What Is Litentry (LIT)?

What Is Litentry (LIT)? Complete Guide Review About Litentry.

What Is Litentry (LIT)?

Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. It provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains. A parachain is an application-specific data structure that is globally coherent and validatable by the validators of the Relay Chain. They take their name from the concept of parallelized chains that run parallel to the Relay Chain.

Most commonly, a parachain will take the form of a blockchain, but there is no specific need for them to be actual blockchains. Basically, parachains are layer-1 blockchains that connect to the relay chains (polkadot or kusama for example), which validates the state transition of connected parachains, providing shared state across the entire ecosystem.

Since the Litentry set on the relay chains is expected to be secure with a large amount of stake put up to back it, it is desirable for parachains to benefit from this shared security. Moreover, by using heterogeneous sharding, each parachain could be easily tailored through the substrate framework, enabling them to be optimised for a specific use case and running in parallel rather than the same across all shards.

Litentry Storage Key Points

Coin BasicInformation
Coin NameLitentry
Short NameLIT
Circulating Supply34,868,771.38 LIT
Total Supply100,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website

Litmus Network

Litmus is a companion canary network to Litentry and connects to the Kusama ecosystem as parachain. Litmus is expected to be fast-paced and integrated with cutting-edge technology, molding itself into a perfect field to experiment with new ideas and products before they finally land on Litentry parachain. No new tokens will be issued on Litmus. Instead, they will provide a token migration mechanism to allow users to transfer their ERC20 LIT tokens to Litmus.

Technical verification & Crowdloan distribution

Litentry Once Litmus goes live, they will start to keep track of the chain state and verify that everything goes fine, including block authorization and finalization, collator status, extrinsic testing and runtime upgradability etc. After this confirm that the parachain sits in a stable state and is running as expected, they will start to distribute the crowd loan rewards in LIT, with a linearly unlocked, per-block base.

Users can start to claim their crowdloan rewards. They will have a tutorial page later to explain how to claim it. Please note that the balance transfer remains deactivated, which means transferring the crowd loan reward to another account is still disabled. A token migration mechanism with corresponding pallets will be activated, which allows the user to transfer ERC20 LIT tokens to Litmus parachain.

Feature pallets onboard

More feature pallets will be gradually on boarded in this phase. They are bound up with the Litentry products which widen the LIT token usage scenarios and bring the integrative service experience to the users. To become a collator and start to author blocks, one has to possess a valid session key, which is either set in the initial genesis config as invulnerables or by selection via the cumulus collator-selection pallet.

Functionalities of collators

The Litmus collators maintain a “full-node” for Litmus, meaning they retain all necessary information to be able to author new blocks and execute transactions. Under normal circumstances, they will collate and execute transactions to create an unsealed block and provide it, together with a proof of state transition, to one or more validators responsible for proposing a parachain block.

Collators will also watch the progress of block-producing and consensus protocols in BABE and build on what they think is the latest relay chain block that will be finalised. Collators do not directly participate in the consensus for the relay chain and therefore never stake DOT.

Litmus collator models

Currently, to keep it simple and focus on product development, they are running collators with your own nodes for Litmus. However, they are not ruling out the possibility to invite third party or the community to join your collator set when think the time is right. By default, Litmus has a few self-hosted, load-balanced RPC nodes which provide public service. Contrary to collators, the RPC nodes don’t produce blocks but only sync the chain states and provide RPC/Websocket services to the users.