Every day, one trillion gigabytes of data is generated by the combined efforts of all internet users worldwide; the decentralized ecosystem houses a greater percentage of this generated data. Hence, there is a need to connect the data so they can flow and be accessible across different platforms and systems as long as there is an internet connection. Also, users’ privacy and sovereignty need to be upheld and the growth and adoption of DID on blockchain systems promoted.
Litentry is helping solve this problem with an identity aggregation protocol that serves for multiple networks that enable DID aggregation, verification, and credit calculation/grading. Litentry mitigates the difficulty of resolving agnostic DID mechanisms by integrating all DID standards into a modularized identity model; these services can be widely implemented in DeFi, on-chain governance, and decentralized KYC.
What is Litentry?
Litentry is a network that provides privacy-first, decentralized identity aggregation computing services. It provides simplicity by eradicating the complexity of the blockchain consensus layer and undertakes the calculation of the format-agnostic DID data for multi-network identity aggregation
Litentry includes an identity-based network and related tools, features an identity matching and identity staking mechanism. It consists of decentralized identity and user activity data management infrastructure. Its core was built with Substrate — known for its amazing features and up-to-date technological tools in the blockchain system. They enjoy benefits like a successful cross-chain ecosystem and shared security on Polkadot Network and aims to be Its parachain.
For more inclusion, Litentry has diversified developments for both developers and users.
For users, there is an embedded Litentry authenticator on their data hub. It is a mobile identity and data hub with features like 2FA, versatile app/service interfacing, crypto wallet, NFT data authorization, and private data aggregation. There are plans to include identity staking and matching services. Data exploration is also made possible and Dapp Playground allows to demo the potentials of a user-centric web.
Features of Litentry
It is Blockchain Powered
Built on a Substrate platform that possesses great features and the best technologies in the Blockchain industry. It aims to be the icon of Polkadot Network and thrive from the developing cross-chain ecosystem.
It is Private
Privacy protection is the upheld working mechanism of the Litentry network. They have measures put in place to ensure they do not breach the pseudo-anonymity of blockchain networks.
It is Decentralized
Litentry Network processes DID verification, aggregation, and computation requests from a service demander and returns a trustable result. All of its processes will be implemented by a random set of validators in the network in a fully decentralized and transparent way.
It is Democratic
All decisions and implementations are governed by the LIT stakeholders, the relationship of the community, and community members. Unlike other web3 projects where decisions are based on the likes of the developers, Litentry requires the communal efforts of the users.
LIT is the official utility token of Litentry, it is listed on the various crypto exchange platforms and has several uses on and off the platform.
Who is the founder of Litentry (LIT)?
Hanwen Cheng is the founder and Chief Brewing Officer of Litentry, he is a Professional in blockchain and web technology. running, homebrewing, Programming with mobile apps, distributed systems, web UI, server and REST API, databases, compiler, and games.
He was a software developer at Parity technologies where he built an air-gapped mobile wallet with React Native and Rust bindings. He was also the Global Project Director/ Vice President at Jingtum Technology where he was responsible for Jingtum Berlin Office. He directed potential projects with Jingtum blockchain and its ecosystem and organized attendances in the trade show, conferences, and talks.
Hao Ding, the Vice President of Litentry is a demonstrated SAP consultant with years of experience working across India, China, and Germany. He was a student of the University of Stuttgart
What is Litentry (LIT) used for?
The LIT token can be used for fee payment on credit computation
Litentry network provides a trustless identity credit/reputation as a service and consumes computing data each time a user sends a real-time credit computation request to the network. To ensure the platform functions as it should, finances need to be involved to suffice for the lost computing data. Since the system recognizes LIT token, it needs to be paid to the network to compensate for the efforts validator pays.
The LIT token is used as a reward for indexed identity databases
Litentry also encourages third parties to set up indexed identity databases from different networks, which could provide nodes with quick and reliable decentralized identity data. To reward their efforts, LIT tokens are awarded to them.
LIT tokens are used in Staking for identity registration
For setting up an identity registrar, some LIT token is required as a stake, identity registrar could provide decentralized judgments for users. Once a user gets enough judgments, he will be tagged with certain information, like “long-term liquidity provider”, “frequent DOT trader”, etc.
Deposits and returns
Litentry will provide LIT token as one of the deposit currencies, and also the deposit will be increased if a user has a high credit score, and Litentry Foundation will vouch for users who have credit.
What Is the Unique Point of Lientery (LIT)?
Unlike most Web3 developments that specify its practicability to either developers or users, Litentry is one of the few with dual inclusion. That is, users and developers get to access products and tools that will help them access Litentry’s platform better. On the developer’s side, there are embedded tools that allow them to create developments and products for their clients; these created products will be able to run on diverse platforms, solve real issues, and empower the users whilst benefitting them.
On the users, several developments allow them to access data and other necessary information seamlessly.
How many Litentry (LIT) coins are in circulation?
It has a market capitalization value of $168,230,132 USD, a circulating supply of 31,014,049 LIT coins and a max. supply of 100,000,000 LIT coins.
Is the Litentry (LIT) Network secured?
Litentry is secured as there has been no recorded case of theft or external hack. Its runtime’s off-chain worker protects the privacy of data generation and distribution processes
How do I buy Litentry (LIT)?
Thankfully, LIT tokens are available across several exchanges and can be easily purchased by the following steps.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy LIT through your trading account.
Which Cryptocurrency Wallet Supports Litentry (LIT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Litentry. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Litentry wallet because offers a simple and interactive interface making it easy for people to navigate its system.