About Litentry (LIT)
Litentry is a decentralized identity aggregator and oracle that aims to enhance the management and authentication of identities across chains. By building on top of the Substrate framework, Litentry was designed for the Polkadot network and EVM-based and multi-chain ecosystems, allowing users to regain control over their digital identity and granting access to dApps in real-time.
Litentry operates by utilizing Trusted Execution Environments (TEE), verifiable credentials, and customizable score computation to aggregate and manage identities. The platform indexes and merges fragmented identities from different blockchains, forming a comprehensive digital identity. This process adheres to the DID standards set by the World Wide Web Consortium (W3C), enabling users to manage and verify their identities without traditional account registration.
Litentry's tech stack is based on the Substrate framework, with Substrate-based integrations into the Polkadot network. It has three principal layers that deal with identity data: the source data layer, the address analysis layer, and the identity aggregation layer. An infrastructure like that empowers verifiable, privacy-enhancing computation of identity, according to their whitepaper. One of the flagships of the platform is IdentifyHub, with an ambitious goal to be a game-changer for cross-chain identity management by joining Web2 and Web3 environments.
Litentry brings together identities with verifiable credentials and can be used in many different ways, such as airdrop whitelisting, audience selection, community insights, soul-bound tokens or NFTs, Web3 job markets, credit scores, and cross-platform reputation. The protocol helps crypto projects filter out low-quality engagement, gives communities a better understanding of their audience, and makes online interactions secure and private.
The native token of the Litentry project is LIT, which is used for staking, becoming an identity registrar, and earning rewards for setting up identity databases, thereby contributing to the network's decentralization and efficiency. The live price of Litentryâs LIT token is updated and available in real time on Binance.