Do you know what Litentry coins are? Let me clear that first; A substrate that inherits great features and hi-tech technologies of the block chain industries is built for Litentry. Litentry focuses on being a Parachain of the polkadot network and advantage from the thriving cross-chain ecosystem and shared security. This is the gist about Litentry Coins!
Whether the community admits it or not, Litentry looks to resolve controversial issues of the crypto industry, which is needed. Instead of a third-party, it desires to connect the identifiers with block chain-based wallets, like the block chain checks the user’s details. With Litentry, Crypto and block chain projects offer unique services according to the identity’s qualified data. In this article we will discuss the top 10 reasons that motivate users to buy Linentry coins.
Top 10 Reasons To Buy Litentry Coins:
The following are the reasons that motivates the investors to buy the Litentry Coins:
#1 Cross Platform Identity
The collection of the data is the identity of the user, that can provide access to dedicated services. For instance, an excellent Alipay credit score will help you fetch a microloan. On the other side, cross-platform recognition makes it simple for users to sign in/log in for various apps. It would be nearly impossible for Web3.0 to offer the user experience of identity management, without a cross-chain identity. Litentry is a cutting-edge cross-chain identity revolution by enabling users to pick identities from various chains to link together and use them as first-order logic for multiple decentralized applications. Apart from that, as Litentry uses block chains to achieve decentralization, it prevents the users’ identities from being constantly monitored.
#2 Powered By Block chain
The modular framework enables Litentry to leverage excellent technologies in the blockchain industries, additionally the platform is based in the substrate. Litentry also has aim to take part in the parachain auction to get a slot on Polkadot, which allows it to take advantage from the shared security and cross-chain ecosystem of the Polkadot network.
#3 Privacy Focused
Where the money is involved everyone is just looking for the safety and security of their funds, also the privacy of their personal and banking details. Litentry aids an incognito on-chain data processing feature to ensure their privacy is preserved.
#4 Fully Decentralized
Litentry procedures figuring requests and DID verification aggregation from anyone demanding specification based services and sharing faithful results. The network arbitrarily chooses the authentications to do the verification process, maintaining decentralization and privacy.
#5 SDK, And Light Client Services
#6 App, Data Explorer, And Authenticator
The Litentry platform encompasses an authenticator as the data hub for the Litentry users. The platform also has a data explorer for the users to verify their own data. Moreover, it consists of Littentry applications that are integrated with identity on the network.
#7 LIT Token
The native token of the Litentry network that has multiple use cases are known as LIT tokens. Uppermost, holders can pay the token as a fee for credit/reputation computation on the network. Moreover, the platform uses LITs to reward for indexed identity databases, stake for being an identity Registrar, and deposit in analyzed DeFi lending services.
The entire supply of LIT tokens is 100 million. Litentry split these tokens as following
- 15% to Litentry team
- 8% went to seed investors
- 12% to the private sale
- 17% is reserved for the Litentry Foundation to offer grants
- 3% to Binance launch pool
- 40.5% to remain as network incentives to auction for Polkadot parachain.
#9 Partnership And Integration
The Litentry project is as hefty as its partners. The Litentry has a long list of well respected partners including DeCredit, iME, PAID Network, Ontology, Standard Protocol, Injective, Cere, and more.
#10 LIT Price
According to the publication, LIT is trading at $3.88 with a 24 hours trading volume of more than $12 million. The Litentry users can purchase these tokens on Binance, Gate.io, LBank, CoinBene, MXC, and other various trading platforms.
Also Read: A Complete Guide On Binance Bridge
Into The Nut Shell
While the world moves nearer to a completely operational Web3.0 ecosystem, it can see more use cases of a cross-chain identity provider to enable a smooth user experience. The Litentry platform is a step ahead with an innovative solution that enables it to interconnect a massive amount of data or information while safeguarding the privacy of the users. Additionally, these features of Litentry are good for the ongoing mania of DeFi, decentralized KYC, and on chain governance.