If you usually surf the internet and visit different websites, you may notice the button which helps you login using your social network accounts. This button works as a cross-platform identity verification which helps people prove who they are by using their identity from social networks and then they can login sites in just a few seconds conveniently. However, our data is being collected and abused by many sides - application providers, third-party applications/ services or even data brokers. Luckily, Pseudo-anonymous blockchain networks come in and prevent the identity profile being monitored, but it also eliminates the benefits of having a cross-platform identity. To make the Web3 dream come true, we need something that helps us prove who we are without really giving people our information and also gives us ability to collect and manage our data. That’s why we need Litentry, it will solve this problem with an identity aggregation protocol that serves for multiple networks. Litentry Network enables DID aggregation, verification, and credit calculation/grading. It mitigates the difficulty of resolving agnostic DID mechanisms by integrating all DID standards into a modularized identity model.
Key Features and Highlights
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 very 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 tokens will be required as stake, identity registrar could provide decentralized judgements 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.
How to get the token:
You can now stake BUSD, DOT, BNB on Binance Launchpad to receive LIT (Litentry token) as a reward or if you have CAKE token, you can use it to farm LIT tokens on PancakeSwap.
On Jan 21, 2021, SlowMist completely checked the security of Litentry-node key modules. In the report, SlowMist found 0 high-risk vulnerability, 1 medium-risk vulnerability and 2 enhancement suggestions in Litentry.
Until now, Litentry has partnerships with Crust Network, Open Square, Ontology, Clover and more incoming.