Litentry facilitates cross-chain identity and enhances accessibility to Web3 applications, making data querying more efficient and interoperable. The name "Litentry" is derived from the combination of "Lite" and "Entry."

The web3 privacy-focused project enables linking user identities across multiple networks in a liquid, interoperable, and consistent manner. This protocol finds applications in various areas, including decentralized finance (DeFi), on-chain governance, and specialized data services.

The LIT token is the native cryptocurrency of the Litentry network. Holders of LIT tokens can participate in on-chain governance and have access to the decentralized mobile application and the DID (Decentralized Identifier) aggregation protocol supported by the Litentry network.

The network is built on top of the Substrate architecture. It aims to aggregate DIDs, verify them, and calculate credit while incorporating DID standards into a modularized identity service to make solving agnostic DID methods more accessible.

Litentry is a decentralized cross-chain identity aggregator built on the Substrate framework. Its primary objective is to enable decentralized identity (DID) aggregation, verification, and credit calculation across multiple networks. It focuses on solving the issue of identity redundancy in the Web3-powered application ecosystem by collecting, indexing, and distributing DIDs to various blockchains in a decentralized and verifiable manner.

Key features of the Litentry network include:

Identity Management

The platform facilitates the management of identities, allowing users to use anonymous and independent identities across different applications and services without needing passwords or additional registration details.

Distributed Storage

After collecting user data, Litentry stores it decentralized, ensuring accessibility from various corners of the distributed world.

Identity Staking

An innovative feature of Litentry is the ability for users to stake their identities and be rewarded, similar to staking tokens in other blockchain networks.

Decentralized Contributors

Litentry allows users to interact with multiple services using one identity, enhancing anonymity and eliminating the need for multiple accounts.

Litentry's architecture is layered, with the Litentry Runtime sitting on top of Substrate, a Parachain of Polkadot. Offline workers are used when generating identities. The User Side is the second layer where users control their data, and anonymous data from applications are stored decentralized.

The Litentry project originated in 2019 when it enrolled in the Web3 Foundation Grant. In 2020, its developers raised funding for the project by conducting its seed and strategic rounds.

In Q1 2021, the LIT token was launched through listing in Binance Launchpool and other CEXs. During this quarter, the Litentry network joined Polkdaot DAO Alliance, Berkeley Xcelerator Cohort, and Substrate Builders Program.

Other notable developments through 2021 include connecting Polkadot Rococo as a parachain, launching Proof of Concept, launching Litentry Crowdloan, and getting listed on BYDFi.

Significant milestones in the Litentry roadmap from 2022 include launching Litmus Crowdloan, ideation of My Crypto Profile 2.0, developing the TEE sidechain, rebranding the project, and working on IdentityHub.

IdentityHubs alpha version was released in Q1 2023, followed by its beta release in Q2. As of August 2023, Litentry has planned the public launch of IdentityHub in Q3 2023, along with its SDK development.

Investors interested in the decentralized identity space and the Polkadot ecosystem may find opportunities in Litentry (LIT). The project's focus on decentralized identity and collaboration with the Polkadot ecosystem contribute to its long-term potential.

The rising interest and adoption of web3 technologies could drive higher demand for DID projects like Litentry, potentially increasing the value of LIT in the crypto market. Additionally, a favorable outlook among investors toward the overall crypto market could boost the price of the $LIT coin.

While we cannot provide an accurate LIT price prediction, monitoring certain factors can help understand price action and volatility in the Litentry cryptocurrency:

• Level of adoption of Litentry's services: The practical use cases of Litentry's decentralized cross-chain identity aggregator in DeFi, on-chain governance, and specialized data services can affect the token's value.
• Investor outlook toward web3 technology: Increased interest in web3 privacy initiatives and dApps can drive demand for DID projects like Litentry.
• Crypto market sentiment: Positive news, partnerships, developments, or increased adoption can boost investor confidence and increase the Litentry price.

The LIT token serves various purposes within the Litentry ecosystem:

• Verifiable Identity: Litentry allows users to generate and manage a verifiable identity, enhancing security and privacy in applications like NFTs and dApps.
• Reputation-based Benefits: Litentry facilitates reputation metrics and status transportation across web2 and web3 platforms, providing reputation-based benefits.
• Under-collateralized Lending: Litentry can be used to assess credit scores and eligibility for under-collateralized lending, contributing to a more secure lending ecosystem.
• DeFi Participation: Litentry holders can participate in DeFi activities using LIT tokens as collateral or earn passive staking income.
• Secure Identity Data Management: Litentry follows a self-sovereign identity framework, ensuring user data is stored, processed, and protected in a secure environment.
• Customized Data Services: Litentry's protocol and interface can be adopted in various custom data services beyond DeFi.
• Trade or HODL LIT: Trade Litentry coin against other crypto assets or hold the token long-term based on your research.

Litentry has partnered with established names in the crypto industry, including Phala Network, Moonbeam, Acala, SubWallet, Bifrost, Web3Go, Arweave, Automata, and Moonriver.

Notable investors in Litentry include Binance Labs, Signum Capital, PAKA, Hypersphere, NGC, SevenX Ventures, TRGC, and Digital Renaissance.

To transfer LIT tokens from the Ethereum network to the Litentry Network (Polkadot parachain), follow these steps:

1. Open the Litentry web app and switch to the Ethereum network.
2. Connect using the Polkadot.{js} Extension and select the Polkadot account for the transfer.
3. Navigate to the Token Bridge screen within the app.
4. Choose the Ethereum account and connect it to your Ethereum wallet.
5. Configure the transfer details, including the destination account on the Polkadot network.
6. Select the number of LIT tokens to transfer and authorize the transfer.
7. Review the transaction details and submit the transfer.
8. Sign and approve the transaction, then wait for confirmation.