LIT/USD: Convert Litentry (LIT) to United States Dollar (USD)

Litentry (LIT) is a decentralized identity aggregation oracle that aims to redefine the management and authentication of identities across blockchains. Built on the Substrate framework, it is tailored for Polkadot, EVM-based platforms, and other multi-chain ecosystems. Litentry leverages Trusted Execution Environments (TEE), verifiable credentials, and customizable score computation to usher in a new era of digital identity. Its flagship product, the IdentityHub, aims to transform how identities are managed across blockchains. Litentry's approach to identity is self-sovereign and user-centric, bridging both Web2 and Web3. It seeks to establish a unified, privacy-centric decentralized identity infrastructure, redefining interoperability and utility for users and projects in the decentralized space.

Litentry operates by enabling users to link their identities in a privacy-preserving context. It aims to give users full control over their personal data and enable them to gain social and economic value from it. The protocol can be adopted in on-chain reputation, governance, DeFi, and customized data services. Litentry's decentralized identity pallet provides a secure and private way to link different Web3 wallets and Web2 accounts. This allows users to enhance their Web3 profiles, creating a more tangible and trustworthy digital identity. Litentry's Trusted Execution Environment (TEE) infrastructure adds a privacy-preserving layer between raw blockchain data and data shared with a dApp. It also provides secure storage for the sensitive identity graph.

Litentry's identity aggregation and privatized verifiable credentials can be useful in several situations. These include airdrop whitelisting, audience selection & community insights, soulbound tokens or NFTs, Web3 native job markets, credit scores, and cross-platform reputation. For instance, the Litentry identity verification system allows crypto projects to identify and filter out low-quality engagement in an airdrop. By providing a complete and thorough picture of a user's trading history, asset values, and borrowing behavior, Litentry can provide credit scores. This increases the eligibility for under-collateralized lending and other reputation-based benefits or provides risk insights for partners.

Litentry was founded by Hanwen Cheng, a former Software Engineer at Parity. While working on a Signer project at Parity, he realized the need for an interoperable identity system and started a side project, which eventually became Litentry. In 2019, after he built his team and took the project more seriously, Litentry quickly set off: they received a grant from the Web3 Foundation, then a million-dollar seed round from FBG, Candaq, Hypersphere, Signum, Altonomy, and other crypto VCs. The team also listed the utility token LIT on Binance in 2020 and incubated three projects in-house.