Litentry seeks to solve a controversial problem of the crypto industry, which whether the community admits it or not, is necessary.
It wants to connect identifiers with blockchain-based wallets in a way that instead of a third-party, the blockchain checks users’ identities. With Litentry, crypto and blockchain projects could offer dedicated services as per the identity’s qualified data.
In this blog post, we will explore the potential of the Litentry project and why its LIT native token could turn out to be great for investment.
The Significance of Cross-Chain Identity for Web 3.0
1) Cross-Platform Identity: An identity of a user is the collection of data. It can provide access to dedicated services. For example, a good Alipay credit score can help you fetch a microloan. On the other hand, a cross-platform identity makes it easier for users to log in for different applications. Without a cross-chain identity, it’d be nearly impossible for Web3.0 to offer the user experience of identity management. Litentry is at the forefront of the cross-chain identity revolution by enabling users to pick identities from different chains to link together and use them as first-order logic for multiple decentralized applications. Besides, since Litentry uses blockchains to achieve decentralization, it prevents the users’ identities from being constantly monitored.
Litentry Capabilities to Cater to Web3.0 Needs
2) Powered by Blockchain: The platform is built on Substrate, a modular framework enabling Litentry to leverage the best technologies in the blockchain industry. Litentry also has plans to participate in the parachain auction to get a slot on Polkadot, which will allow it to benefit from the shared security and cross-chain ecosystem of the Polkadot network.
3) Privacy-Focused: Users nowadays are wary of their privacy, especially when money is involved. Litentry supports an incognito on-chain data processing feature to ensure their privacy is preserved.
4) Fully Decentralized: Litentry processes computation requests and DID verification aggregation from anyone demanding an identity-based service and shares a trustable result. The network randomly selects the validators to do the verification process, maintaining decentralization and privacy.
What’s in It for Developers?
6) What’s in It for users?
App, Data Explorer, and Authenticator: On the side of Litentry users, the platform includes an authenticator as the data hub. It also has a data explorer for users to check their own data. Additionally, it involves a Littentry app that is integrated with identity on the network.
Token and Token Economics
7) LIT Token: LIT is a native token of the Litentry network that has multiple use cases. First, holders can pay the token as a fee for credit/reputation computation on the network. Additionally, the platform uses LITs to reward for indexed identity databases, stake for being an identity Registrar, and deposit in analyzed DeFi lending services.
8) Tokenomics: The total supply of LIT tokens is 100 million. Litentry split these tokens as following –
- 15% to Litentry team
- 8% went to seed investors
- 12% to the private sale
- 17% is reserved for the Litentry Foundation to offer grants
- 3% to Binance launch pool
- 40.5% to remain as network incentives to auction for Polkadot parachain.
Partnerships and Integration
9) A project is as strong as its partners. Litentry has a long list of reputable partners including, DeCredit, iME, PAID Network, Ontology, Standard Protocol, Injective, Cere, and more.
10) As of publication, LIT is trading at
with a 24-hr trading volume of more than $12 million. Users can buy these tokens on Binance, Gate.io, LBank, CoinBene, MXC, and other trading platforms.
As the world moves closer to a fully operational Web3.0 ecosystem, it can see more use cases of a cross-chain identity provider to enable a smooth user experience. Litentry is a step ahead with an innovative solution that allows it to interconnect a massive amount of data while protecting the privacy of the users. Moreover, these features of Litentry are ideal for the ongoing mania of DeFi, decentralized KYC, and on-chain governance.
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