Litentry

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Discover Litentry's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Litentry?

Litentry (LIT) is a decentralized identity aggregator that empowers users to manage their digital identities securely. It provides tools for users to selectively share attributes and achievements, earning exclusive benefits through verifiable credentials. Litentry aims to create a more equitable playing field by fostering economic systems that enable anonymous participation, reducing discrimination and biases. The LIT token is used for various purposes, including staking, fee payment, and rewards for indexed identity databases.

How is Litentry used?

Litentry (LIT) is a decentralized identity aggregator that connects and manages user identities across different blockchains. The platform enables users to have control over their identities and provides decentralized applications (dApps) real-time access to decentralized identities (DIDs) of identity owners across different blockchains. Litentry is built on the Polkadot network and aims to become a Parachain of this network.

Litentry utilizes the LIT token as a utility token on the network. The token can be used for payments, staking, and as collateral. The total supply of LIT tokens is limited to 100,000,000. The project aims to become a Parachain of the Polkadot network and provide interoperability with other blockchains.

Litentry has various potential applications in the future. The platform can be used for decentralized applications that require identity verification and management, such as financial services, healthcare, and online platforms. By giving users control over their identities, they can participate in various online activities securely and trustfully without sacrificing their privacy.

One of the ways to make money with Litentry is by participating as a validator on the network. Validators play a crucial role in verifying transactions and securing the network. As a reward for their contribution, they receive LIT tokens. By actively participating as a validator, users can earn money with Litentry. Additionally, the value of the LIT token can increase over time. If you own LIT tokens, you can profit from any price increases by selling them on cryptocurrency exchanges. However, it is important to note that the cryptocurrency market is volatile and the value of tokens can fluctuate.

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. Furthermore, Litentry uses a reputation system to help users establish trust and credibility on the platform. Users can earn reputation points by providing verifiable attestations, such as proof of employment or proof of education, which can be used to validate their identity and establish trust with other users.

How do I store Litentry?

To store Litentry (LIT) tokens, you have several options:

  1. Metamask: You can store LIT tokens in Metamask, a popular Ethereum wallet extension.
  2. Ledger Hardware Wallet: Ledger supports ERC-20 tokens, including LIT. You can store your LIT tokens in the Ledger Ethereum address. However, you need to use third-party software like Metamask or MyEtherWallet to transfer the tokens.
  3. Imtoken and Mathwallet: These mobile wallets support the Litentry token. You can download them from the Apple Store or Google Play to store your LIT tokens.
  4. Polkadot.js.org Extension Wallet: This wallet does not support storing ERC-20 tokens like LIT. You need to use a hardware wallet or other Ethereum-based wallets for storage.

Make sure to follow the specific instructions for each wallet to ensure secure storage of your Litentry tokens.

How to buy Litentry?

To buy Litentry (LIT) tokens, you can follow these steps:

Buying Litentry (LIT) from Centralized Exchanges (CEX)
  1. Register and Verify Account:

    • Go to the official website or app of a centralized exchange (CEX) that supports Litentry (LIT) trading, such as Binance, KuCoin, or Coinbase.
    • Sign up for an account, and verify your identity using a government-issued ID and enable two-step verification for security.
  2. Fund Your Account:

    • Use fiat currency to buy USDT, ETH, or BNB, depending on the CEX and the trading pairs available.
    • You can use services provided by the CEX or financial platforms like PayPal or Robinhood to fund your account via bank transfer or credit card.
  3. Transfer Funds and Buy LIT:

  • Transfer the purchased USDT, ETH, or BNB to the CEX that supports Litentry (LIT) trading.
  • Swap your funds for Litentry (LIT) in the spot market.
Buying Litentry (LIT) from Decentralized Exchanges (DEX)
  1. Choose a DEX:

    • Select a decentralized exchange (DEX) that supports Litentry (LIT) trading, such as Uniswap or Pancakeswap.
    • Ensure you know the blockchain the DEX is built on, as this will determine the cryptocurrency you need to purchase first.
  2. Purchase Mainnet Cryptocurrency:

    • Buy the mainnet cryptocurrency required for the DEX, such as ETH for Uniswap or BNB for Pancakeswap.
    • Use fiat currency to purchase this cryptocurrency.
  3. Set Up a Web3 Wallet:

  • Download and install a Web3 crypto wallet like Metamask.
  • Ensure the wallet is compatible with the DEX you are using.
  1. Buy Litentry (LIT) on the DEX:
    • Use the purchased mainnet cryptocurrency to buy Litentry (LIT) on the DEX.
Alternative Platforms
  • Kriptomat:
    • Sign up and verify your account on Kriptomat.
    • Add funds using a bank deposit or credit card.
    • Buy Litentry (LIT) by selecting it from the list of cryptocurrencies and confirming your purchase.

These steps provide a general guide for buying Litentry (LIT) tokens from both centralized and decentralized exchanges, as well as alternative platforms.

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History of Litentry

Litentry is a decentralized identity authentication and user activity data management infrastructure built on Substrate. It aims to be a Parachain of the Polkadot Network, leveraging the thriving cross-chain ecosystem and shared security. Litentry includes an identity-based network and related tools, featuring an identity matching and identity staking mechanism. The platform supports decentralized identity and user activity data management infrastructure.

Litentry was founded by a team of developers including Hanwen Chen, Fei Liu, and Han Zhao. The exact number of team members and their backgrounds are not fully known.

Litentry utilizes a decentralized identity aggregator to collect and manage user identities across different blockchains. The platform indexes and combines fragmented identities to create a detailed picture of the identity, in accordance with the DID standards of the World Wide Web Consortium (W3C). This allows users to manage and verify their identities without the need for account registration and new registration methods for developers.

Litentry has various potential applications in the future, such as decentralized applications that require identity verification and management, like financial services, healthcare, and online platforms. By giving users control over their identities, they can participate in various online activities securely and trustfully without sacrificing their privacy.

Litentry has a native token called LIT, which is used for payments, staking, and as collateral. The total supply of LIT tokens is limited to 100,000,000. The project aims to become a Parachain of the Polkadot network and provide interoperability with other blockchains.

Litentry has been actively developing its infrastructure and tokenomics. The LIT token is the native cryptocurrency of the Litentry network and is issued by the Litentry Foundation. Litentry tokens would be the driving force in the circulation in the DID ecosystem. LIT is currently issued as ERC-20 token and BEP-20 token, with plans to migrate to a native token on the parachain.

Litentry has a token bridge between ERC-20 LIT and Litmus LIT, allowing ERC-20 LIT holders to decide whether to migrate tokens to Litmus or not. The migration ratios are 1 ERC-20 LIT = 1 Litmus LIT.

Litentry has various use cases, including identity staking, where the profit of identity stakers comes from block rewards and matching fees. Identity validators are motivated to become identity stakers, as they are part of the responsibility to validate the correctness of the data. DApps as data origins receive explicit benefits from grants from the Litentry Foundation and implicit benefits from attracting new users. Nodes, as network maintainers, receive native token rewards from the network. External storage providers are incentivized to provide their services to the network.

Litentry has a token allocation plan, with a total supply of 100,000,000 LIT tokens. The allocation includes Binance Launchpool, seed sale, strategic sale, team, parachain auction and ecosystem, and foundation.

Litentry has been actively promoting its project through various channels, including a crowdloan campaign and educational content on its tokenomics and use cases.

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How Litentry works

Litentry (LIT) is a decentralized identity aggregator and verification platform built on the Polkadot network. It aims to solve the issue of fragmented identity data by providing a unified platform for users to manage and control their digital identities across multiple applications and platforms. Here is an overview of how Litentry works:

Decentralized Identity Aggregation

Litentry uses a combination of on-chain and off-chain solutions to provide a secure and efficient identity verification process. On-chain, the platform employs a decentralized identifier (DID) system, which allows users to create and manage unique identifiers stored on the blockchain. Off-chain, Litentry relies on a network of trusted validators to verify user identities and provide attestations that can be used to validate their identity across different applications and platforms.

Identity Management

Litentry empowers users to have greater control over their personal data. Users can choose which data they want to share with different applications and platforms, and they can revoke access to their data at any time. This approach helps prevent data breaches and ensures users have greater control over their privacy and security.

Reputation System

Litentry incorporates a reputation system that helps users establish trust and credibility on the platform. Users can earn reputation points by providing verifiable attestations, such as proof of employment or proof of education, which can be used to validate their identity and establish trust with other users.

Interoperability

Litentry supports interoperability across different blockchain networks, allowing it to interact with other blockchain networks and share data across different platforms. This makes it easier for users to manage their identities across different applications and platforms, improving the overall efficiency and security of the identity verification process.

LIT Token

The LIT token is the official utility token of Litentry. It can be used for various purposes, including fee payments on credit computations, staking for identity registration, and as a reward for indexed identity databases. The token also plays a crucial role in the platform's governance, as decisions and implementations are governed by LIT stakeholders.

Governance

Litentry operates in a democratic manner, where all decisions and implementations are governed by the LIT stakeholders, the community, and community members. This ensures that the platform is driven by the collective efforts of its users rather than solely by the developers.

Security

Litentry prioritizes security by utilizing a Trusted Execution Environment (TEE) to protect user data. This technology ensures that data is encrypted and safeguarded through decentralized storage, providing optimal privacy and robust protection against unauthorized access.

Staking and Rewards

Litentry allows users to stake their LIT tokens to participate in the validation process and earn rewards. Validators play a crucial role in verifying transactions and securing the network, and they are rewarded with LIT tokens for their contributions.

Potential Applications

Litentry has various potential applications in the future, including decentralized applications that require identity verification and management, such as financial services, healthcare, and online platforms. By giving users control over their identities, they can participate in various online activities securely and trustfully without sacrificing their privacy.

Overall, Litentry offers a comprehensive solution for decentralized identity management, providing users with control over their data, a robust reputation system, and interoperability across different blockchain networks.

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Litentry's strengths

Litentry (LIT) token's strengths include:

  • Decentralized Identity Aggregation: Litentry is a decentralized identity aggregator that allows users to link their identities across multiple networks, ensuring secure recognition for their online attributes.
  • Security and Privacy: Litentry leverages Trusted Execution Environment (TEE) technology to encrypt and safeguard personal data, guaranteeing optimal privacy and robust protection against unauthorized access.
  • Cross-Chain Identity: Litentry provides a cross-chain identity protocol, enabling users to maintain their identities for decentralized applications (dApps) across several blockchains.
  • Governance and Staking: LIT token is used for governance mechanisms, including proposing referendums, electing council members, and voting in referendums, as well as for staking and DeFi lending.
  • Utility Token: LIT token serves various purposes, including fee payment for credit computation, rewards for indexed identity databases, and staking for identity registration.
  • Community Engagement: Litentry fosters community involvement through its democratic governance model, where decisions are made by LIT stakeholders and community members.
  • Potential for Growth: Algorithmic forecasting tools predict potential gains for LIT token in the future, indicating its potential for growth.

Litentry's risks

Litentry (LIT) is considered a high-risk investment due to significant volatility. It is recommended for investors who have a high tolerance for risk and are already in a strong financial position. The platform's decentralized identity aggregation and verification features, while innovative, come with inherent risks associated with the cryptocurrency market.

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Did Litentry raise funds?

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Litentry’s team

  • Hanwen Cheng: Founder of Litentry, a former Software Engineer at Parity with over 5 years of experience in blockchain and 7 years in Computer Science.

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The fundamental analysis assistant for crypto value investors.

Litentry NEWS REPORT

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