This is a decentralized identity aggregator that allows user identities to be linked through a function called Identity Matching.
Litentry Network is built on top of the Substrate framework with the goal of enabling DID (Decentralized ID) aggregation, verification and credit calculation. It aims to simplify the process of resolving agnostic DID mechanisms, by integrating DID standards into a modularized identity service. The Litentry mobile app serves as a secure means for users to collect their decentralized identities and manage them in one place. LIT token holders can also effectively and securely participate in on-chain governance.
According to the LIT, user data is currently being used illegally. When we hand over personal data to third parties on the Internet, we are only provided with vague policies, it is not clear what these parties will do with this data.
With Litentry, users will become central to blockchain technology. And the profits from the mining of personal data will go to the individual seller, not other services or companies.
Litentry is built on top of the Substrate module, which inherits unique features and the best technologies in the blockchain industry. Litentry aims to be the Parachain of the Polkadot network and benefits from a thriving cross-chain ecosystem and shared security.
Protection of user data is the fundamental foundation of the project. The Identity Matching mechanism will support the On-chain encryption of anonymous data without storing or selling any data.
Users get rewarded by storing data related to their identity with privacy protection and can earn profit by selling their identities with matching relationship.
Sharing anonymous identities between different platforms, users do not need to create multiple accounts to use different services and prevent these services from building user profiles.
Litentry and tools allow building DApps with no passwords, no registrations, and no barriers to migration. Littentry and the decentralized ecosystem will support each other and benefit each other.
The team currently has 11 members, living in Berlin, Germany. Leader is Hanwen Cheng, Owner of Parity Singer – an offline Ethereum wallet application. Besides, there are other members such as:
Litentry completed its first fundraising round in October, since receiving the Web3 Foundation Grant in 2019. In this round, the project received support from more than 13 prominent venture capital funds:
Litentry is built on Polkadot 's substrate , which is why Litentry is supported by many important strategic partners.
Litentry's earliest counterpart was none other than Web3 and Substrate. In addition, Litentry has the participation of many projects built on Polkadot such as: Konomi, Math Chain, DEcredit, Tidal, InsurACE, Automata, ...
Mobile Engineering
Runtime Update
Litentry has now launched a program called Spark Community Partnership with the Ambassador program for the purpose of cooperation and has received a lot of community support around the globe. The project currently has a community in Japan, Vietnam, China, Japan, Nigeria, Germany, Russia and South Africa, along with ambassadors from 10 different countries.
The following strategies of Litentry in the future are:
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