What is Litentry? Should I invest in Litentry or not?

Litentry is one of the first projects that can compete for a parachain slot on Polkadot. The Polkadot ecosystem has recently been experiencing extremely strong developments. The pieces are gradually coming to make this ecosystem more lively and attractive to investors than ever. Polkadot are in need of more diverse pieces to affirm their position in the market.

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What is Litentry?

Litentry is a decentralized identity aggregator (Decentralized Identity Aggregator DID) built on the Substrate of Polkadot.

It allows linking the entire identity of users across many different networks. Litentry is DID compliant and powered by a trusted data source.

Litentry can handle user requests through Litentry’s DID Aggregator.

Features of Litentry

Litentry provides services related to the user’s identity while preserving the user’s privacy through a completely decentralized construction.

At Litentry the development team came up with a solution to link data in different decentralized systems and transfer them between different platforms. The development team’s solution to the problem was to come up with an identity protocol that could serve multiple networks.

Litentry Network enables aggregation, verification of decentralized identity data (DID), computation and data classification.

Project highlights

Blockchain Powered: Litentry builds on Polkadot’s Substrate, it inherits the best technologies.

Privacy Focused: Litentry puts security first and the privacy protection platform is also the main foundation of Litentry. Litentry will not violate pseudo-anonymity on blockchains and it will support anonymous on-chain data processing.

Decentralized: Litentry will process the user’s requests according to the DID protocol and return the user the most accurate results. The process will be completely decentralized and transparent.

Democracy: All activities in the system will be managed by LIT and related parties. Users and the community can participate in voting on administrative activities in the system.

Litentry’s products

Products for Developers

The Litentry ecosystem desperately needs developers to contribute Dapps as validators. The system is building bridges so that users can build Dapps that can be connected to Litentry.

Litentry Network/Runtime: This is the core of Litentry, it is built on Substrate, it inherits the outstanding features that Polkadot brings. The workers in the chain will protect the privacy of the data generation and delivery processes.

Litentry SDK: The Litentry SDK is currently supporting the javascript language, with the participation of the Polkadot api, providing a framework for developers to build applications on different devices. In the future Litentry SDK will support more programming languages.

Litentry Light Client Services: This is a decentralized mobile application. It allows any mobile applications for Litentry to be completely independent of 3rd party servers. Applications will connect directly to Litentry and store decentralized data in a node. .

Products for users

In terms of consumer products, Litentry has: Litentry Authenticator as the user’s mobile data center, Data Explorer for users to check their data, and Dapp Playground to showcase the potential of the web-centric.

Litentry Authenticator: It is a data and identity center for the decentralized web. It has 2FA and flexible service and application interfaces, has an e-wallet, alias creation, private data aggregation, and NFT data authorization.

Litentry App: This is a mobile application integrated with identities on the Litentry network. Here users can interact with a variety of services such as: recalculating votes in administrative rights, integrating more participant information from other network-linked accounts and encouraging more user.

DApp Playground: This is a sample of the Dapps built on Litentry. It represents many aspects from the activities on Litentry. Dapp Playground no registration, no password, easy experience and no barriers between moving apps.

Roadmap

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

Mobile Engineering:

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

Team- Development team

Updating…

Investor- Investor

Litentry has completed its Seed round of funding after being supported by Web3 Foundation Grants. With the participation of more than 13 famous venture capital funds around the world such as: PAKA, NGC Ventures, FBG Capital, CFG,….

Partner- Partner

Litentry is built on the substrate of Polkadot, for that reason 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, …

Token

Token Use Case

Litentry will issue tokens to increase security, incentivizing more investors or developers to join the network.

Litentry Network Token (LIT) will be used for the following 4 purposes:

  • Fees and Payments: When users use and manipulate activities on the network, they will have to pay fees in LIT.
  • Reward: Litentry will encourage more 3rd parties to join its network to be able to receive and the system will process more data. The 3rd parties that contribute to the Litentry network will be rewarded with LIT Tokens.
  • Staking: Users who want to become identity registrars only need to Stake LIT.
  • Deposits in DeFi: For lending services in Defi, LIT will be used as one of the assets used as collateral for Lending/Borrow activities in Defi.

Basic information

  • Token Name: Litentry Network Native Token
  • Ticker: LIT
  • Blockchain: Ethereum
  • Contract: 0xb59490ab09a0f526cc7305822ac65f2ab12f9723
  • Token Type: Utility
  • Total Supply: 100,000,000 LIT

Token Allocation

  • Parachain Auction & Ecosystem: 45%
  • Foundation: 17%
  • Team: 15%
  • Strategic sales: 11.89%
  • Seed Sale: 8.11%
  • Binance Launchpool: 3%

Token Release Schedule

The token release schedule will be shown in the chart below:

The graph shows the token release schedule of the items distributed in the network from launch date to 2025.

Current LIT Token Rate

Currently LIT has been sold on many different large and small exchanges and more specifically, people can trade LIT on Binance, the number 1 exchange in the world.

The exchange rate of Litentry I will update data from Coingecko so that everyone can update easily.

You can also trade the LIT/VND pair at: https://bitmoon.net/mua-ban/litentry

Project community

Evaluate

Litentry is one of the projects evaluated as potential this year. More special than the project is up Binance Launchpool and get listed directly on the exchange Binance. Litentry has been growing very well and has had a pretty good profit margin. The team is still actively expanding and growing to be able to scale its entire network.

Above are the evaluations of GTA Research about the Litentry Network project, hopefully through the above article you have gained useful information. The above evaluation criteria are only personal comments and not investment advice. Thank you dear readers!

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