Authored by: @hetty-rowan

We're all unique, right?

Every person is unique and an entity in itself. Our characteristics are called our identity. And more and more we have to show this in the online world in which we operate every day. When registering on an exchange, just to name a few, the relevant platforms want to know almost everything about you.

But trading platforms are no exception. The majority of online locations are only too eager to know who you are. In addition, they are also very interested in what you are looking for.

And yes, everyone is a little guilty of that here. We also like to use specific tags that are picked up by Google, for example, so that our blogs may be picked up by Google, and therefore are also visible to a large audience earlier.

However, the approach here is to write articles that are entertaining and educational. We are not concerned with knowing other people's behavior on the internet. Personally, I think, I couldn't care less! However, the big companies see this a little differently. For them, your behavior is worth a lot of money, which you do not benefit from.

Litentry wants to put a stop to this by giving you back control of your data. How are they going to do that? That seemed like an interesting blog for today!

What is Litentry (LIT)?

The crypto-related company Litentry focuses on the identity of users. The company creates a decentralized identity for the users, ensuring interconnection through the platform. The identities are, as it were, merged.

Online privacy is increasingly declining for people. Many websites have a very boring policy that nobody reads, but that does have consequences. Through these policies, websites learn more about you than you probably would like.

This data obtained by the websites is worth money. By analyzing your online data, companies know exactly which advertisements are suitable for you. This makes you a product for data sellers, which advertisers are only too happy to take advantage of.

Litentry wants to counter this. The company believes that users should at least benefit from this state of affairs. After all, it concerns your data, which other parties benefit from. Litentry combines the data about you with the blockchain technology.

The decentralized aspects of Litentry

The decentralization of people's identity is divided by Litentry into four groups. All four groups will be scrutinized. This concerns the following groups:

• Decentralization of identity storage
• Decentralization of identity authentication
• Decentralization of identity ownership
• Decentralization of identity data

When storing your identity, it concerns the data that you store on your own devices. It is therefore not about the data that ends up directly with a central party. In addition, the identity authentication connects the validator to the Litentry network. This independently validates the authentications.

With the decentralization of identity ownership, certain data is recorded with the blockchain technology. This data ends up on the network. The relevant data revolves around the relationship between the person, his or her identity and the data. These are validated by the decentralized network.

When users are active on centralized platforms, they provide valuable information about themselves that third parties like to use. Litentry also collects this data and stores it in the network.

This ensures that users can create useful profiles and thus gain an insight into themselves. Examples include information about your health or shopping activities.

The token of Litentry (LIT)

Within the Litentry network, users can earn LIT by deploying their identity. This makes a user of the platform an identity striker, who can store his data in an identity staking pool.

The user can decide for himself which data is stored in the pool. The more data that is shared, the more rewards there are for the striker. In addition to the rewards, the striker must also pay a validation fee to the network.

When the data is entered, it is sent to any validator on the network. The selected validator will do its best to prove that the data submitted is correct or incorrect.

The validator is rewarded with the token of Litentry for his contribution. When the data is approved, it is placed in the identity pool and the validation fee is sent to the appropriate validator.

The value of the data will also be assessed by the person requesting the data. This applicant will have to pay for the information, with part of this amount going to the identity pool. Within the pool, the rewards are distributed according to the amount of valuable data.

Identity strikers can receive rewards in two ways. The scenario described above is one of these. In the early stages, this is the most common form for many strikers.

When more parties want to buy data, there will be another opportunity to earn LIT. When you share a lot of data with the decentralized platform, you will be seen as a high-quality striker.

By delivering high quality, you will be more interesting to data buyers. This will give you additional rewards, which Litentry calls a matching fee. With this extra reward, the company tries to encourage users to share a lot of data.

Features of LIT

• Token ticker: LIT
• Total number of tokens: 100,000,000 LIT
• Number of tokens in circulation: 31,014,048.96 LIT
• Token type: BEP-20 and ERC-20
  
  

Litentry as Polkadot parachain

The long-awaited Polkadot parachains are almost becoming a reality. Litentry is one of the parties that would like to be a parachain on the Polkadot network. To achieve this, the project is organizing a crowd loan. A crowd loan is similar to an IDO, but there are some differences.

With a crowd loan, you make an investment to help the project find a place. In this case, investors will have to put in their Polkadot. As a reward for this act, they are rewarded with tokens and other bonuses.

The DOT will be in the possession of Litentry for a maximum of 2 years. The maximum time that you can rent a place as a parachain is 2 years. After the 2 years, you get the investment back. Therein lies the difference with an IDO.

For example, with an IDO you exchange Ethereum (ETH) or Binance Coin (BNB) to get tokens from a new project. With a crowd loan, you get your investment back in addition to other tokens.

Litentry has announced that they will use 20% of their tokens to reward users for their participation. With this, the project hopes to win over many investors.

Suitable wallet for the token

Before you have a suitable wallet to store your coins, you will first have to buy the coins. It is possible to trade LIT on approximately 20 trading platforms.

You can choose to keep the coins on the exchange, but this strategy is the least recommended. We all know it; Not your keys, Not your crypto. A software wallet like your Metamask for example is a better choice ... But the best option and most secure option is a hardware wallet.

The Litentry team

The Litentry team consists of at least 28 team members. Most team members are developers and managers. I will highlight some important team members with leadership positions for you.

The founder and CEO of Litentry is Hanwen Cheng. Before founding Litentry, Cheng was active as a software developer in Berlin. He did this for various companies, which you can find in the table below.

With Lilly Dobreva, Litentry has an experienced Chief Product Officer (CPO). Before her position, she was active in this field for several employers. Like the CEO of Litentry, Dobreva worked for various employers in Germany. However, Dobreva was working in Munich.

Litentry's Chief Technology Officer (CTO) is Fei Liu. Before starting his work at Litentry, he was active as a software developer for various companies. His four most recent employers in the field are listed in the table below, but Liu's lengthy resume doesn't stop there.

The woman in charge of Litentry's marketing is Kayla Wang. Wang has, among other things, been CEO of wirewise.io and was previously active as a crypto blogger. I know how your Mandarin is, mine has either gotten a little rusty, or even just never been there. But at least I can't say I've ever seen her here.

Name	Function	Experience
Hanwen Cheng	CEO	Parity Technologies, Jingtum Technologie, WIX.com, ETAS
Lilly Dobreva	CPO	Carly Connected Car, InterNations, AutoScout24
Fei Liu	CTO	GetSafe, everiToken, FactorEleven, InterNations
Kayla Wang	CMO	DDR Group, WireWise.io

Critical note

Litentry's plans are a step in the right direction when it comes to handling personal data and behaviour. But a side note is and remains that your data will still be used. Litentry provides an interim solution, as it were, but does not yet solve the problem at the moment.

Another important point is the crowdloans for the Polkadot parachains. There are a large number of projects that want to become a parachain at Polkadot. It is expected that there will be about 20 parachains in 2021. Unfortunately, the competition is fierce, so you can ask yourself whether you expect Litentry to win one of the 20 auctions for a place.

In total there are 100 spots available, so there is a good chance that in the future we can say that Litentry will be a parachain. Whether this will happen in 2021 remains to be seen.

Another caveat I found, investors who make Litentry become a Polkadot parachain will get 20% of the total amount of LIT. You can question this, because what will happen to the price of LIT if a large group of investors suddenly acquires such a lot of tokens? Are they going to hold this up, or would you suddenly have to deal with a terrible dump?

Conclusion

Litentry is one of the projects that can change the existing state of affairs thanks to blockchain technology. Because you can decide for yourself whether and how much data you share, you have more control. In addition, you will be rewarded for sharing the data.

You would not have this advantage without the blockchain technology, because various parties can easily obtain a lot of data from you and benefit from it. Because of the possibilities that Litentry offers, you know which data is shared.

Personally, I think it's an interesting project to follow. No, at the moment I have nothing invested, lol. My budget is not big enough to invest in all the interesting opportunities that come my way.

Litentry started their plans in 2019, so you could say that it is still a reasonable young project. But if you look at the team behind it, you can say that there is a team with a lot of experience behind it.

Many people denounce the scenes surrounding their privacy, which does not exist on the internet. That is why the decentralized project seems to be a solution for many people. These developments can also be interesting for parties that are interested in certain data.

In addition, the parachain auction is an important step for the project. When Litentry wins an auction and thus obtains a place as a parachain, this can have positive consequences for the project and the direction of LIT.

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