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Litentry helps support the exchange in favor of a user-centric network with blockchain. Litentry includes an identity-based network and related tools, includes an identity matching and identification mechanism, and consists of a decentralized identity and user activity data management infrastructure as a whole.
What is Litentry (LIT)?
Litentry enables the user to collect identities from other chains, includes an identity matching and identification mechanism, and consists of a decentralized identity and user activity data collection infrastructure as a whole.
Identity Matching is a blind matching with random anonymous identities selected from a pool of on-chain identities, and candidate identity data is processed by a lower layer off-chain worker. The network sends the DID of the match winner as a matching opportunity to the matching recipient. The recipient does not have access to other identities in the identity pool, only the winner’s DID, so the match recipient pays LIT token in exchange for the matching opportunity.
Identity Staking is the process by which an identity holder sends a snapshot of the identity document and DID to the blockchain’s identity pool and authorizes read permissions to the validation node, thereby staking in the following blocks and receiving matching rewards. The credential is encrypted and saved in a decentralized database such as IPFS or an on-chain key/value store, and the DID is stored on-chain.
Litentry builds the basic economic model of identity-based networking with identification and identity matching without selling user data. Not only identifiers and matching buyers benefit from the matching market, but also DApps connected to Litentry receive matching fees as identity contributors. In this way, Litentry aims to encourage more participants in the future of Web3.
With a grant from the Web3 Foundation in 2019, the Litentry team built the following products for a user-centered ecosystem.
- Litentry Network: Runtime built with Substrate
- Litentry Authenticator: A mobile identity management hub
- Litentry DApp Playground: Collection of DApp samples
- Litentry Data Center: An identity-based IPFS explorer
- Litentry Graphql Caching Server: Accelerated IPFS connection
- Litentry SDK: Tools for front end developers
LIT Coin Comment
Recently, authentication and storage of personal data has become a very important issue. At this point, Litentry and LIT token seem to attract attention. However, investors seem to be relatively cautious about the LIT token as it is still a new project.
How to Buy LIT Coin?
LIT Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy LIT Coin, you must first become a member of Binance and then send fiat money. After sending a fiat currency such as Turkish Lira or dollars, the purchase transaction can be realized in the LIT trading pair by taking Bitcoin (BTC), BUSD, Ethereum (ETH) and Tether (USDT), where LIT Coin is traded.
In addition, on Binance, users can place purchase orders not only at market value but also at lower values, allowing users to buy at any price they want. Simply use the Limit tab and enter the amount you want to buy and the price you want to buy at.
