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.

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:

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 (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.

• 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.