So recently Uniswap,1inch, and other protocols did an airdrop to those who at one point or the other use their platform,the problem is that there were many people who knowingly and unknowingly used multiple addresses got multiple tokens.
Another challenge is that of overcollateralized loans, two reasons account for such loans, one is that of volatility and another is that they aren’t a way for credit scoring yet on the blockchain.
The need for DID
A DID short for decentralized identifiers is a type of identifier that enables a verifiable decentralized digital identity.
With DID, we can differentiate between unique addresses and unique identities. No more the facade of decentralization that exists today.
In our example,we liken a address to a real world address,a man may be a pastor that also has a business and also a house,so one man(a unique identity) can have multiple addresses.
Litentry is a simple solution that does a few things very well.
1. Identity aggregation: So on the network, there are third-party indexers whose job is to index and aggregate data across multiple chains.
2. Verification:Upon request, these indexers can provide information on any identity on-chain.
3. Credit calculation and grading: We can now easily compute credit score of each identity onchain.
So to cut the chase,Litentry is a data aggregation and indexing tool that makes indexed data available upon request.
It’s currently listed on Binance and other exchanges,it’s built on substrate and it’s scalable.
1. The token is used to fund different ecosystem growth initiatives
2. $LIT is paid as a fee to identity guardians for credit computation
3. It’s used as an incentive for third party indexers
4. $LIT is staked for identity registrar
5. It can be deposited as collateral in DeFi lending
6. It’s for governance and for rewarding network contribution
There exists a total of 100M tokens
1. Become a parachain: Hmm, the solution is ready but not yet until parachains go live,it plans to secure a slot both on Kusama and Polkadot.
Users will earn $LIT tokens for bonding their DOT or KSM.
2. Mobile apps: A litentry authenticator and other apps are in the ropes.
3. BSC integration: it plans to integrate into the binance smart chain ecosystem.