At 4 pm on February 3, 2021, Binance debuted, LaunchPool exceeded 1 billion TVL, the Polkadot ecological star project, and Litentry, a top philatelic investment institution, visited the Uniswap Chinese community, hosted by the co-founder and captain of BlockArk, and brought " Digital identity aggregator Litentry, how to lead the wave of the Web3 era" theme sharing, this live broadcast event is supported by BlockArk, ChainNews, Odaily, BlockBeats, Encryption Pavilion media support, live sharing content is organized as follows:
Before the event begins, let me briefly introduce BlockArk. BlockArk is an investment bank and marketing agency in the encrypted asset industry. It manages ArkStream Capital, a primary and secondary fund focused on cryptocurrency. BlockArk integrates investment, branding, market growth, and strategic consulting, and is committed to promoting the growth of Web3.0 unicorns.
Before the event begins, let me briefly introduce BlockArk. BlockArk is an investment bank and marketing agency in the encrypted asset industry. It manages ArkStream Capital, a primary and secondary fund focused on cryptocurrency. BlockArk integrates investment, branding, market growth, and strategic consulting, and is committed to promoting the growth of Web3.0 unicorns.
The topic of today's AMA is: digital identity aggregator Litentry, how to lead the wave of the WEB3 era, the guest is Litentry's CMO, Kayla Wang
Kayla: Hello everyone, I am Kayla, the CMO of Litentry, thank you very much for the invitation of Block Ark and everyone's participation!
Captain: Before we start, let me give an introduction to today's event flow. Today's AMA event is divided into two stages. The first stage is the theme question and answer. I will ask 8 prepared questions in the form of one question and one answer. After the 8 questions are over, it will enter the second stage, free question and answer. Group friends can freely ask guests questions, and guests are free to choose 3-5 questions to answer. The small partners who are selected will share the LIT reward worth 50 USDT together.
Captain: So our AMA is officially starting now.
Captain: First question, Litentry defines itself as a digital identity aggregator on the blockchain. This concept may be unfamiliar to most users. Can you tell us what a digital identity aggregator is? What is Litentry's vision?
Kayla: Thank you, host. The name of Litentry comes from Lite-entry. We believe that identity is the first entry for users to enter the blockchain. We hope to bring blockchain to mainstream users through easy-to-use identities.
Digital Identity Aggregator is a decentralized identity aggregator that supports connecting users' digital identity information across multiple networks. This aggregator allows users to view and aggregate their identity information on different blockchain networks on dApp, and manage and utilize it. The Litentry identity aggregator has a digital identity index protocol and a distributed DID verification blockchain built on the bottom layer, providing decentralized and interoperable identity aggregation services, and alleviating the difficulty of solving unknown DID mechanisms. Litentry aims to provide a safe and effective DID tool to enable users to manage their own identity data, and third-party dApps to obtain cross-chain real-time DID data of identity owners.
To put it simply, with the development of the blockchain, we leave more and more data on the blockchain, and various decentralized applications will emerge in endlessly. However, the blockchain itself has no entry barriers and is also anonymous. In the current blockchain application, we may not pay attention to our identity and account at all. But this is only for now. The future blockchain world should replace the current Internet, which is the Web3 world I mentioned earlier.
In the Web3 world, users cannot be identityless, because most Internet services are based on identity, finance is based on credit, social interaction is based on identity, communication is also based on identity, and media is based on reputation... When these fields are in Web3 When the Internet is developed, for the essence of decentralization, they will inevitably need decentralized identity data sources, and these identity data will come from different applications and different blockchains.
However, at present, if an application needs to aggregate user data from different decentralized systems, it is very difficult. This not only requires them to develop corresponding functional modules, but also requires them to analyze the application of each required data source The logic and the DID standard of the blockchain where it is located will consume a lot of development costs. At present, there is no product that provides aggregated identity data services like Litentry. Litentry can provide one-stop decentralized identity data acquisition and calculation, and Litentry is an open protocol that allows anyone to add DID standards and identity algorithms. If If you know The Graph, then the design of Litentry at the data index level is similar. Litentry will provide the liquidity of cross-chain identity data.
Captain: Thank you Kayla for giving us the concept of digital identity. Does the digital identity need to be linked to the identity in the real world? How to realize the aggregation of digital identities, please give us a brief explanation of Litentry's solution.
Kayla: Digital identity reflects different user identity characteristics in different scenarios, so digital identity can be regarded as a projection of the user's real identity, but it is not necessarily the entirety of the user's real identity, and it can even be separated from the user's real identity. For example, the identity data voted on the user chain and the identity data discussed in online forums may only correspond to a small part of the displayed identity of the user, or even completely separate from it, and exist as an independent and brand-new identity. For exchange KYC and lending identity verification, the identity often needs to be highly consistent and linked to the real identity. The service provided by Litentry is to provide a tool that can obtain different identities arbitrarily, so that users can use different aggregated identities in different scenarios.
Litentry's identity aggregation is a decentralized aggregation, that is, any identity calculation is to pick up data from different identity data sources through a group of random nodes in the network, and the calculation results are output after mutual proofreading by Byzantine fault-tolerant consensus For the data requester, the whole process will be decentralized and credible, and the Litentry network will not retain the calculation results, and each identity aggregation request is performed in real time, which can protect the privacy of users to a certain extent.
Captain: Okay, the third question, we see that Litentry received the grant from the web3 foundation as early as the third quarter of 2019. At that time, the introduction of Litentry was "identity module and corresponding UI", which is far from the current positioning It is clear that in the past two years, the development of DeFi has gone from little-known to popular all over the world, and users in the digital currency market have a deeper understanding of digital identities. In the past two years, what changes have taken place at the positioning and product level of Litentry? What milestones have been achieved?
Kayla: Great question, thank you Captain.
This change is a key milestone in the team and an important decision to determine the backbone of Litentry's future development.
In Litentry's 2020 annual report, we probably mentioned this change. If the management is free, please turn to the report link. At the beginning, what Litentry focused on was to provide users with DID solutions, that is, to help users convert non-DID data into DID data.
But we quickly encountered two problems: 1. There are a lot of homogeneous products 2. Users don't seem to care about "creating DID identities".
This is because the current DID identity does not have any just-needed applications.
Everyone in the team seems to have seen these problems. Fortunately, every member of our team is an old fan of the blockchain, and everyone has a deep understanding of the blockchain.
Coincidentally, we all see the same direction, which is the application of identity data on the chain—that is, the decentralization of off-chain data has been difficult to promote, and at the same time, users generate more and more data on the chain, and these data are related to users. Assets are closely related, and these are very important data worth mining.
The future of the blockchain may not lie in how we move things off the chain to the chain, but in how we change the world through everything that happens on the chain.
So Litentry changed direction and decided to focus on building a better world on the chain. Identity is our strength. We hope to develop the field of user identity data on the chain to the extreme.
What Litentry is doing now is different from all other DID projects. What Litentry is doing is "connection" rather than "production". We aggregate DID data on different decentralized systems/blockchains to provide users and Apps provide more valuable decentralized identity data.
Captain: Hahaha, thank you Kayla for sharing these mental journeys with us. Indeed, Litentry has made better changes along the way. The current direction meets the needs of the web3 era, and there is enough room for imagination.
Captain: Our next question is, since we have chosen this direction, what is the role of digital identity? What products has Litentry developed to achieve these functions?
Kayla: Digital identity is the carrier for users to interact on different chains, representing the existence and value of users on a certain platform. This identity is constantly updated and judged by the outside world. At the same time, this digital identity is also a medium for the platform and other participants on the chain to recognize and judge the identity owner. In order to make this cognitive and judging process smoother and more real, Litentry provides identity aggregators, decentralized, transparent identity verification systems, and real-time credit calculation systems to help users participate in on-chain activities with more comprehensive and diverse identities , obtain services, remember third-party platforms and other users to better recognize and judge the user.
Captain: We know that Litentry is developed based on Polkadot’s Substrate. Polkadot’s Rococo testnet started the parachain test two weeks ago. It is expected that the auction of parachain slots may be soon. We saw that Litentry also participated in the test. Presumably Litentry also has a plan to auction parachains in the future. Is there a clear auction plan now? Will you participate in Kusama's auction? If the parachain is not photographed in a short period of time, will it affect the progress of the project?
Kayla: Litentry has applied to register Rococo V1 as a Polkadot side chain candidate, and successfully deployed validators and collators. We have enough project funds to support our participation in this auction, and we believe that after LIT is listed on Binance Launchpool, we will have more resources to compete with other projects to win the auction.
Captain: Hahaha very succinct reply, I hope that Litentry can take the parachain as soon as possible. The following two questions are related to the token mechanism.
Captain: What are the functions of Litentry's token LIT? What is the token economics of LIT? Tell us about the token distribution of LIT and its internal appreciation logic.
Kayla: The distribution of LIT tokens is: 8.11% for seed round, 11.89% for Binance launch, 3% for Binance Launchpool mining, 15% for the team, 45% for Polkadot side chain auction and ecological construction, and 17% for the foundation. For more information about the distribution of LIT tokens, you can check out the LIT report released by Binance Research:https://research.binancezh.cc/en/projects/litentry
There is not much time, and you can see the use value of lit token from the bottom of this page, which is mainly used to pay for identity data calculation requests.
For more design awards about the LIT economic model, you can follow our official account: Litentry Decentralized Identity, and we will continue to update it.
Captain: Thank you for your reply. Everyone can take a look at this picture and Binance’s research report. You can see the distribution of tokens more clearly.
Captain: The next question is, is LIT an ERC20 token on the Ethereum chain? Yesterday, Pancakeswap announced that some LITs on BSC will also be used for airdrops. How do these tokens migrate to Polkadot in the future? Do these tokens serve any purpose before the real product lands?
Kayla: The first launch is ERC20.
Pancakeswap announced that some LIT on BSC will also be used for airdrops
— LIT can be mined by staking CAKE, with a total of 400,000 LIT. For specific rules and gameplay, please refer to the official account article
How do these tokens migrate to Polkadot in the future?
— It will be mapped to the Polkadot mainnet later
Do these tokens serve any purpose before the real product lands?
— Can participate in network governance
Captain: Okay, the last question is about the ecological development of Litentry. From my understanding, the effective aggregation of digital identities needs the support of more projects, such as decentralized storage, such as privacy computing. We have also seen Litentry and well-known Cooperation of DID project Ontology. What I want to ask is how will Litentry build its own ecology, and will there be more projects to cooperate with Litentry?
Kayla: Yes, Litentry can provide decentralized identity data for many different projects. Through these decentralized identity data such as credit and reputation on the chain, many applications can expand different scenarios.
For example, defi credit lending, unsecured lending, or discounted mortgage lending, kyc fields such as interpersonal recognition, accurate user screening, can be used for project airdrops, project allocation of financing lines, etc.
Bolder ideas are decentralized personalized recommendations, big data computing, etc...
On the other hand, Litentry cooperates with more projects, especially DID projects. Litentry integrates their DID standards and provides user data indexes on their chains or protocols, so that their application scenarios can be more easily integrated with other blockchain applications. combined.
Captain: Hahaha, it seems that there is indeed more room for imagination, and cooperation with more projects can further empower LIT.
【Free question and answer session】
【Free question and answer session】
Q: May I ask how much will be listed on Binance Circulation tomorrow? Will it be listed on Uniswap?
Kayla: There is a Binance research report, anyone can open uniswap, recognize the contract address of lit tiken, remember!
Q: Do you compete or cooperate with other privacy computing projects? Such as Phala, ARPA, and Oasis public chain
Kayla: As a cooperative relationship, we will communicate closely with the latest privacy computing solution team to provide users with maximum privacy protection.
Question: Will Polkadot repeat the mistakes of EOS? Now the valuations of these projects are inflated, and there is nothing. Like EOS at that time, it is pure speculation. Do you have any landing applications?
Kayla: Two words: no. Ha ha. For landing applications, please pay attention to our next project cooperation progress release.
Q: Can I pledge cake to mine?
Kayla: This is an activity on pancakswap, pledging cake to mine lit. Binance luanchpool can also be mined, pledged bna, dot, busd.
Captain: Alright, today’s AMA is over here. Thank you again for Kayla’s wonderful sharing. The extra award-winning friends can privately chat with sumi@BlockArk assistant registration information. Thank you for your active participation!
*Note: This article is only for research discussion and information sharing, not as investment advice.
In the future, BlockArk will bring you more high-quality projects and content sharing. As long as you keep an eye on the Uniswap Chinese community, or follow @BlockArk Block Ark, you can get relevant information as soon as possible. The content review of this AMA will also be published on Weibo and major media platforms, so stay tuned!
*Note: This article is only for research discussion and information sharing, not as investment advice.
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