What is Litentry?
Litentry (LIT) operates as a decentralised identity aggregation protocol that spans multiple networks. Its core mission is to promote a user-centric internet through the capabilities of blockchain technology.
Key Features of Litentry
Decentralised Identity (DID) Indexing
At the heart of Litentry is a Decentralised Identity (DID) indexing mechanism, which facilitates identity management across various networks. This approach allows users to maintain control over their personal data while ensuring security and privacy.
Substrate-based Credit Computation Network
Litentry employs a Substrate-based credit computation network designed to offer users real-time credit scoring services. This novel feature addresses the growing need for transparent and reliable credit assessments powered by decentralised technology.
The LIT Token
The native cryptocurrency of the Litentry platform, LIT, plays a pivotal role in facilitating interactions within the ecosystem. It serves multiple functions:
- Fee Payments: Users are required to pay fees in LIT each time they request a real-time credit computation through the network.
- Staking: Users have the option to stake LIT tokens to become identity registrars, thereby participating actively in the governance of the platform.
- DeFi Integration: The token can also be utilised as collateral for lending and borrowing services within various DeFi applications.
Community Governance
The Litentry team is committed to developing an identity-based network and a suite of blockchain-powered tools. These tools are governed by the community and focus heavily on privacy, ensuring that user data is protected at all costs.
Why Choose Litentry?
Litentry stands out due to its decentralised architecture and focus on user empowerment. By prioritising privacy and community governance, the platform is aligned with the evolving needs of the digital identity landscape. It offers a transparent, secure way for users to manage their identities while engaging in various financial services.
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