Litentry (LIT)
A Decentralized Cross-Chain Identity Aggregator Built on Substrate.- Litentry is a decentralized identity aggregation protocol across multiple networks, featuring a Decentralized Identity (DID) indexing mechanism and a Substrate-based credit computation network.
- The objective of Litentry is to enable DID aggregation, verification, and credit calculation.
- LIT is the native utility token of Litentry with the following use cases:
- Payment: fees are paid in LIT each time a user requests a real-time credit computation via the network.
- Reward: third-parties that set up indexed identity databases will receive rewards in LIT.
- Staking: stake a certain amount of LIT to become an identity registrar.
- Collateral: used as collateral for DeFi lending & borrowing services.
Key metrics (as at January 28th 2021)
| Ticker | LIT |
|---|---|
| Token Type | BEP-20 and ERC-20 |
| Binance Launchpool Start Date | January 29th 2021 |
| Binance Launchpool Allocation | 3,000,000 LIT (3.00%) |
| Initial Circ. Supply | 18,000,000 LIT (18.00%) |
| Total Token Supply | 100,000,000 LIT |
1. What is Litentry (LIT)?
Litentry is a network that supports DID aggregation protocol and a decentralized mobile application.
Litentry Network is built on top of the Substrate framework with the objective of enabling DID aggregation, verification, and credit calculation. It aims to simplify the process of resolving agnostic DID mechanisms by integrating DID standards into a modularized identity service.
The Litentry mobile application serves as a secure vehicle for users to collect their decentralized identities and manage them in one place. LIT token holders are also able to participate in on-chain governance in an efficient and secure manner.
2. Recent news
- January 2021: Launched the Ambassador Program.
- December 2020: Partnered with Ontology to build an on-chain identity and credit computation system.
- December 2020: Launched the Spark Community Partnership Program.
- July 2019: Received Web3 Foundation grant.
3. Economics and supply
3.1 Token sales data
| Token Name | LIT |
|---|---|
| Seed Sale Allocation | 8,111,120 LIT |
| Seed Sale Token Price | 0.18 USD / LIT |
| Seed Sale Amount Raised | 1,460,002 USD |
| Strategic Sale Allocation | 11,888,880 LIT |
| Strategic Sale Token Price | 0.25 USD / LIT |
| Strategic Sale Amount Raised | 2,972,220 USD |
3.2 Token allocation
| Token Name | LIT |
|---|---|
| Binance Launchpool | 3.00% of the total token supply |
| Seed Sale | 8.11% of the total token supply |
| Strategic Sale | 11.89% of the total token supply |
| Team | 15.00% of the total token supply |
| Parachain Auction & Ecosystem | 45.00% of the total token supply |
| Foundation | 17.00% of the total token supply |
LIT token allocation
LIT token release schedule
The chart above represents the number and breakdown of all LIT tokens that are to be released into circulation on a monthly basis, at the end of the month. Parachain Auction & Ecosystem and Foundation tokens will continue to be released after November 2025.
4. Litentry's community overview
Litentry has launched the Spark Community Partnership Program and the Ambassador Program to cooperate with and gain support from global communities. The project currently has communities in China, Japan, Vietnam, Nigeria, South Africa, Russia, and Germany, as well as ambassadors accoss 10 countries.
Current community growth strategies include:
- Launched the Spark Community Partnership Program to cooperate with communities all over the world. Community partners can join the early council, get invited to exclusive events, participate in LIT mining, and etc.
- Launched the Ambassador Program which aims to get support from different regions. Ambassadors will help organize online meetups, translate Litentry’s contents into local languages, mentor new members, etc.
- Launched Identity Registration App with airdrop incentives to drive user engagement.
- Joined multiple DID working groups in order to exchange expertise and know-how with these communities.
Future community growth strategies include:
- Create in-depth content on DID and Web3.0 to educate community members and guide them to experience Litentry products.
- Integrate community credit into the Litentry protocol and the Litentry App.
- Cooperate with well-known organizations to build on-chain groups for specific purposes; e.g. Substrate ambassador community.
- Launch the Node Program to encourage users to run identity indexing servers on the Litentry Network.
- Organize discussions for community members to participate in network/product optimization dialogues in order to gradually achieve DAO governance.
Community and social channels (as at January 28th 2021)
Telegram (English) | 7.4K Members
Telegram (Litentry Announcement) | 2.4K Members
Telegram (Vietnamese) | 1.1K Members
Telegram (Hindi) | 235 Members
Twitter (English) | 1.1K Followers
Medium (English)
Medium (Japanese)