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

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

What Is Litentry?

Litentry is helping support change in favor of a user-centric internet with the blockchain. That means the internet should be driven by the users’ needs. As a user you are in total control of your information and will be able to decide exactly what information is shared with various apps and services. You will not be subject to the cost of migration from one application to another or subject to specific terms of a particular app or service. The profit generated by the user’s data should flow back to you the user, instead of mainly flowing to service.

The providers/companies, this is made possible by owning your own data and not being subject to the restrictions and application lockins that we are so familiar with on Internet 2.0. With and Internet 3.0 you will be able to ensure that you only provide your user data when you want to and that you are rewarded if/when you supply your data to any advertiser or service provider.

Litentry Storage Key Points

Coin BasicInformation
Coin NameLitentry
Short NameLIT
Circulating Supply22,816,172.96 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
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Identity-Based Network & Tools

Community Governed

Litentry Coin the credit computation algorithms, the data origins, and the identity registrars are all governed by the LIT stakeholders. The relationships and activities of community members can be recorded on chain and generate community governance credit. For further use, all the governance credit will contribute to voting power.

Fully Decentralized

Litentry Network processes DID verification, aggregation, and computation requests from service demanders and returns trustable results. The process will be implemented by a random set of validators in the network in a fully decentralized and transparent way.

Blockchain Powered

Litentry is built on Substrate, which inherits great features and best technologies of the Blockchain industry. the aims to be a Parachain of the Polkadot Network and benefit from the thriving cross-chain ecosystem and shared security.

Privacy Focused

Privacy protection is the foundation of the network and they do not want to breach the pseudo-anonymity of blockchain networks. supports incognito on-chain data processing.

Token Economy

Identity Staker:

The users who has an identity recorded on chain, and has chosen to stake their identity and its related data into an identities mining pool.

Identity Validator:

Litentry Coin identity validator is responsible for checking the correctness and completeness of the data from identity stakers.

External Storage:

A decentralized storage records all the related external data of the identity (Currently only IPFS, in the future the may add more database support)

Identity Staking Data

The data that is staked in a mining pool for a particular identity that has chosen to stake their associated data.

Identity Staking Process

Identity Preparation:

An identity staker who wants to stake their identity into the identity staking pool first needs to have the required data type and format attached to this identity, and the data must be stored correctly in the External Storage.

Identity Data Picking:

Litentry the user chose which kind of the data he want to staked into the pool, only the picked type will be available for data matching, also the more data he chose, the more benefits he get, staker will need also pay a validation fee to the network and a basic staking deposit.

Incentivization

LIT is the native token of Network, each block the network will give a fixed block reward to all identity in the identity staking pool. In the staking finalization process, the value of the staking identity data will have been quantified. The block reward will be distributed to identity in accordance to this quantified identity staking value.

Data Selection:

The selected list of identities is sent to the external storage. The data is aggregaed and sent back to the network and received by an off-chain worker. The off-chain worker will use the selection algorithms to get the most suitable identity data for the buyer. This data is then sent back to the buyer. The match winner will get the most of the fee paid by the buyer, others fee goes to the others in the list and data origin . they will earn a small part of the fees paid.

For Dapp as Data Provider

Litentry Coin explicit benefits are the grants from Foundation; each success data matching will pay the fee back to the Dapp or Data Provider. Implicit benefits are a new way to attract new users for their Dapp since users could harvest their data and be glad to use their services.

Litentry DApp Playground

Playground is a hub for decentralized web app applications to achieve Substrate based authentication. User use Dapps with decentralized 2FA mobile App. This allows users to use Dapps without registration, passwords and no App migration barriers.

More about the Authentication (Sign in Process):

The Object of Litentry Authentication

  • It should allow users to use his/her owned Substrate account related identity to login to a third party website (that supports this login method).
  • It should be easy to use and reasonably easy to setup.
  • It should not compromise the security of the user’s Substrate account.
  • It should allow users to recover their credentials in case of loss or theft.
  • It should not require knowledge of Cryptography or Blockchain with authentication.
  • It should have reasonable latency for a login system.
  • It should not cost users gas (or money) to login.
  • It should be reasonably easy for developers to implement in their apps.

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