What is Litentry Coin?

You can also read this news on COINTURK NEWS: What is Litentry Coin?

Litentry helps support an exchange favoring a user-centric network with blockchain. Litentry includes an identity-based network and related tools, featuring an identity matching and identification mechanism, forming a comprehensive decentralized identity and user activity data management infrastructure.

What is Litentry (LIT)?

Litentry allows users to collect identities from other chains, includes an identity matching and identification mechanism, and forms a comprehensive decentralized identity and user activity data collection infrastructure.

Identity Matching is a blind matching process with randomly selected anonymous identities from the on-chain identity pool, where candidate identity data is processed by the underlying off-chain worker. The network sends the DID of the matching winner to the matching recipient as a matching opportunity. The recipient has no access to other identities in the identity pool, only to the DID of the winner; therefore, the matching recipient pays LIT tokens for the matching opportunity.

Identity Staking is the process where an identity owner submits a snapshot of their identity document and DID to the blockchain’s identity pool and authorizes reading permissions to the verification node, thus receiving staking and matching rewards in subsequent blocks. The identity document is encrypted and recorded in a decentralized database such as IPFS or an on-chain key/value store, with the DID stored on-chain.

Litentry builds the core economic model of an identity-based network without selling user data through identity identification and matching. Not only do identity verifiers and matching recipients benefit from the matching market, but DApps connected to Litentry also receive matching fees as identity contributors. In this way, Litentry aims to encourage more participants in the future of Web3.

With a grant received from the Web3 Foundation in 2019, the Litentry team created the following products for a user-centric ecosystem:

• Litentry Network: A runtime built with Substrate
• Litentry Authenticator: A mobile identity management center
• Litentry DApp Playground: A collection of DApp samples
• Litentry Data Center: An identity-based IPFS explorer
• Litentry Graphql Caching Server: Accelerated IPFS connection
• Litentry SDK: Tools for front-end developers

How to Buy LIT Coin?

LIT Coin can be quickly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by trading volume.

To buy LIT Coin, you first need to become a member of Binance and then transfer fiat currency. After sending fiat currency such as dollars, you can purchase LIT in the LIT trading pair by buying Bitcoin (BTC), BUSD, Ethereum (ETH), or Tether (USDT) where LIT is traded.

Additionally, users can place a purchase order at a lower value than the market value on Binance and make purchases at their desired price. For this, use the Limit tab and enter the amount you want to buy and the price you want to pay.

The post first appeared on COINTURK NEWS: What is Litentry Coin?

The post What is Litentry Coin? appeared first on COINTURK NEWS.