What is Litentry? Learn the first identity aggregation protocol on Polkadot

• What is Litentry (LIT)?
• Highlights of Litentry (LIT)
• Blockchain Powered
• Privacy
• Profit from providing identity
• Contribute to the decentralized ecosystem
• Tokenomics
• Token Sale
• Token Allocation
• Token Release Schedule
• Token Use Case
• Team, Investors & Partners
• Team
• Investors
• Partners
• Roadmap
• Future of Litentry with LIT token

This is a decentralized identity aggregator that allows user identities to be linked through a function called Identity Matching.

What is Litentry (LIT)?

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.

Highlights of Litentry (LIT)

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.

Blockchain Powered

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.

Privacy

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.

Profit from providing identity

Users get rewarded by storing data related to their identity with privacy protection and can earn profit by selling their identities with matching relationship.

Contribute to the decentralized ecosystem

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.

Tokenomics

• Token Name: LIT Token
• Ticker: LIT
• Blockchain: Ethereum
• Token Standard: BEP-20, ERC-20
• Contract: 0xb59490ab09a0f526cc7305822ac65f2ab12f9723
• Token Type: Utility, Governance.
• Total Supply: 100,000,000 LIT
• Circulating Supply: 34.834,211.96 LIT

Token Sale

Token Allocation

Token Release Schedule

Token Use Case

• Governance: Allows users to participate in project administration.
• Maintain the network: LIT is used to reward the community for DOT contributions to help Litentry auction Parachain on Polkadot.
• Incentivize users to confirm identity: LIT is used to reward the first users to confirm their identity.
• Transaction fee: For each matching request, the user will pay an amount of LIT to the matched staking identity owner and identity contributor.
• Slashing: LIT plays a role in the slashing protocol, which can be roughly understood as a mechanism to protect Litentry against attacks or bad behavior.

Team, Investors & Partners

Team

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:

• Fei Lu (CTO): He is the main developer of Everitoken.
• Han Zhao (Core Dev): He holds the role of senior software engineer.
• Dr. John Wu (Core Dev): He is Polkadot's technology ambassador.
• Qiuhai Guo (Analyst): He studied computer science at TU Munich.

Investors

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: 

Partners

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, ...

Roadmap

Mobile Engineering

• Integrated Litentry Indentity Registrar
• Cross-wallet communication
• Native Litentry Runtime Support
• Launch Light Client Services
• Dapp Market Integration
• Support Indentity Measaging

Runtime Update

• Connect to Rococo v1 with Parachain Candidate
• Launch of Testnet
• Launching PoA Network mainnet
• Participate in Polkadot Parachain Auction
• Start credit payment function
• Remove sudo and run admin

Future of Litentry with LIT token

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:

• Create in-depth content with Web3.0 with DID to educate community members, then guide to experience products from Litentry.
• Implement community credit integration with Litentry applications and Litentry protocols.
• Launching Node programs aims to encourage users to run identity indexing servers in Litentry's network.
• Hold discussions for community members so they can join the conversation to optimize the network or products, then take steps to achieve effective governance KNIFE.

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