Litentry

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Litentry is a decentralized identity aggregator operating on the Polkadot ecosystem, addressing identity verification, credit computation, and data upkeeping via a decentralized network structure. Core products include an Identity-Based Network and a Decentralized Identity (DID) Aggregator that enable secure and user-centric identity management across various blockchains. Utilizing the LIT token for governance, transaction fees, and staking, Litentry aims to eliminate fragmented identity systems in the Web3 space, fostering accessibility, security, and privacy. Built on the Polkadot Substrate framework, Litentry employs Trusted Execution Environments (TEE) and verifiable credentials to manage and authenticate identities through its flagship product, IdentityHub, bridging Web2 and Web3. The LIT token has a total supply of 100 million with around 55.73 million in circulation, trading at approximately 0.705 USD.

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FAQ

What is Litentry and what problem does it aim to solve?

Litentry is a decentralized cross-chain identity aggregator operating within the Polkadot ecosystem. It addresses identity verification, credit computation, and data management challenges by using a decentralized network. Key features include its Identity-Based Network and Decentralized Identity (DID) Aggregator, which facilitate secure and seamless identity verification across different blockchains.

How can Litentry benefit users in the web3 space?

Litentry provides a secure and user-centric identity management system that enhances privacy and interoperability across blockchains. By offering tools for managing credit scores and verifying identities, it empowers users and applications in the web3 space, overcoming the fragmentation and limitations of current identity systems.

How does Litentry's IdentityHub transform identity management?

Litentry's IdentityHub redefines identity management by enabling self-sovereign and user-centric identity solutions across blockchains. It leverages technologies such as Trusted Execution Environments (TEE) and verifiable credentials, offering a seamless and secure bridge between Web2 and Web3 identity management systems.

What role does the LIT token play in the Litentry ecosystem?

The LIT token is central to Litentry's operation, serving as a key element for governance, transaction fees, and protocol security through staking. By participating in the governance processes and securing the network, holders of LIT tokens actively contribute to the platform's decentralized identity infrastructure.

What makes Litentry's approach to decentralized identity unique compared to alternatives?

Litentry stands out through its focus on interoperability, privacy, and user-centricity. Built on Polkadot's Substrate framework, it integrates seamlessly across multiple chains, unlike many existing identity solutions. Its use of customizable score computation and verifiable credentials ensures a flexible and secure identity management experience.

How can users start using Litentry's services?

Users can engage with Litentry's services by participating in its network and utilizing its tools for identity data management. By acquiring LIT tokens, they can partake in governance and staking activities. More information and resources for getting started are available on Litentry's official website at [https://www.litentry.com/](https://www.litentry.com/).

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