What is Litentry (LIT)?
is a decentralized identity aggregator that connects and manages user identities across different blockchains. The platform enables users to have control over their identities and provides decentralized applications (dApps) real-time access to decentralized identities (DIDs) of identity owners across different blockchains. Litentry is built on the Polkadot network and aims to become a Parachain of this network.
Who founded Litentry?
Litentry was founded by a team of developers including Hanwen Chen, Fei Liu, and Han Zhao. The exact number of team members and their backgrounds are not fully known.
How does Litentry work?
Litentry utilizes a decentralized identity aggregator to collect and manage user identities across different blockchains. The platform indexes and combines fragmented identities to create a detailed picture of the identity, in accordance with the DID standards of the World Wide Web Consortium (W3C). This allows users to manage and verify their identities without the need for account registration and new registration methods for developers.
What sets Litentry apart?
What sets Litentry apart is its ability to connect and manage identities across different blockchains. By indexing data from various networks, Litentry provides a solution to the problem of isolated data silos. Users have more control over their data and can manage and utilize it as they see fit. Additionally, the aggregated identity created by Litentry complies with DID standards, giving it the potential to replace existing ID registries.
How can Litentry be used in the future?
Litentry has various potential applications in the future. The platform can be used for decentralized applications that require identity verification and management, such as financial services, healthcare, and online platforms. By giving users control over their identities, they can participate in various online activities securely and trustfully without sacrificing their privacy.
Additional information about Litentry
Litentry utilizes the LIT token
as a utility token on the network. The token can be used for payments, staking, and as collateral. The total supply of LIT tokens is limited to 100,000,000. The project aims to become a Parachain of the Polkadot network and provide interoperability with other blockchains.
Can you make money with Litentry (LIT)?
Yes, it is possible to make money with Litentry
. There are various ways in which users can benefit from the LIT token and the Litentry network.
One of the ways to make money is by participating as a validator on the network. Validators play a crucial role in verifying transactions and securing the network. As a reward for their contribution, they receive LIT tokens. By actively participating as a validator, users can earn money with Litentry.
Additionally, the value of the LIT token can increase over time. If you own LIT tokens, you can profit from any price increases by selling them on cryptocurrency exchanges. However, it is important to note that the cryptocurrency market is volatile and the value of tokens can fluctuate.
It is always wise to do your own research and evaluate market conditions before deciding to invest in Litentry or any other cryptocurrency. It is also advisable to seek advice from a financial advisor if you are unsure about your investment decisions.