Litentry

Litentry

LIT
$0.791487941%-1.13

Key Metrics

Price$0.791487941
Real Volume (24H)$2,305,542.59
Marketcap$44,110,304.91
Fully Diluted ValuationN/A
ATH$13.31
ATH Date2/16/2021, 3:00:00 AM
ATL$0.404626
ATL Date5/12/2022, 10:20:31 AM
Circulating Supply40M
Total Supply100M
WebsiteN/A
WhitepaperN/A
Popularity Rank668
Chart
What is Litentry?

Litentry (LIT) is a cutting-edge platform that aims to revolutionize the way we manage our digital identities. As a Decentralized Identity Aggregator, Litentry allows users to connect their identities across multiple networks, giving them more control over their personal information. This platform is built on the latest blockchain technology and is designed to be a safe and secure way to manage your digital identity.

One of the key features of Litentry is its ability to connect user identities across various networks. The platform delivers a safe vehicle through which users can control their identities, and Dapps can access real-time Decentralized Identity (DID) of identity owners across various blockchains. As per its whitepaper, the platform seeks to be the Parachain of the Polkadot Network, which is a data structure that is application-specific and globally rational, validated by the relay chain validators.

Decentralized Identity, or DID, is different from traditional Identity in that it is generated through techniques that don't involve scrutiny and centralized control. As Web3 grows, more DID is generated on-chain. This data stays on various networks due to its favorably fragmented character. However, the current Web3 infrastructure, similar to the internet, does not conveniently connect and combine across other networks, therefore offering problems from a data management perspective. By indexing the data across blockchains, data pieces are removed from the remote data islands, allowing data owners to manage and leverage their data according to their choice.

Litentry's DID-aggregation allows a platform-agnostic identity design that eradicates the account registration procedure for users and the coding work of creating a new registry method for developers. A detailed identity image is assembled from fragmented, singular identities to aggregated ones. This aggregated DID completely conforms to the World Wide Web Consortium (W3C) DID standards and can potentially fix most tech companies' isolated ID registry systems.

The LITtoken is native to the Litentry platform. The LIT token is used to reimburse validators for their efforts and is also used as a reward for validators. The LIT token is also needed as a stake, and the identity registrar can deliver decentralized judgments for users. Additionally, Litentry provides LIT token as a deposit currency for examined DeFi lending assistance with Identity combined. If the user has an increased credit score, it leads to a decrease in the deposit.

In conclusion, Litentry is a revolutionary platform that offers a new way to manage our digital identities. The platform is built on the latest blockchain technology and offers a safe and secure way to manage our personal information. The platform's ability to connect user identities across multiple networks, and the fact that it conforms to the World Wide Web Consortium (W3C) DID standards, makes it stand out from other identity management platforms. Furthermore, the use of the LIT token, both as a reward for validators and as a deposit currency for examined DeFi lending assistance with Identity combined, makes it a versatile and valuable asset for users.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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