What is Litentry (LIT)?
Litentry is a decentralized identity aggregation platform that enables users to create a unique identity that can be linked across multiple networks. Litentry allows creation of a DID – ‘Decentralized Identifiers’. Litentry has created an Identity Hub that includes a solution called My Crypto Profile – MCP that helps users to take control of their various crypto accounts and profiles across different platforms and chains. Litentry solves major data breach-related issues prevalent in the web2 space where most of the web3 platforms are interconnected. The crypto profile solution ensures that users’ data is kept private and any transfer of data between user and the platform is done securely while ensuring the anonymity of the user.
Who are the founders of Litentry (LIT)?
Hanwen Cheng is the founder of Litentry. He is an M.Sc in Information Technology from University of Stuttgart. Before founding Litentry, Cheng worked as a software developer at Parity Technologies. He was the vice president of Jingtum blockchain and spearheaded business partnerships alongside directing ecosystem projects of Jingtum.
How does Litentry work?
Litentry is an identity management system built on the Substrate framework of Polkadot blockchain. The solution offered by Litentry is split in two phases. The first one is Litmus on the Kusama chain and the second is Litentry on the Polkadot parachain. The Litmus platform allows users to transfer their ERC -20 tokens via a token bridge. The main solution offered on Litentry is the MyCryptoProfile that can be accessed by a user through the Litentry client. Litentry automates fetching of user data through a solution called ‘Identity Graph”. The graph links all the accounts of a user and keeps track of all the data linked to a user in one place.
Key Attributes of Litentry
The Litentry browser extension allows users to have quick and easy access to the aggregated data of their crypto accounts and identity across different platforms that are accessed via web2 channels.
Identity management features
Litenary allows users to have authority of their personal details captured on-chain. Users can choose to control the amount and nature of their data that third parties can access.
The D-ID dashboard gives a holistic view of the platforms that the user is connected to. On the dashboard users can view identity insights, trends relevant to his or her identities and new opportunities to leverage the D-ID across the web3 ecosystem.
What sets Litentry apart?
Litentry is an easy-to-use identification tool that can be used by both retail users as well as dApps to create a seamless transition of users from web2 to web3. Litentry has a sidechain that helps keep confidential and sensitive data on the chain and the data is preserved from any potential hack as the ownership on the chain is anonymous.
How to buy Litentry (LIT) in India
Use this three-step process to buy your first ‘LIT’ using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy LIT on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy LIT: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!