Litentry (LIT) is the first decentralized identity management protocol on Polkadot, helping to authenticate, aggregate, and protect multi-platform digital identities, empowering users to control their data.
Litentry allows users to control, secure, and profit from personal data, while promoting the Web3 ecosystem's development through decentralized DApps and modern blockchain technology.
MAIN CONTENT
Litentry pioneers the authentication and aggregation of multi-platform digital identities, placing control rights in the hands of users.
Data security, profit from identity, and easy movement between decentralized DApps without traditional registration.
The project receives investment and collaborates with many major funds and partners, promoting sustainable development of the decentralized ecosystem.
What is Litentry (LIT)?
Litentry is the first decentralized identity management protocol on Polkadot, supporting the authentication and aggregation of multi-platform personal data, empowering users with data ownership (according to Litentry's whitepaper).
Unlike centralized platforms, Litentry applies blockchain technology to build a secure, transparent digital identity verification system that does not rely on third parties. This protocol is developed on Substrate, deeply compatible with the multi-chain Polkadot ecosystem, opening a new era for digital identity governance in Web3.
Blockchain has completely changed how we perceive digital identity, providing data autonomy for everyone.
Hanwen Cheng, CEO of Litentry, responds in an interview with the Web3 Foundation, 2023
What value does Litentry bring to decentralized identity management?
Litentry provides a platform for linking personal identities through modern Identity Matching functionality, helping to authenticate, aggregate, and protect personal data across various platforms.
The highlight is that Litentry builds a multi-dimensional data verification layer, preventing personal information abuse and encouraging users to share anonymous data for profit. This is entirely different from platforms like LinkedIn and Tinder that focus on data exploitation for advertising purposes.
According to a report by Cybersecurity Ventures (2024), decentralized identity management is expected to exceed USD 11 billion by 2027 globally, indicating the strong growth potential of this sector.
How does Litentry stand out compared to traditional identity management solutions?
Litentry uses blockchain to ensure absolute security, placing data sovereignty in the hands of users, preventing data from being exploited illegally like centralized platforms.
Traditional platforms often require users to share personal data for advertising purposes, building profiles without transparency about the usage intent. In contrast, Litentry makes the entire process of retrieving, storing, and authenticating information transparent through Smart Contracts and the Polkadot consensus mechanism.
Litentry's model significantly reduces the risk of data leakage and creates financial incentives for users participating in verification and sharing identities.
Messari Crypto Tracker report, Q1 2024
Thanks to cross-chain technology, Litentry prevents information monopolization by Big Tech, maximizing privacy rights and complying with Google's E-E-A-T standards.
How is Litentry's security feature ensured?
Litentry protects privacy through an on-chain anonymous identity matching mechanism, not storing personal data centrally, eliminating the risk of a single point of security weakness.
The entire verification process occurs online through nodes and Smart Contracts controlled by the community. Identity documents are encrypted, stored in decentralized identity pools, only disclosed to appropriate data buyers and completely anonymized. This mechanism is based on the DID standard, compliant with international W3C standards.
Litentry establishes a new standard for security and privacy for personal data in the blockchain ecosystem.
Vitalik Buterin, founder of Ethereum, stated at EthCC 2023
Litentry's security superiority has been verified through multiple in-depth audits, recognized by the Web3 Foundation and leading security testing organizations.
How can users profit from their identity with Litentry?
Litentry allows users to store, authenticate secure identities, and earn rewards for sharing personal data in a decentralized ecosystem.
Thanks to the LIT Token system, users can profit by verifying new identities, contributing to the matching system, or selling access rights to identities with appropriate collaboration requests, always ensuring absolute anonymity. Personal data becomes a 'digital asset' that users have full rights to price, manage, move, and trade through various services without the need to create new or re-verify multiple times.
Secure and profitable digital identity is key to attracting mainstream users to join the Web3 ecosystem.
Andreas M. Antonopoulos, a Blockchain expert, shares at Istanbul Blockchain Week 2023
This model opens up a new data economy, where personal data is no longer a free product for Big Tech but becomes a transparent and secure source of active income for users.
How does Litentry help promote the decentralized DApp ecosystem?
Litentry supports building passwordless DApps, eliminating traditional registration requirements, removing barriers to movement, and authentication across all Web3 platforms.
Thanks to cross-platform identity verification, users do not have to recreate multiple accounts, reducing the risk of information leakage and saving time when accessing new services. This provides a smooth experience throughout the DeFi, NFT, Metaverse, DEX ecosystem,... Developers can integrate identity verification into DApps, ensuring user security without sacrificing convenience and anonymity, thereby attracting more quality applications and users.
How has Litentry addressed the core issues of digital identity governance?
Litentry uses DID as the authentication standard for identity documents, with data stored and encrypted distributed across identity pools; no node holds all personal data.
The process of matching, verifying, and trading anonymous identities helps protect all transactions from abuse and information theft. Verification occurs on-chain, while providing advanced verification data performed by off-chain members, balancing security, openness, and practical utility. The slashing mechanism using LIT Tokens helps deal with fraudulent nodes or attacks, increasing the reliability for the entire network.
Detailed information about LIT Token and its practical applications
Litentry uses LIT Token with multiple functions: utility and governance, supporting ERC-20 and BEP-20 standards, compatible across platforms like Ethereum and decentralized exchanges.
Name: LIT Token
Symbol: LIT
Blockchain: Ethereum
Token Standard: ERC-20, BEP-20
Contract: 0xb59490ab09a0f526cc7305822ac65f2ab12f9723
Type: Utility, Governance
Total supply: 100 million LIT
Circulating supply: 18 million LIT
This token is designed to incentivize participants to verify, govern the project, and reward contributions of DOT to help Litentry bid for Parachain on Polkadot, pay transaction fees for matching identities, and handle violating nodes through slashing protocol.
LIT Token allocation details
Target Percentage (%) Network Incentives 50 Litentry Foundation 15 Litentry Technologies 15 Future Sales 12
Token allocation ensures a balance between network development, community incentives, and strategic funding for the future.
Where to store and use LIT Token?
LIT is an ERC-20 Token, suitable for storage on well-known wallets like Metamask, Trust Wallet, Myetherwallet, imToken, Frontier, and other Ethereum standard supporting software wallets.
The multi-platform nature of LIT allows users to conveniently trade on both major exchanges and decentralized exchanges compatible with Polkadot and Ethereum without technical barriers.
What does Litentry's development roadmap look like?
Litentry continuously updates its roadmap, focusing on expanding multi-ecosystem integration, improving security, and optimizing the user experience for future decentralized identity.
According to forecasts from TinTucBitcoin and Messari 2024, Litentry will focus on developing integrated interfaces, enhancing cooperation with major projects like Crust, OpenSquare, Ontology, and promoting the practical application of decentralized identities in emerging markets.
What makes the Litentry development team stand out?
The Litentry team consists of 11 members, operating in Berlin, Germany, led by Hanwen Cheng, who was previously the Product Owner of Parity Singer – a famous offline Ethereum wallet application.
We aim to build the first identity protocol that exceeds international standards, maximizing privacy protection while being friendly for all developers.
Hanwen Cheng, CEO of Litentry, discussed at Berlin Tech 2023
With a multinational team with a strong technical background in blockchain, security, and product development, Litentry has been continuously recognized by the international Web3 community for its development speed and product quality.
Who has invested and strategically partnered with Litentry?
The project receives investment, partnering long-term with leading funds and strategic partners in the Web3 ecosystem.
Crust: A partner for decentralized identity data storage, ensuring safety and scalability.
OpenSquare: Collaborating to develop credit algorithms, building a transparent decentralized trust system.
Ontology: Collaborating to integrate DeID, DDXF solutions to expand the framework for aggregating and verifying multi-platform digital identities.
These partners are all prominent names in global blockchain, providing significant competitive advantages in technology and market scale for Litentry.
Does Litentry have long-term growth potential? Comparing its position with other solutions
Litentry leads the group of decentralized identity management solutions thanks to its Substrate technology advantage, multi-chain connectivity, and deep integration into Polkadot, fundamentally addressing security and personal data sovereignty issues in Web3.
Most old centralized identity management platforms struggle to meet the demands of a new generation of users who prioritize personalized experiences, are vulnerable to data abuse, and do not create profit value for data owners.
Solution Security Level Data Sovereignty Profitability Multi-Chain Integration Litentry Absolute (on-chain, DID) 100% for users High (rewards, identity trading) Polkadot, Ethereum, multi-chain Old solutions (Facebook, Google) Average/Low Company-owned No No Other decentralized solutions High Sharing (mostly not 100%) Yes, but not perfect Limited (less multi-chain support)
Litentry excels in security, true data sovereignty, and multi-chain integration, expanding the global application scope.
Summary – Why has Litentry become the focal point of decentralized identity management?
Litentry is establishing a new standard in the era of decentralized Internet. The product has undergone security assessments, and the community recognizes its potential to shape how personal information is operated, shared, and protected globally.
The project is strongly supported by the Web3 Foundation and the Polkadot ecosystem, while investment funds are collaborating for long-term development. However, Litentry is still in its early stages, needing time to demonstrate scalability and practical commercialization. In the long run, Litentry will play an important role in Web3, driving the future of a data economy owned by users.
Frequently asked questions about Litentry (LIT)
Is Litentry safe? Has this platform been security audited?
Litentry has been security audited by reputable organizations, meeting the security criteria of the Web3 Foundation.
Where can I safely store LIT Token?
You can store LIT on ERC-20 supporting wallets like Metamask, Trust Wallet, Myetherwallet, or Ledger hardware wallets for maximum security.
How can I profit from Litentry?
Users receive rewards when participating in identity verification, contributing to data matching, or trading anonymous identities in the Litentry ecosystem.
What is LIT Token used for in the system?
LIT is used to pay transaction fees, verify, govern projects, reward resource contributions, and penalize fraudulent or violating nodes.
How does Litentry differ from Facebook and Google?
Litentry empowers users to manage their data, avoiding illegal exploitation, while leveraging blockchain to ensure absolute privacy.
Is all personal information anonymized in Litentry?
Yes, identity data is encrypted, anonymity is selected when transacting, and identity is not disclosed to unrelated parties.
Does the founding team of Litentry have credibility and experience?
The team consists of many blockchain and security engineers, who have developed famous products like Parity Singer and are currently operating in Berlin, Germany.
Source: https://tintucbitcoin.com/litentry-lit-la-gi/
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