Litentry (LIT) is a cross-chain identity aggregator that enables decentralised identification (DID) aggregation, verification and credit calculation, allowing users identities to be linked to multiple distributed protocols. Litentry collects and distributes DIDs to different blockchains. The network features an identity matching and identity staking mechanism.
Litentry is built on the substrate network, a platform that is natively compatible with Polkadot (DOT). Substrate is working towards eradicating identity redundancy in the Web3-powered application ecosystem.
LIT is the native utility token of Litentry and performs a number of different functions. LIT tokens are primarily used as a reward for indexed identity databases and as a fee for credit/reputation computation. Additionally, these tokens are also used for staking purposes and secure on-chain governance.
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