Introducing Litentry - A Cross-Chain Identity Aggregator Built on Substrate.
Published date: May 21 2021
1. Main goal
Litentry is a cross-chain Decentralized Identity (DID) Aggregator that enables the linking of user identities among multiple decentralized networks. Built on the Substrate framework and featuring a DID indexing protocol, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassles involved in resolving agnostic DID mechanisms. Litentry’s DID Aggregator is compatible with all DID standards, and powered by a reliable DID data interface. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in the Web3.0.
Litentry aggregates all identity data in one place and ensures that the user experience of identity management on DApps is as seamless as on Web2.0
2 Project’s highlights:
Litentry enables users to aggregate identities from other chains, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data aggregation infrastructure.
3. Blockchain Powered
Litentry is built on Substrate, which inherits great features and best technologies in the Blockchain industry. Litentry aims to be the Parachain of Polkadot Network and benefit from the thriving cross-chain ecosystem and share security.
4. Identity Management
Get back the control of user access history and privacy data generated in the apps or services, user's identities are anonymous and independent from each other.
5. Decentralized Storage
A user is able to store these encrypted identity related data on a decentralized storage like IPFS or Arweave, or on-chain Database. The data is protected by the access control of decentralized storage.
6. Identity Staking
With a transparent protocol, an identity owner could stake his identity into an identity pool and get regularly rewarded with data protected. Litentry enables anonymous data matching and permissioned data query. With data protected, Litentry monetizes the identity data and benefits the identity owner and DApp.
7. Decentralized Ecosystem Contributor
Share the identity anonymously between different platforms, a user does not need to create multiple accounts in order to use different services, and prevent these services from building a user profile. No password, no registration, no migration barriers. Litentry and decentralized ecosystem benefit each other.
8. Litentry’s Product
Litentry Network: runtime built with Substrate
Litentry Authenticator: a mobile identity management hub
Litentry DApp Playground: a collection of DApp samples
Litentry Data Center: an identity-based IPFS explorer
Litentry Graphql Caching Server: speedup IPFS connection
Litentry SDK: tools for frontend developers
9. LIT Tokens
LIT Token will be the native and utility token of Litentry. It will be required for following actions:
Fee for credit/reputation computation
As Litentry network provides a trustless identity credit/reputation as a service, each time a user sends a real-time credit computation request to the network, the nodes of the network will consume its network throughput to fetch data from different sources, and use computing power to calculate the credit. For this reason the LIT token needs to be paid to the network to compensate for the efforts validator pays.
Reward for indexed identity databases
Litentry also encourages third parties to set up indexed identity databases from different networks, which could provide nodes with quick and reliable decentralized identity data. LIT token will also be used as a reward for them.
Staking for being an identity Registrar
For setting up an identity registrar, some LIT token is required as a stake, and identity registration could provide decentralized judgments for users. Once a user gets enough judgements, he will be tagged with certain information, like “long-term liquidity provider”, “frequent DOT trader”, etc.
Deposits in DeFi
For analyzed DeFi lending services with identity integrated, Litentry will provide LIT token as one of the deposit currency, and also the deposit will be decreased if use has a high credit score, and Litentry Foundation will vouch for users who have credit. In the future users could also set up small DAOs to vouch for its members.
Litentry is a Decentralized Identity Aggregator that enables linking user identities among multiple decentralized networks. Litentry provides a trustable way for dApps to obtain real-time DID data of an identity owner a cross multiple blockchains and dApps. Featuring a DID indexing protocol and a Substrate built distributed DID validation blockchain, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassle involved in resolving agnostic DID mechanisms. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in the Web3.
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See Litentry on DotMarketCap: https://dotmarketcap.com/coin/litentry