The KILT Treasury is a store of on-chain funds that can be used for supporting and maintaining the KILT network.
Treasury funds are available for creating infrastructure or initiatives that benefit the network, contributing to its long-term sustainability. These can cover a wide range, from software or infrastructure development to community outreach programs. Any KILT Coin holder can create a proposal and request funds from the Treasury.
The Treasury started with around 500,000 KILT in November 2020 when KILT launched as a decentralized network, with more funds continually being added. It will increase linearly by around two million newly-minted KILT Coins per year for the first five years, as outlined in the KILT Coin Metrics document. Additionally, half of the KILT transaction fees go to the Treasury; the remaining half goes to the block author.
Treasury proposals are voted on by the Council, an elected body of KILT Coin holders that represent the KILT community. The Council approves proposals with a supermajority (60% of votes), otherwise they are automatically disapproved. Bonded funds from rejected proposals and referenda automatically go to the Treasury.
The success of KILT Protocol depends on the community behind it. Now that KILT is decentralized, it’s time for developers, designers, marketers, content creators and translators to submit proposals and leverage the current funds in the Treasury – now more than 650,000 KILT! Submit your proposal today and help build the future of digital identity in Web3.