Litentry update: LIT Live price, price chart, news and markets

The LIT price update as of now is $0.2052. In the previous 24 hours, its trading volume was $3,084, and its value has increased by 11.88%. As of now, LIT's live market cap is $20,507,690, and it is ranked as the #1424 on the Coincu. LIT has a circulating supply of 100,000,000 and a maximum supply of 100,000,000.

Litentry: An Introduction Litentry is a revolutionary Decentralized Identity Protocol that operates on the Polkadot network. Its main purpose is to serve as a decentralized identity aggregator, allowing users to connect their identities through a process referred to as Identity Matching. Compared to popular platforms like Tinder or LinkedIn, Litentry offers superior data matching capabilities and a higher level of decentralization. Exploring the Key Features of Litentry The Role of Litentry Litentry was developed to address the issue of users having limited control over their personal information on centralized internet platforms like Google or Facebook. These platforms often exploit user data for their own gain, without providing significant benefits to the users themselves. How Litentry Resolves the Issue Litentry utilizes blockchain technology to tackle the aforementioned problems and introduces a secure mechanism for aggregating user information. Here are the key solutions offered by Litentry: Decentralized Identifiers (DIDs): Litentry employs DIDs as the foundation for identification documents. These DIDs and identity records are stored in identity pools, with the identity records being encrypted and stored in decentralized storage. This ensures that private data is not stored on a single node within the network. Anonymous Identity Matching: Litentry randomly selects an anonymous person's identity document from the on-chain identity pool, along with data provided by off-chain employees. Buyers only have access to the DID of the matching individual and not to other identity documents within the pool. Unique Advantages of Litentry Identity Staking One of the standout features of Litentry is Identity Staking. Users have the ability to select the type of information they want to stake in the Identity Pool. Once chosen, these identity records are sent to identity guardians who verify and ensure the accuracy of the personal information. The staking process can result in three possible outcomes: If any of the identity guardians reject the staking process, the identity document will not be included in the system, and the guardians will not receive any rewards. If all identity guardians accept the identity document, the DID will be added to the identity pool, and the guardians will receive rewards from the system. If all identity guardians initially accept the identity document, but suspicious information is later discovered, the rewards of the guardians will be reduced by the system. Privacy Protection Privacy protection is of utmost importance to the Litentry project. The platform ensures the security of users' personal information through the following measures: The staked identity records are stored in decentralized storage and encrypted using the node's public key. Identity document processing is conducted by off-chain workers. Only the DID is stored on-chain and shared with those interested in purchasing the corresponding personal information. Identity guardians handle identity records in a secure TEE (Trusted Execution Environment) environment. They are responsible for safeguarding users' personal information, and any breach will result in reduced rewards from the network.