The LIT token is in the spotlight. What does it offer?
Litentry is an interesting project with great potential. This Decentralized Identity Aggregator allows linking user identities across multiple networks. It also provides a secure vehicle through which Defi users can manage their identities. In addition, dApps will obtain real-time DID data of an identity owner across different blockchains. The company created the platform’s native LIT token for utility purposes. This ERC20 token is very trending. Its ICO is live now, and the project aims to raise 20,000,000 with the sale. The total amount of tokens is 100,000,000.
The Litentry team noted that decentralized identity differs from conventional identity by its generation methods, as the latter don’t involve centralized control and scrutinization. However, web3 continues to grow, and over time more DID data will be generated on-chain. The developers distribute the data on different networks due to its highly fragmented nature. But the current web three infrastructures do not enable convenient data merging and integration across different networks. That presents a difficulty from a data management standpoint.
By indexing data across blockchains, Litentry will subtract data fragments from the isolated data islands, making it possible for data owners to manage and leverage arbitrarily. Moreover, the company will assemble an aggregated identity, a more demonstrating, exhaustive identity image from fragmented, singular identities.
This aggregated DID will fully conform to W3C DID standards. It can potentially resolve the problem of isolated ID registry systems. Considering that most tech companies are facing this problem now, Litentry’s offering may prove very useful. Litentry DID-aggregation will allow a platform-agnostic identity system. The latter eliminates the process of account registration for users, as well as the coding work of building a new registry system for developers.
How does the three-layer credit computation infrastructure work?
The company has also established a three-layer credit computation infrastructure. It enables identity data to evolve from a scattered, disordered state to a low-entropy, structured state. There are three core layers in the Litentry credit computation network. And they establish a verifiable, privacy-enhancing identity credit computation process.
The first one is the Source data layer. It consists of the source platforms of the data obtained by the company’s identity analysts, such as The Graph, Etherscan, Onfinality, and other data providers. The second is the Address analysis layer, which mainly serves as an external server. It provides data analysis, such as Chainalysis, Nansen, and other address analysis platforms. The last one is the Identity aggregation layer. The company generates address relations belonging to the same identity. After that, it obtains the corresponding address analysis data from the address analysis layer, carrying out the weighted computation.
As an identity aggregator, this project focuses on providing credible and accurate aggregated identity data. Furthermore, Litentry obtains identity scores from multiple data analysis platforms and then aggregates them; It encrypts the data and shields computation with TEE to enhance privacy; In addition, the platform computes the aggregate identity score according to the customizable weighting algorithm.
Why is Litentry’s identity aggregation useful?
The company pointed out several use cases when its project may prove very helpful. The users can greatly benefit from the Litentry platform, as well as its LIT token. For example, projects such as Uniswap had airdrops involving their users based on unique addresses but not unique identities. That means validation and contribution methods proceed in a centralized way, facing multiple questions like token claim fee, transparency, one-time distribution, etc.
On the other hand, the Litentry identity verification system will enable crypto projects to identify target users and easily filter out zombies in an airdrop. The project also empowers builders in the web3.0 ecosystem with an innovative TaskFi platform. Users need to complete their tasks, but they could claim the reward after that.
Moreover, the team created My Crypto Profile. Based on Litentry’s cross-chain identity protocol, it has unique features for users to discover another identity in the Web3 space. MCP will keep exploring the interactions with on-chain identity in the future. It will also make use of the NFT module because, in some cases, identity could be regarded as a collection of NFTs.
The investors could further extract Litentr’s DID aggregated identity data and use open data platforms like Web3go to analyze it. That would provide helpful insights into the activities of cross-chain identity. A multi-chain data analytics platform – Web3Go allows users to query, visualize and analyze blockchain data through easy-to-use yet powerful tools.
Litentry also offers a unique identity linking solution that acts as the main registrar entry for open, decentralized domain name systems. It empowers the latter to index the public data into the domain name, but the private name remains reserved in Litentry’s TEE side chain.
Mizar is still trending. What does this platform offer?
Mizar is a relatively new project that has garnered lots of attention lately. This next-gen trading platform enables traders to search for strategies to securely allocate capital, as well as get access to a wide range of trading tools to put their assets in motion.
The company plans to launch its native utility token in June 2022. MZR is a BEP-20 token created specifically for this platform. During the initial coin offering, 1 MZR will trade for 0.0015 USD. The team fundraising goal is 100,000,000. However, the total amount of tokens is 10,000,000,000.
At first, the project’s founders had been creating advanced trading tools for institutional traders across several markets. They wanted to help entire organizations automate their trading processes. The team created algorithms that automate trading strategies reducing risk and increasing profitability for these institutions. Afterward, the team members decided to band together and bring their expertise into the crypto market, which they found devoid of viable options. With their considerable experience, they aim to deliver advanced but simple-to-use trading tools that make crypto trading accessible to everyone.
Mizar plans to bring automated trading to everyone. Thanks to it, crypto traders will be able to increase their profitability while reducing risk. The project will also solve the complexity of trading crypto, as well as improve its accessibility to traders of all levels. Mizar will bridge advanced trading tools from CeFi to DeFi, addressing various problems of DEX trading.
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