Buy Litentry (LIT)

What is Litentry?

Litentry is a decentralised identity aggregation protocol that operates across multiple blockchain networks. It features a DID (Decentralised Identity) indexing mechanism and a Substrate-based credit computation network. This enables it to provide a decentralised, interoperable service that aggregates identity data, simplifying the management of decentralised identities and addressing the challenges associated with resolving agnostic DID mechanisms.

How does Litentry work?

Litentry aggregates identity data from multiple sources, securely storing it in a decentralised manner. It utilises blockchain technology, specifically built on Polkadot, allowing secure data sharing between applications. The protocol employs on-chain logic using smart contracts and off-chain computation using Trusted Execution Environments (TEEs) for secure identity score calculations. It also includes a ZKP (Zero-Knowledge Proof) prover for generating verifiable identity claims.

What are the potential use cases for Litentry?

Litentry's potential use cases include:

• Identity Verification: For decentralised applications to streamline user onboarding and maintain secure identity management.
• Credit and Reputation Systems: Facilitating reputation systems by using aggregated identity data.
• Cross-chain Identity Verification: Enabling identity verification across different blockchain networks.
• Human Verification: Reducing fake accounts and enhancing security by verifying users through human challenges.
• DeFi Credit Scores: Providing comprehensive credit scores based on transaction history to increase eligibility for financial services.

What is the history of Litentry?

Litentry was founded by Hanwen Cheng in early 2019. Initially developed on Ethereum, it transitioned to Polkadot for improved cost and speed. It received funding from the Web3 Foundation and through various fundraising rounds, accumulating over $20 million. Noteworthy achievements include winning the Polkadot 15th slot auction and launching as a parachain, deploying key products like "My Crypto Profile", and ongoing collaborations with projects like Orange Web3 and SecondLive to enhance decentralised identity solutions.