What is Litentry (LIT)?
Litentry is a decentralized personal information aggregation protocol.
Litentry is built on a substrate framework with the goal of supporting DID aggregation, verification and credit calculation.
The project aims to integrate the DID standard into the identity service.
The Litentry mobile application will be a means for users to collect their decentralized identities and manage that information themselves.
What is DID?
DID (short for Decentralized Identifier) is a W3C standard. The DID is a URL to an identity document.
What problem was Litentry created to solve?
Currently, users do not have the right to decide with their personal information on centralized Internet platforms such as Google or Facebook. This information will be used to benefit the service providers, and not bring any benefit to the user.
How does Litentry solve the above problems?
Litentry uses technology blockchain to solve the above problems and introduce a mechanism to aggregate user information in the most secure way:
- Litentry uses DID as the basis for identification documents. The project stores DIDs and identity documents into identity pools, with identity documents encrypted and stored in decentralized storage, ensuring that no private data is stored on a single node in the network. net.
- Litentry will randomly select an anonymized person's identity document from the on-chain identity pool and data provided by off-chain employees. The buyer has no access to other identity documents in the identity pool but only the DID of the matching person.
Highlights of Litentry
Identity Staking (The process of putting identity documents into the network)
Users can choose the type of information they want to stake in the Identity Pool.
Once selected, those identity documents will be sent to identity guardians (who check and ensure the accuracy of personal information in the network). Here there will be 3 ways to handle identity documents:
- If one of the Identity guardians refuses the staking process, the identity document will not be entered into the system. Identity guardian will not receive system rewards
- If all identity guardians accept the identity document, the DID will be sent to the identity pool. Identity guardian will receive rewards from the system
- If all identity guardians accept that identity document. But later the system detects that there is suspicious information in those identity documents, the reward of identity guardian from the system will be cut.
Privacy Protection is very important to the Litentry project. Litentry protects users' personal information in the following ways:
- The identity document that is staked will be stored in a decentralized storage and encrypted by the node's public key.
- Identity document processing will be done by off-chain workers.
- Only the DID is stored on-chain, and only the DID is sent to those who wish to purchase the corresponding personal information.
- Identity guardian will handle the identity document in the TEE environment. They will have a duty to keep users' personal information secure, otherwise they will have their rewards reduced from the network.
Litentry Basics (LIT)
- Token name: Litentry
- Ticker: LIT
- Contract Address: updating
- Token standard: BEP-20 and ERC-20
- Token Type: Utility Token
- Total supply: 100,000,000 LIT
- Initial circulating supply: 18,000,000 LIT
- Binance launch pool allocation: 3,000,000 LIT
- 3% will be distributed through Binance Launchpool
- 8% will be sold to investors through a seed sale round
- 12% will be sold to strategic investors
- 15% will be distributed to the project development team
- 48% will be distributed for auction rounds parachain and develop the ecosystem
- 17% will be devoted to the construction of the project
Token Release Schedule
What is LIT token used for?
Means of payment: when users want to buy identity, they have to pay in LIT
Compensation: third parties that support the index identity database project will receive rewards in LIT tokens.
Staking: stake a certain amount of LIT tokens to become Identity registrar.
Collateral: used as collateral in protocols Defi lending & borrowing.
Litentry storage wallet
Litentry is an ERC20 token and BEP20, so you can choose the following wallets to store when the token is officially listed on the exchange:
- Floor wallet
- Wallet ETH popular: metamask, Myetherwallet, Trustwallet, Mycrypto.
- Cold wallets: Ledger, Trezor.
How to earn and own LIT
Binance just launched yield farming LIT tokens on Binance Launchpool.
Here are the basic information that you need to know before participating:
- LIT Launchpool Details:
- Token Name: Litentry (LIT)
- Launchpool token rewards: 3,000,000 LIT (3,00% of Total Supply)
- Smart Contract Addresses: LIT (ERC-20), LIT (BEP-20)
- Staking Terms: No upper limit. No KYC required
- Supported Pools:
- Stake BNB: 1,800,000 LIT in rewards (60%)
- Stake BUSD: 300,000 LIT in rewards (10%)
- Stake DOT: 900,000 LIT in rewards (30%)
- Farming time: January 29, 2021 to February 27, 2021
This article has summarized the most basic information you need to know about Litentry and tokens LIT. With this post. T-REX I hope readers can grasp some of its investment potential.