocks. You can find the list of collators here and on community sites like StakeKILT.com,” the team added.

What’s more, the team says KILT stakers can earn up to eight percent per annum on their staked coins (in the first year after its launch) when their chosen collator successfully produces blocks. However, the annual percentage ratio (APR) will drop to six percent in the second year.