What is Litentry?
LIT is the native token of Litentry, which is a project that aggregates and manages decentralized identifiers (DIDs) across numerous blockchains. It's aiming to build a protocol that will enable decentralized identities to be used privately and securely. In the future, Litentry also aims to provide developers with an option of creating identity-based dApps and services.
Interested in purchasing LIT coins? Before doing that, make sure to thoroughly analyze the Litentry price chart above. It features both – the current and the previous LIT price.
Litentry is built on Substrate, which is a framework for building decentralized blockchains. Since it's compatible with Polkadot, Litentry is ready to be launched on Polkadot as its parachain. Once this is done, it will be possible to use Litentry across various blockchains like Ethereum, Litecoin, and others.
Who Founded Litentry?
The Litentry crypto project was founded by Hanwen Cheng, an experienced software engineer. Hanwen has worked on various blockchain projects like Jingtum blockchain, Genesis Space, and others.
Use Cases of LIT Tokens
The LIT token has two forms – one based on the ERC-20 token standard, and the other based on the BEP-20 token standard. This means that LIT runs on Ethereum and Binance Smart Chain.
In terms of the use cases of LIT coins, the following are the main ones:
- Payment method. LIT tokens are used to cover network fees.
- Staking. LIT tokens can be staked in order to become an identity registrar and generate staking rewards.
- Rewards. LIT tokens are paid out as rewards for setting up indexed identity databases.
- Collateral. LIT tokens can be used as collateral for crypto loans on lending applications.
In the future, it's also planned to make LIT a governance token, which would provide its holders with the right to participate in the decision-making processes considering the future development of the Litentry crypto project.
If you want to check the live LIT price, take a look at the Litentry price chart above.
LIT Tokenomics
The maximum supply of LIT is 100 million. 15% of the total supply was dedicated to the Litentry team, while 8% was dedicated to early and seed investors. Almost half of the supply (45%) was set aside for incentivizing the network. The remaining portion was allocated for private sales, grants, and the Binance Launchpool. By using consistent unlock schedules every quarter, the tokens are gradually released over time. This is done to avoid major LIT price fluctuations.
