Amazing Facts About LIT
What Is Litentry (LIT)?
LIT is the native token of the Litentry parachain network. Litentry is a Decentralized Identity Aggregator, supporting on-chain identity verification and management for decentralized applications and their users.
What are the Working Principle of Litentry (LIT)?
Litentry (LIT) operates as a Decentralized Identity Aggregator, facilitating the connection of user identities across multiple networks. The platform offers a secure avenue for users to manage their identities, allowing Dapps to access real-time Decentralized Identity (DID) information from identity owners across diverse blockchains. Positioned as the Parachain of the Polkadot Network, Litentry leverages the Parachain data structure, which is application-specific, globally rational, and validated by relay chain validators.
In contrast to traditional Identity, Decentralized Identity in Litentry is characterized by generation techniques that circumvent scrutiny and centralized control. With the growth of Web3, on-chain DID generation has become prevalent, resulting in data fragmentation across various networks. However, the existing Web3 infrastructure faces challenges in seamlessly connecting and consolidating data across different networks, posing data management issues. Litentry addresses this by indexing data across blockchains, removing data silos and empowering data owners to manage and leverage their information as they see fit.
The platform assembles a comprehensive identity profile by aggregating fragmented individual identities, aligning with World Wide Web Consortium (W3C) DID standards. This aggregated DID has the potential to replace isolated ID registry systems prevalent in many tech companies. Litentry’s DID-aggregation introduces a platform-agnostic identity design, streamlining the user account registration process and sparing developers from the coding effort of creating new registry methods.
What are the Functions of Litentry (LIT)?
The native token of Litentry is the LIT token. In the Litentry network, users pay LIT tokens to compensate validators for their efforts. LIT tokens also serve as rewards for validators and are required as stakes, enabling the identity registrar to deliver decentralized judgments for users. Additionally, Litentry offers the LIT token as a deposit currency for DeFi lending services with integrated Identity. Users with higher credit scores experience reduced deposit requirements, enhancing the flexibility of the system.
Where can I Trade Litentry (LIT) Coin?
