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Litentry (LIT) is the 473rd largest cryptocurrency in the world by market cap, valued at $42,993,045. The current price of Litentry is $1.083, which is 4.364% higher than yesterday. Prices have ranged between $1.091 and $1.037 over the past 24 hours. All prices are listed in US dollars and accurate as of January 30, 2023 07:01 UTC.
Litentry is an identity aggregation protocol that aims to allow identity data transfer between multiple blockchain networks. Founded in 2019, Litentry aims to aggregate and verify user’s identities, or decentralized identifiers (DIDs), across multiple decentralized applications.
Credit scores/gradings will also be offered. According to the whitepaper, the platform is powered by the Substrate blockchain, with the intention of becoming a parachain on the Polkadot network. Focusing on incognito on-chain data processing, the project aims to preserve the privacy of users but allow for the consolidation of identifying information. The practical use cases for Litentry reach far and wide, with users able to access personal information such as credit and on-chain reputations. This data can then be used when applying for leverage within the decentralized finance (DeFi) sector. Litentry users can also generate community credit based on a user’s participation and contribution within projects, which can be put towards voting power within a platform. LIT is the native token of Litentry Network and offers 4 main use cases. The token is used for the collection of all fees. It is used to reward all those that provide indexed identity databases and as a requirement for those that wish to provide them – formerly known as Identity Registrars. Finally, the token can be used as collateral within other DeFi applications.
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