Litentry Overview: Token | Protocol | Distribution

Token and protocol overview, distribution conditions on Binance Launchpool: Litentry Is a decentralized protocol that aggregates identities across multiple networks at once and consists of a decentralized data indexing (DID) engine and a Substrat lending computing network.

Thanks to aggregated identification, blockchain projects can provide certain services with specific requirements for the user, based on specific quantitative data.

For example, if a new project has appeared and it is interested in users who are Polkadot validators, then this project can immediately identify such users and send them a proposal for a new product. 04.02.2021 Binиржа Binance (binance.com) listed Litentry (LIT) in the innovation zone and opened trading in LIT / BTC, LIT / USDT, LIT / BUSD pairs. After listing, the cost of the token increased by 7430% – from $ 0.25 to $ 18.82.

LIT – Litentry utility token, which is used for four main purposes: staking, rewarding identity database creators, payment of fees when the user calculates a loan, collateral for DeFi lending and borrowing.

The Bitcoinminershashrate.com editorial staff offers an overview of the project and the LIT token, which is presented on the Binance Launchpool platform from January 29 to February 28, 2021. It is distributed between users who contribute assets to the BNB, BUSD and DOT pools. On February 4, the token will be added to the listing on the Binance marketplace.

New #Binance Launchpool project: $LIT@litentry is a decentralized identity aggregation protocol across multiple networks, featuring a Decentralized Identity indexing mechanism and a Substrate-based credit computation network.

Learn more ⬇️https://t.co/WjeCJSrdpU

– Binance (@binance) January 28, 2021

The content of the article

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general information

Why do we need aggregated credentials

The Decentralized Data Indexing (DID) engine allows for the integration of a wide range of digital identities from multiple networks. Litentry uses the W3C standard, which defines decentralized identification as a globally unique permanent identifier that does not require a centralized registration authority as it is generated and / or registered cryptographically. Since different decentralized systems currently have different DID standards, it is important to combine these standards when linking digital identities.

The main demand for integrated credentials comes from decentralized applications that need it to work. The ID plays an important role in such scenarios where the server asks the client for KYC, credit score or credentials in order to provide services. Many applications require users to provide their information, or track their actions themselves to get the information they need. It compromises users due to privacy invasion and confidential data breach.

Role of Litentry

At the current point in time, people have already generated huge amounts of data in different decentralized systems, it is necessary to find a way to combine this data so that it can be used by other platforms and systems, while not violating the sovereignty of user data.

Litentry solves existing problems by launching a cross-chain identity aggregation protocol. Helps to aggregate DIDs, verify and calculate the loan, making an assessment of the credit rating. These services can be widely deployed in DeFi. Data aggregation and verification processes are transparent, secure and ensure complete confidentiality.

features of the cryptocurrency projectLitentry (LIT)

Features of the protocol:

  • Complete decentralization. Litentry’s processes have already been used to validate, aggregate data and process requests from a service provider and have shown reliable results. The process is carried out by a random set of validators on the network, in a decentralized and transparent manner.
  • Litentry is powered by Substrat (a tool that allows you to create customized blockchains for DeFi applications). Litentry aims to be a parachain on the Polkadot network and take advantage of the cross-chain ecosystem and overall security.
  • Confidentiality. Privacy is at the heart of the Litentry concept itself. Under no circumstances should the built-in pseudo-anonymity of blockchain networks be violated. All data processing takes place in incognito mode.
  • Community management. Credit calculation algorithms, data sources, and identity registrars are regulated by interested community members, and thereafter, all aspects of credit management will be subject to voting.
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What products does Litentry provide

For developers:

  • Litentry core built with Substrat.
  • Litentry SDK. Currently supports Javascript and Polkadot API integration. The plans include new programming languages ​​and decentralized data storage interfaces.
  • Client services. A mobile application that can be used completely independently of any third party server. Mobile apps will connect directly to the Litentry network and decentralized storage, rather than a single node. The notifications will come from the blockchain, not the Android operating system.

For users:

  • The Litentry app is a mobile tool that is integrated with network identity capabilities.
  • Authenticator is a mobile center for identification and data transfer. Includes 2FA and universal interaction capabilities of applications and services, a crypto wallet, alias generation, personal data aggregation, NFT authorization. Will also include identity and identity mapping services in the future.

LIT token: purpose, distribution on Binance Launchpool

LIT is a native Litentry protocol token with the following use cases:

  • Rewarding contributors who create indexed identity databases.
  • Payment of fees at the time the user requests a loan calculation.
  • Collateral for the provision of lending and borrowing services on a decentralized basis.
  • Staking. You can become an identity registrar by placing a certain amount of coins.
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The total issue is 100,000,000 LIT.

Available for farming on Binance Launchpool 3,000,000 LIT. No KYC verification required.

farming Lit at Binance Launchpool
farming token LIT at Binance Launchpool

Supported pools:

  • BNB: 1 800 000 LIT (60%)
  • BUSD: 300 000 LIT (10%)
  • DOT: 900 000 LIT (30%)

Pharming period: from January 29 to February 28, 2020.

Distribution of LIT tokens:

Distribution of LIT tokens
Distribution of LIT tokens

LIT token release schedule:

LIT token release schedule:
LIT token release schedule

Conclusion

Litentry’s plans for the near future include in-depth development based on DID and Web3.0, with the aim of educating the community and introducing them to Litentry products, as well as launching a masternode system and much more. Binance exchange support usually gives projects a good incentive to grow and develop if they have initially positive potential. This protocol touched on the current topic of working with user identification data in DeFi applications. The development of this direction will facilitate the work of both protocols and users.


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