What is Litentry? (LIT)
Litentry enables user to aggregate identities from other chains, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data aggregation infrastructure.
With an aggregated cross-chain identity, blockchain projects could offer dedicated graded services/functions according to the identity’s quantified data. For example, if a new project knows that an account is a Polkadot validator, and it spends hundreds of DOTs on another Parachain for half a year, then the project could directly gift this specific user some token to start to play with, or send him/her an attractive offer of the new DeFi product, or accredit him to be a validated voter.
Identity Matching is a blind matching-making with random anonymous identities picked from on-chain identities pool, and candidate identity data is processed by the substrate off-chain worker. The network sends the matchwinner’s DID as a matching opportunity back to the matching buyer. The buyer does not have access to other identities in the identities pool but only the matchwinner’s DID, thus match buyer pays the LIT token(Native Token on Litentry Network) in exchange for a matching opportunity.
Identity Staking is the process that an identity owner sends the snapshot of their identity document and DID to the identities pool of blockchain, and authorize the read permissions to the validator node, thus getting staking and matching rewards in the following blocks. The identity document is encrypted and saved in a decentralized database like IPFS or on-chain key-value store, and DID is stored on chain.
With identity staking and identity matching, we construct the basic economic model of the identity-based network without selling user data. Not only identity stakers and matching buyers benefit from the matching market, but the DApps connected to Litentry also get match fees as identity contributors. In this way, Litentry encourages more attendee into the future of Web3.
Litentry has a technology-driven team in Germany, the Founder and an early contributor are from Parity,it has a strong engineering team with Ethereum project background.
The credit computation algorithms, the data origins, and the identity registrars are all governed by the LIT stakeholders, the relationship of community and community members could be recorded on chain and generated community credit, and further all the governance credit will contribute to voting power.
Litentry Network processes DID verification, aggregation, and computation requests from a service demander and returns a trustable result. The process will be implemented by a random set of validators in the network in a fully decentralized and transparent way.
Litentry is built on Substrate, which inherits great features and the best technologies in the Blockchain industry. Litentry aims to be the Parachain of Polkadot Network and benefit from the thriving cross-chain ecosystem and shared security.
Privacy preservation is the fundamental of Litentry network and we do not want to breach the pseudo-anonymity of blockchain networks. Litentry supports an incognito on-chain data processing.
Litentry x Arweave
- Litentry is a Substrate-built cross-chain identity data aggregation protocol. The protocol enables identity linking across different networks and real-time credit computation.
- Litentry is builiding a cross-platform, Twitter ID linking NFT gallery for art enthusiasts and collectors. It allows users to view a complete list of their NFT collection in a front-end application and link the NFTs to a Twitter account.
- Litentry will leverage Arweave’s permanent, decentralized storage to securely store user’s information including wallet address, NFTs, Twitter handle.
Credits (edited) : https://morioh.com/p/e8102b8fc082