Litentry — AMA Summary
OFFICIAL LINKS
Praveen P
Hey! It’s great to have you in our community. Welcome 🔥🎊💐
Mel Z
Thank you! I’m so glad to be here:)
Praveen P
Can you please explain about the project and team in brief?
Mel Z
For sure! Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks.
The Litentry team was founded in early 2019 and received a grant from the Web3 Foundation in their early stage.
Our development team is currently based in Berlin, Germany with years of experience in the blockchain industry and a deep understanding of the Ethereum and Polkadot ecosystem.
Crypto Revolution
So you have been developing for last 2 years? Thats good to know.
Yes development from last 2 years give me much confidence because of their experiences.
Praveen P
Litentry for sure is one of the core projects of polkadot🔥
Mel Z
Sure! Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanis
Bitcoin Guru
That’s great — you are gonna provide a solution to one of the complex problems in crypto
Praveen P
Can you please elaborate the objectives and ambitions behind the project litentry?
Mel Z
Litentry aims to provide a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains
Praveen P
Can you please explain practical use cases of cross chain identity. You are also launching a suite of other products. So how does whole ecosystem works in a nutshell?
Mel Z
Of course! That’s a very good question
Our primary use cases being
1) DeFi Credit Lending. With Litentry, users are able to view their personal information including credit and on-chain reputation. This information can be applied to mortgage rates and credit borrowing in DeFi lending.
2) On-chain Governance. Litentry can aggregate a user’s prior participation and contribution to on-chain governance and generates a voting power that encourages users to participate more in on-chain governance.
3) decentralized KYC. Litentry’s identity verification system enables crypto projects to identify target users and filter out zombies in an airdrop
Harsha vardhan s
Something like this.. 🤔 Good on chain data hystory fetches user good collateral factor or better interest rate on defi loan
Praveen P
Perfect. Arent you guys also trying to bring off chain data aswell, I am just curious how this works
How do you plan to bring off chain data into DID?
Mel Z
Hmm so Litentry itself doesn’t bring off-chain data on-chain or turn non-DID into DID.
There’re already lots of excellent projects doing this. So Litentry is aiming to build and participate in a user-centric DID ecosystem where Litentry incorporates with other DID service providers, including those that turn non-DID into DID, to facilitate a well-function DID ecosystem.
Praveen P
Do you have any partnerships in pipeline which will be using cross chain data provided by litentry in their Dapps?
Kayla from Litentry
we have lot of partnership projects like Ontology, Crust, Clover and Opensquare
lineup partnership projects are Phala, Cere Network, Paid Network and Bella
And we are close to Binance Smart Chain ecosystem, no need to mention but still haha
Kayla from Litentry
we have lot of partnership projects like Ontology, Crust, Clover and Opensquare
Crypto Revolution
Thats very strong lineup seriously.
Kayla from Litentry
Yep, here one interesting thing with Clover is that they will share the gas fee with smart contract builder, with credit computed from Litentry network, we could reduce the fee cost and even use 0 fee for the frequent DEX users.
Praveen P
How will you manage data and privacy and integrity of users?
Mel Z
That’s a very good question!
User privacy, especially in the sense of personal identity privacy, is of vital importance.
Our DID standard is conforming to the W3C standard.
Kayla from Litentry
the privacy is of high priority of our protocol, and we are partnered with Phala and Advanca to solve the problem, and at the same time we are exploring the Ring VRF for secure the data, if you are familiar with Zcash
Bitcoin Guru
can u please explain what is the use case of LIT token in the entire ecosystem?
Mel Z
Ofc! LIT tokens can be used in a wide range of use cases, including payment in credit computation, rewards for indexed identity database, stakes for being an identity Registrar, and collateral in DeFi Lending.
Bitcoin Guru
Confirm my understanding of the use cases of cross chain identity.
Based on history of transactions of a user there will be a DID score and based on this score dApps can offer special benefits to the users with good did score, am I correct? If yes kindly elaborate
Mel Z
Yeah, exactly!
back to the use case of LIT token, in our DID verification and computation network, verification nodes are required to stake LIT tokens to ensure the quality and reliability of their work.
These nodes will provide computational work corresponding to the DID-verification algorithms and return a reliable result
And since our network does not store users’ identity data, identity computation will be carried out in real-time, requiring all nodes to provide reliable and stable computing resources.
Crypto Revolution
What is the progress of platform development? Any estimated time to launch the products?
Mel Z
In the fourth quarter of 2020, we have developed the basic functions of the Litentry mobile App.
Mel Z
We finished Bitcoin and Ethereum account linking, cross-chain governance, also built runtime and SDK for developers.
Crypto Revolution
Any Technical, developmental and operational challenge team can face?
Mel Z
One challenge is that there’s no good solution so far to well protect privacy in the process of identity validation. In a credit calculation system, DID-account relationships are inevitably exposed to the validators.
We hope that as privacy technology continues to grow, there will be better solutions at the time when our product comes out.
Still, data privacy not only rely on the growth of technology, it also greatly depends on law and governmental policies. After GDPR and more privacy laws are published, there’ll be more and more solutions to address this problem.
Another challenge is to increase Litentry’s visibility to the world
We’ll improve this by working closely with our regional ambassadors. So far we have started regional communities in 12 languages, and we will continue to run and expand these communities.
Crypto Revolution
There are projects like Ontology and civic working in decentralised identity management, your project litentry competes or complements them?
Mel Z
What makes Litentry stand out from other DID service providers is that Litentry enables DID aggregation across different blockchain platforms.
Compared to Self Sovereign Identity projects i.e. Ontology, Litentry aims to aggregate identity data that users generate in different blockchains, rather than converting non-DID data into DID data.
Crypto Revolution
What are the stretegic partnership litentry is looking for to stregthen project’s scope?
Mel Z
We’re partnering with regional high-profile KOLs and projects to make our project more accessible for people from different regions and cultural background, and to increase our visibility around the globe. So far, we’ve worked with GFS(Vietnam), CryptoUniverse(Vietnam), Cryptotimes(Japan) and many more KOLs to do regional events.
COMMUNITY SESSION
Asif Hasan
Can you explain the ways Litentry(LIT) generate revenue to fund the project for further development?
junius zhou
We reserve some LIT for our developer and will sponsor the project based on aggregated DID. Our customers like DeFi will pay us for the DID data.
Marian Merheb
🧨 As a developer, what do I need to start making Dapps with litentry? What features or benefits do you give me that are better than the ones other projects offer? Who do I have to talk to? When will this be possible?
junius zhou
we will provide interface and SDK for developers to implement Dapps based on Litentry Chain. We can provide the aggregated DID for your access. All other platform or product just limited in one single blockchain eco-system.
🍒Shiino OZ🍒
Where’s Latentry storage users data, are in the blockchain or outside blockchain; I mean on Latentry’s own servers?
junius zhou
We have both on-chain and off-chain data. The DID and linked account will be stored on-chain. Private info will be off-chain.
Syno
How does ‘’LITENTRY’’ use cross-chain technology? What advantages does Litentry have over Cosmos, Oracle, or Polkadot
junius zhou
We based on polkadot system, our chain is a substrate based parachain. We will get the slot of Kusuma and Polkadot.
Bitcoin Guru
Thank you very much @juniuszhou for answering our community questions
Crypto Revolution
It was pleasure to have you guys here!!
Bitcoin Guru
Once again thank you @kaylawang @SeniorPumpkin @juniuszhou for your time
junius zhou
Thank you so much and the entire community
