What is LIT
Litentry (LIT) is a cross-chain Decentralized Identity (DID) aggregation protocol and credit computation network built on Substrate framework, the generic blockchain template behind Polkadot ecosystem. DIDs are a new type of digital identifier that enable secure and verifiable digital identity for any number of abstract or physical objects including people, organizations, collectibles, data models, etc. The Litentry Network processes service requests for DID verification, aggregation, and computation, returning a trustable result to each client. Users can register a new identity within the Litentry Authenticator Android application. LIT utility token is available as an ERC-20 Ethereum token as well as BEP-20 Binance Smart Chain. LIT token has several unique use cases including as payment for real-time credit computations, as a reward for third parties who set up indexed identity databases, as a staking reward for identity registrars, and to be used as collateral for DeFi lending and borrowing. The Litentry dApp Playground provides users a suite of digitally authenticated decentralized applications including dSpotify Music Player and dTwitter, generating blockchain data tokens when users interact with the application such as playing a song, sending a tweet, etc.
