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📺 Useful Vids 📺
Aave Video 👉 https://www.youtube.com/watch?v=NOk6OTFTsvw
Polkadot Video 👉 https://www.youtube.com/watch?v=wb0czKguqAY
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– TIMESTAMPS –
0:00 Intro
1:58 The ID Problem
5:07 What is Litentry
7:54 How it Works
11:52 The LIT Token
14:23 LIT Tokenomics
17:03 LIT Potential
18:29 Final Thoughts
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Litentry Website: https://www.litentry.com/
► Litentry Lightpaper: https://bit.ly/2ZjIPyk
► Litentry Docs: https://bit.ly/2ZjIPyk
► Litentry GitHub: https://github.com/litentry
► Binance Research Report: https://research.binance.com/en/projects/litentry
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📄 The ID Problem 📄
How do you attach unique identities to certain users on a decentralised blockchain. How do you know that a particular wallet address with which you are dealing is controlled by a unique individual? How can you tell who is that individual?
How can we deal with things like lending and credit delegation? Sure, you can borrow funds in Defi right now but all of these “Loans” are heavily over collateralised
Another one comes to decentralised governance. Currently, most proof of stake blockchains have a governance model where token holdings determine the weight of someone’s vote
🤔 What is Litentry 🤔
Litentry is a project that is developing a platform to aggregate and manage decentralised identifiers (or DIDs) across numerous different blockchains
It is a platform that projects and protocols can use to manage and use DIDs as an input into new and exciting features. More importantly though, Litentry is trying to build a protocol that will allow these DIDs to be used privately and securly.
Litentry is built on Substrate. For those that don’t know what this is, it’s a framework for building decentralised blockchains.
One of the most exciting things about building on Substrate is that it is natively compatible with Polkadot. That means that it could eventually be launched as a Parachain on the Polkadot network.
It means that it can be used for cross chain identity management. It does not have to be restricted to merely the Polkadot ecosystem. This means that dApps that are built on Ethereum, Cosmos, Filecoin etc
📈 LIT Token 📈
LIT is the native utility token on the Litentry network and performs a number of different functions
Firstly, it is used to pay for fees. There are a number of different fees that users will have to pay on the network
LIT tokens are also used for staking purposes. Identity registrars are third parties that can set up indexed identity databases. These databases are then queried for the decentralised identifiers
In order to make sure that these registrars have “skin” in the game, they have to have monetary incentives and diseincentives. This means that if there is any dishonest behaviour they will have their stakes slashed or lost
LIT will also be used in the decentralised governance of the protocol. They will determine the voting power of the individuals on the network
LIT will also be issued to grant recipients who develop on the Litentry network
💰 LIT Tokenomics 💰
There is a total supply of 100 million LIT
These tokens were split according to the following:
– 15% to the Litentry team
– 8% went to the seed investors
– 12% to private sale and further sales
– 17% will be reserved for the foundation to be used as grants
– 3% to Binance launchpool
– and a full 45% to remain as network incentives
If we include the foundation allocation into the broader network incentives bucket (including launchpool), it’s a full 65% that will eventually be released to the community
Then, we also have to consider investment demand. LIT has already crossed a major hurdle by being listed on tier 1 exchange. There was a lot of demand to HODL LIT and I think that this is likely to gain momentum.
You have to consider that it is a project that will be launched as a Parachain on polkadot. There is a lot of demand for these
You should also note that the project is based in Asia and there is insane demand for Defi in that region. They have also built a strong community around Litentry in China, Vietnam and india
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Litentry #LIT #defi #polkadot #DOT #binance #launchpool
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