Litentry (LIT)

The exchange rate of one LIT at 14:01 UTC is 1.012$

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The name “Litentry” consists of two words: “lite” (light) and “entry”. Developers declare it their goal to make it easier for users to migrate to Web3. Since 2018, development has been carried out in close collaboration with the Partity team to set the standard for cross-chain identity. For this work, the developers received a grant from the Web3 Foundation, and since 2021, the “LIT” token has been traded on Binance.

Litentry (LIT) is a network supporting the decentralized indicator (DID) collection protocol and a decentralized mobile application. Built on the Substrate framework, which allows to collect DID, check and calculate credit, suitable for Polkadot.

Serves for decentralized identity authentication and provides an infrastructure for managing user activity data. Litentry helps support change in a user-centric network using blockchain. Litentry contains an identity-based network and related tools, functions, and mechanisms for identity comparison and identity staking. It contains a system for managing decentralized identity data and user activity data.

The Litentry mobile app allows users to securely collect and manage their decentralized identities in one place. The app will connect to other networks as well as traditional identity verification systems like LinkedIn. Litentry also provides a software development kit (SDK). This will enable developers to write applications on top of the Litentry network. At the moment there is support for one of the most popular programming languages – ​​JavaScript. In the future, it is planned to add support for other programming languages.

LIT is a native utility token with the following functionality:

1. Payment: payment of a commission in LIT whenever a user requests a real-time credit calculation.

2. Reward: third parties who install indexed identity databases will receive rewards in LIT.

3. Staking: you need to hold a certain amount of LIT to be an identity registrar.

4. Collateral: it is used as collateral to provide lending and borrowing DeFi services.