IQ.wiki

Read

Edit

History

Notify

Share

Litentry

Litentry is a 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 identity and user activity data management infrastructure.[1][2]

Features

Community Governed

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.
wiki

Fully Decentralized

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.

Blockchain Powered

Litentry is built on Substrate, which inherits great features and the best technologies in the industry. Litentry aims to be the Parachain of Network and benefit from the thriving cross-chain ecosystem and shared security.

Privacy Focused

Privacy preservation is the fundamental of Litentry network and we do not want to breach the pseudo-anonymity of networks. Litentry supports an Incognito on-chain data processing.[3][1]

Tokenconomics

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.
wiki

Use Cases

  • 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.

  • For External Storage: User pays their own storage fee to the external storage, so they are willing to provide their services to our network.[4][5][6]

See something wrong? Report to us.

Litentry

Commit Info

Edited By

Edited On

August 21, 2022

Reason for edit:

New Wiki Created 🎉

Feedback

Average Rating

No ratings yet, be the first to rate!

How was your experience?

Give this wiki a quick rating to let us know!

Twitter Timeline

Loading...

Loading

Media

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersWe're hiringBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ