Litentry (LIT) is a promising project in the blockchain field. In the digital age, managing and verifying online identities has become crucial. Litentry was created to address this issue by providing a decentralized, secure, and safe identity solution. This article will provide you with an overview of Litentry, from basic concepts, technology, applications to the LIT token and the project's development potential. Let's explore the world of Litentry and learn how it is shaping the future of digital identity.

What is Litentry?

Litentry is a decentralized identity aggregation protocol built on the Substrate platform and operates within the Polkadot ecosystem. The goal of Litentry is to aggregate and link user identities across different blockchains through a function called 'Identity Matching', allowing users to control and manage their digital identities more securely and effectively. This project focuses on addressing issues related to online identity management and control, providing users with the ability to link, verify, and use their identities in a safe and transparent manner. Litentry aims for a Web3 future where users have full ownership and control over their personal data.

What is the LIT Token?

LIT is the utility token of the Litentry protocol, playing an important role in the project's ecosystem. It is used for:

  • Transaction fee: Users need to pay a fee in LIT every time they request real-time credit calculation through the Litentry network.

  • Rewards: Third parties that establish indexed identity databases will receive rewards in LIT. This encourages the building and maintenance of identity databases, helping the Litentry network operate effectively.

  • Network maintenance: LIT is used to reward the community contributing DOT to help Litentry bid for Parachain on Polkadot. Becoming a Parachain allows Litentry to leverage the security and interoperability of the Polkadot network.

  • Encouraging users to verify identity: LIT is used to reward early users who verify their identity on the platform. This helps build a reliable identity system.

Highlights of Litentry

  • Decentralized identity aggregation: Litentry uses DID to uniquely identify an entity, allowing users to self-manage their identity without relying on any third parties. Identity data is stored in Identity Pools, ensuring security and privacy.

  • Security and privacy: All data is encrypted to protect users' personal information. Users can tightly control their data sharing with other applications and services.

  • Interoperability: Litentry is built on Polkadot, allowing interaction with other blockchains and expanding the ecosystem.

  • Practical applications: Litentry can be used to verify identities across various applications, from finance to reputation management. Users can securely and privately store and manage their health records.

Some basic information about Litentry

  • Name: Litentry

  • Transaction name: LIT

  • Type: Utility token

  • Platform: Ethereum

  • Contract: 0xb59490ab09a0f526cc7305822ac65f2ab12f9723

  • Total supply: 100,000,000 LIT

LIT Token allocation:

  • Binance Lauchpool: 3%

  • Token Sale: 20%

  • Development team: 15%

  • Platform: 17%

  • Ecosystem: 45%

Litentry's products

Litentry's flagship product is IdentityHub. This is a platform that allows users to self-manage their identity on the blockchain. IdentityHub provides a user-centric, autonomous approach to identity, bridging the gap between Web2 and Web3.

IdentityHub acts as a bridge between different blockchains, allowing users to:

  • Managing multiple identities: You can connect your identities across various platforms, from social networks to decentralized finance applications, into a single place.

  • Identity verification: IdentityHub uses multi-factor authentication methods to ensure that your identity is valid and secure.

  • Privacy protection: Your identity data is encrypted and securely stored, ensuring that only you have access.

  • Interacting with decentralized applications: You can use your verified identity to interact with decentralized applications (dApps) across different blockchains.

In addition to IdentityHub, Litentry also provides other tools and services related to decentralized identity management, including:

  • SDK (Software Development Kit): Allows developers to integrate Litentry into their applications.

  • API (Application Programming Interface): Provides an interface to access and use Litentry's functions.

Who created Litentry (LIT)?

The founder of Litentry (LIT) is Hanwen Cheng, who also serves as the CEO of the project.

Hanwen Cheng is a technology expert with extensive experience in software and blockchain development. He has spent many years researching and developing blockchain solutions, with a particular focus on identity verification. Before founding Litentry, Hanwen Cheng contributed to various blockchain projects, allowing him to accumulate valuable knowledge and experience.

Practical applications of Litentry?

1. In the field of finance:

Litentry can be used to safely and effectively verify users' identities for financial services such as opening bank accounts, applying for loans, or trading cryptocurrencies. By aggregating credit information from multiple sources, Litentry can help build a comprehensive and reliable credit profile for each individual. Additionally, Litentry can help detect and prevent fraudulent activities by accurately and timely verifying users' identities.

2. In the field of human resource management:

Litentry can be used to quickly and efficiently verify candidates' qualifications and work experience. Litentry can help companies manage employee records more securely.

3. In the field of healthcare:

Litentry can help create a unified and secure electronic health record for each individual, allowing for safe and efficient sharing of medical information. Litentry can be used to accurately verify patient identities, helping to prevent cases of identity confusion.

4. In the field of government:

Litentry can be used to safely and effectively verify citizens' identities for public services such as passport issuance, vehicle registration... Litentry can play a crucial role in ensuring the security and transparency of electronic voting.

Where to buy and sell LIT Tokens? How to buy and sell

Currently, you can buy and sell Tokens on exchanges like: Binance.com, Bitget, Mexc, Gate, etc... Among them, the highest trading volume for LIT is on Binance. If you intend to buy this token, you should go to Binance to trade.

How to buy and sell LIT

Step 1: Create a Binance account.

Access the official Binance website: https://www.binance.com/vi. Register your account and complete full KYC.

Step 2: Fund your Binance account.

After verifying your account, you need to deposit USDT or BTC into your Binance wallet. (Here you can buy USDT or BTC with VND through P2P on Binance.)

Step 3: Search for the LIT trading pair.

After the funds have been deposited into your account, go to the 'Trading' section on Binance.

Use the search bar to find the LIT trading pair. For example: LIT/USDT (if you want to trade LIT for USDT).

Step 4: Proceed to Buy or sell LIT

You proceed to place a buy or sell order for LIT and then confirm.

Conclusion

Litentry is a promising project with the potential to change the way we manage online identities. With advanced technology and a clear vision, Litentry can play an important role in the future of Web3. However, investors also need to carefully consider risk factors before making investment decisions.

Above is the entire article about what Litentry (LIT) is? How to buy and sell LIT Tokens. Hope it helps you in the process of understanding and investing in this cryptocurrency.