With the appearance of more and more softwares and platforms, there has been an enormous amount of user data. However, with that there comes a key issue of connecting the data within different systems while keeping them secure. So what exactly does Litentry achieve and do? With Litentry, it will help solve the problem with an identity aggregation protocol that will serve multiple networks. The network will enable DID aggregation, verification, and credit calculation/grading. The process will mitigate the difficulty of resolving questionable DID mechanisms through integrating all DID standards into a modularized identity model. This Network will create a transparent, secure and privacy-preserving method of data aggregation and verification.
So what are the highlights of the Litentry Network?
The Litentry Network has various features onboard, we’ll talk about these unique features one by one…
The Network is built on Substrate which means that it will inherit the best features and best technologies that are available in the blockchain industry. The network aims to be the Parachain of the Polkadot Network and also benefit from the growing cross-chain ecosystem and shared security.
Privacy plays a key role in the Litentry network. The platform does not hope to breach the pseudo-anonymity of blockchain networks. Thus, the platform supports incognito on-chain data processing.
The Litentry Network will process DID verification, aggregation, and computation requests from a service demand and then return a reliable result. The entire process will be implemented by a random set of validators in the network and will be fully decentralized and transparent.
In terms of democracy, all the credit computation algorithms, data origins, and identity registrars are all governed by the LIT stakeholders. The relationship between the community and community members can Record on-chain and also generate community credit. Users will also be able to vote on key issues with their governance credit.
The platform will be able to get back the user’s access history and privacy data that is generated on the apps or services. All the user’s identities are also anonymous and independent from one another.
How does the tokens work?
The Litentry Network has a native token known as the LIT token. The token has four primary usages in which we will discuss…
Fee for credit/reputation computation:
The Network provides a trustless identity credit/reputation as a service. This means that each time a user sends a real-time credit computation request to the network, the nodes will consume its network through-put to fetch data from various sources. It will then use the computing power to calculate the credit. And for this reason, they need the LIT to pay the network to compensate for the work that the validator accomplishes.
Rewards for indexed identity databases:
The Litentry Network encourages third parties to set up indexed identity data-bases from various networks to provide nodes with faster and more reliable decentralized identity data. As a result, the LIT token can be a reward for them.
Staking for being an identity registrar:
In order to become an identity registrar, users must stake the LIT token. Identity registrar can provide decentralized judgement for users and once a user achieves enough judgement, they will be tagged with taglines like “long-term liquidity provider”, “frequent DOT trader”, etc.
Deposits in DeFi:
Now for analyzed DeFi lending services with identity integrated, Litentry will provide LIT as one of the deposit currencies. The deposit can also be decreased if the users have a high “credit score”. The Litentry Foundation can vouch for users with credit, and in the future, users can also set up their individual small DAOs to vouch for its community members.
What products are available?
The Litentry Network has various products in place for its developers and users. The platform is constantly building new tools for both parties to ensure a sustainable ecosystem.
For the Developers:
The ecosystem needs the DApp as identity contributors, we are building essential tools for developers to easily create DApp connect to Litentry.
The Litentry core is built with Substrate. Hence, it already inherits the best technologies within the blockchain ecosystem. Litentry aims to be the Parachain of the Polkadot Network allowing them to benefit from the cross-chain ecosystem and shared security.
Litentry Light Client Services:
The Litentry platform will include decentralized background mobile applications which will allow the platform to be completely independent from any third-party servers. The mobile applications of Litentry will also connect directly to the Litentry blockchain and decentralized storage. The platform will also enable notification from the blockchain instead of Apple or Google’s message center.
For the Users:
The Litentry app is a mobile tool that is integrated with the Network. The users can interact with multiple services including recalculate voting power or obtain analyzed DeFi services based on credit. The app can also facilitate the governance process, retrieve participant information from other linked accounts from other networks, and even encourage more people to join on-chain governance.
The Litentry Authenticator is a mobile identifier and data hub for decentralized web. It will feature 2FA and various app/service interfacing, crypto wallet, aliases identity generation, private data aggregation, and NFT data authorization. In the future, identity staking and identity matching services will also be integrated.
The DApp playground demonstrates how the decentralized 2FAs work as well as how DApps work on Litentry. As of right now, users can use the decentralized music app and decentralized tweeting app. Moreover, the playground does not require any registration, password, and there are no app migration barriers.
And that will conclude this article. The platform proves to be an exciting and powerful one that can alter the way our data is stored and also provide cross-chain identity. If you would like to learn more about Litentry, feel free to check out their socials below.
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