Litentry LIT Price

Litentry (LIT) stands at the forefront of decentralized identity management, offering a nuanced approach to identity aggregation. This article provides an objective exploration of Litentry's key features and functionalities, shedding light on its role in reshaping the decentralized identity landscape.

1. Founding Vision and Support:

Founded by Hanwen Cheng, Litentry originated as a side project during his tenure at Parity. In 2019, the project gained momentum with a grant from the Web3 Foundation, followed by substantial funding from prominent crypto VCs. This foundational support underscores Litentry's potential impact in the decentralized identity space.

2. Core Functionality:

Litentry's IdentityHub, driven by Trusted Execution Environments (TEEs), verifiable credentials, and customizable score computation, functions as a decentralized identity aggregator. This objective approach empowers users with control over their personal data while facilitating secure interactions across Web2 and Web3.

3. Three Core Layers:

Litentry's infrastructure comprises three core layers – the source data layer, address analysis layer, and identity aggregation layer. This systematic approach transforms fragmented identities into a verifiable, privacy-enhancing identity computation process. The protocol's functionality unfolds through three main stages: linking sensitive identities, generating scores and credentials, and the issuance of verifiable credentials.

4. Tokenomics:

LIT, as the native token of the Litentry parachain network, actively supports on-chain identity verification and management for decentralized applications. With a circulating supply of 39.6 million LIT and a market cap of TRY 1.5 billion, Litentry holds a significant position in the market.

5. Privacy and Security Measures:

Litentry prioritizes user data privacy and security through the use of TEEs, ensuring a protected area within the CPU. The IdentityHub consolidates and protects digital footprints, enhancing the security of online interactions and mitigating potential digital threats.

6. Unique Identity Aggregation Approach:

Litentry's distinctive approach to decentralized identity lies in identity aggregation. Compliance with W3C DID standards sets Litentry apart, offering a decentralized, interoperable identity aggregation service. This facilitates users and dApps in accessing real-time credit or reputation across different blockchains objectively.

7. Future Exploration and Partnerships:

Litentry's future plans include integration into the Bitcoin ecosystem. Strategic partnerships with DWF Labs, NodeReal, SPACE ID, and Web3Go exemplify Litentry's commitment to exploring decentralized identity management, ensuring user data aggregation, and maintaining privacy in an unbiased manner.

Conclusion:

Litentry emerges as a noteworthy player in decentralized identity management, driven by a robust technological foundation, privacy-centric features, and strategic collaborations. As Litentry continues to evolve objectively, it stands as a key contributor to the advancement of secure and user-centric decentralized identity solutions.

Litentry prioritizes user data privacy and security by leveraging Trusted Execution Environments (TEEs), creating a protected area within the CPU. The IdentityHub consolidates digital footprints, enhancing online security and protecting sensitive information from potential digital threats.

What is unique about Litentry (LIT)?

Litentry stands out through its innovative approach to decentralized identity management, utilizing Trusted Execution Environments (TEEs) and a three-layer infrastructure to create a verifiable, privacy-enhancing identity computation process, setting it apart from other projects by aggregating fragmented identities and complying with W3C DID standards.

Who are the founders of Litentry (LIT)?

Litentry was founded by Hanwen Cheng, a former Software Engineer at Parity. Recognizing the need for an interoperable identity system, Cheng started Litentry as a side project in 2019 and has since led the team in developing a groundbreaking decentralized identity aggregator.

Who are the backers/investors of Litentry (LIT)?

Litentry has received significant backing from notable investors, including the Web3 Foundation, FBG, Candaq, Hypersphere, Signum, Altonomy, and other crypto VCs, showcasing strong support and confidence in the project's potential.

Where can I buy Litentry (LIT)?

You can buy Litentry (LIT) on Kraken, PancakeSwap (v2)Uniswap V2 (Ethereum) cryptocurrency exchanges.