Litentry is a decentralized identity authentication and user activity data management Infrastructure. Litentry is helping support change that is in favor of a user-centric network with the blockchain. Litentry includes an identity-based network and related tools, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data management infrastructure.
The credit computation algorithms, the data origins, and the identity registrars are all governed by the LIT stakeholders, the relationship of community and community members could be recorded on chain and generated community credit, and further all the governance credit will contribute to voting power.
Litentry Network processes DID verification, aggregation, and computation requests from a service demander and returns a trustable result. The process will be implemented by a random set of validators in the network in a fully decentralized and transparent way.
Litentry is built on Substrate, which inherits great features and the best technologies in the Blockchain industry. Litentry aims to be the Parachain of Polkadot Network and benefit from the thriving cross-chain ecosystem and shared security.
LIT is the native token of Litentry Network, each block the network will give a fix amount reward to the identities owner of identities in identities pool. In the staking finalization process, the value of the staking identity will be quantitated, so that the block stake reward will be shared according to identities staking value.
For Identity Staker: The profit of identity staker are from two parts: Block Reward and Matching Fee.
Block Reward: Once staker data is into identities pool, Identity Staker will get the reward each block.
Matching Fee: Once the matching success with staked identity, the owner will get paid. So in the early stage, the matching request are not big enough, the identity staker will mostly benefits from block reward. When the network get more user and become mature, the share of matching fee will more evenly distributed to the quality identity staker. Thus a staker’s main benefit is matching fee.
For Identity Validator: They are motivated to become Identity Staker, so it is part of the responsibility to validate the correctness of the data. If the origin of data is generated by the identity itself, then the validator will get reward once the data is used, since the validator has proved the authenticity of the data.
For Dapp as Data Origin: Explicit benefits is the grants from Litentry Foundation, each success match will pay fee back to data origin. Implicit Benefits are: It is a new way to attract new users since users could harvest their own data. And for user from other DApp, there is no migration cost, they have motivation to make innovation instead of building business protections.
For Node: As the network maintainer, they will get native token reward from the network.
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