Binance Launchpool, a new initiative designed to bring the decentralized finance (DeFi) experience to Binance users, today announced its new project - Litentry - a Decentralized Identity Aggregation protocol across multiple networks, featuring a DID indexing mechanism and a Substrate-based credit computation network.
Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.
Litentry includes a network that supports DID aggregation protocol and a decentralized mobile application. Litentry Network is built on top of the Substrate framework and enables DID aggregation, verification, and credit calculation/grading. It mitigates the difficulty of resolving agnostic DID mechanisms by integrating all DID standards into a modularized identity model. These services can be widely implemented in DeFi, on-chain governance, and decentralized KYC. The processes of data aggregation and verification are transparent, secure, and privacy-preserving.
The Litentry mobile application serves as a secure vehicle for users to collect their decentralized identities and manage them in one place. With arbitrary identity data, users are able to participate in on-chain governance in an efficient and secure manner.
The LIT token is used in Litentry Network as a fee for credit/reputation computation, reward for indexed identity databases, stakes for being an identity registrar, or collaterals for related DeFi services.
During Launchpool participation users will be able to stake their BNB, BUSD and DOT tokens into separate pools to farm LIT tokens, starting from 2021/01/29 at 0:00 AM (UTC). Binance will then list LIT in the innovation zone at 2021/02/04 6:00 AM (UTC) and open trading for LIT/BTC, LIT/BUSD, and LIT/USDT trading pairs.
"Litentry implements an innovative identity aggregation protocol to serve multiple networks. We believe the world is a diverse place where people hold different views, the reputation and the credit system of identity should be generated in a decentralized and transparent way, while the computing algorithms ought to be governed by the community. We are excited to collaborate with Binance, and expand our protocol to BSC ecosystem," - said Hanwen Cheng, Founder & CEO of Litentry
“It’s always great to see new concepts like Litentry’s cross-chain aggregated identity”, said Binance CEO and Founder, CZ (Changpeng Zhao). “We’re happy to support Litentry’s progress through Binance Launchpool.”
For more information about Litentry, read the in-depth report provided by Binance Research.