Litentry and SMART Agreement blockchain platform PAID Network has disclosed plans to work together. The partnership is focused on improving user authentication and security. Security and authentication are a major part of smart contracts, dApps, and the blockchain and crypto space in general.
The partnership between PAID Network and Litentry is poised to not only improve user security and authentication but also make it easily achievable. Litentry is well known as an identity database platform based on decentralized technology and with access across several networks. Interestingly, the platform is ingrained in the Polkadot ecosystem and is also built on Substrate.
Litentry DID – a Major Part of PAID Network
According to the official blog post, the partnership will provide PAID Network with access to Litentry’s top-notch identification components. These components include its credit analysis tech, aggregated DID, etc. With the partnership, users will be able to register their profiles on the PAID dApp. The dApp, although still in the works, is slated to contain important features like dispute arbitration, escrow, reputation grading, and even insurance features.
Speaking on the partnership, the CEO of Litentry, Hanwen Cheng, spoke highly of PAID Network and what the platform was looking to achieve. He also added that integrating Litentry identity features like DID with PAID is a tremendous idea. The SMART Agreement platform is looking to build a dApp for all business needs. Once launched, it will make running businesses, projects, etc. “exponentially more efficient”.
With the partnership, PAID will be able to substantially improve its users’ profiles, therefore facilitating “computed business services based on identity-related data.”
PAID Network CEO Kyle Chasse also disclosed that PAID was pleased by the partnership with Litentry. He noted that PAID has always been on the lookout for new and exciting technologies, and Litentry technology contains that freshness the SMART Agreement platform needs.
Its DID feature will be a significant part of PAID Network and the services it is looking to offer. Chasse also disclosed that it is quite clear that Litentry is adequately equipped to help PAID Network achieve its goals.
About PAID and Litentry
Built using Plasm, PAID Network can easily operate on both Ethereum and Polkadot. The network plans to provide a simple, easy-to-use, attorney-free dApp focused on ensuring businesses get paid. It will also ensure that DeFi transactions are carried out hitch-free, therefore making business operations more efficient.
Litentry, as previously stated, is a decentralized identity aggregator. It functions by making user identity available on many decentralized networks. With Litentry, platforms will have real-time access to users’ DID across dApps and blockchain platforms.
PAID is known for its strategic partnerships in the crypto and blockchain space. Early this year, it also published its proposed roadmap for 2021. The roadmap contained many exciting updates, including its dApp launch slated for Q1 of 2021.
PAID and Litentry (LIT) price
At the time of publication, Litentry was trading at $6.86, with a market cap of $123,725,703 and a 24-hour trading volume of $40,776,522.
PAID, on the other hand, was trading at $2.43, with a market cap of $49,592,188 and a 24-hour trading volume of $4,785,013.
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