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Litentry (LIT) price, marketcap, chart, and fundamentals info
Litentry (LIT) is the first decentralized identity protocol in the Polkadot ecosystem. The fundamental element of the Litentry network is privacy. The Litentry project highlights the sensitivity not to violate the anonymity of blockchain users.
Litentry performs cross-chain transactions, aiming to become Parachain of the Polkadot Network. It handles service requests from Litentry users, who say it is a security-focused project, through the DID (decentralized identity).
Litentry (LIT) Highlights
Litentry is built on Substrate, inheriting the best features and best technology in the Blockchain industry. Litentry aims to become Parachain of the Polkadot Network and benefit from the thriving cross-chain ecosystem and shared security.
Privacy Focused – Privacy Focus
Privacy protection is the foundation of the Litentry Network, and they don’t want to violate the fake anonymity of blockchain networks. Litentry supports on-chain anonymous data.
Decentralized – Decentralized
The Litentry network processes DID verification, aggregation and computation requests from a service requester, and returns a trusted person the results. The process will be performed by a random set of validators in the network in a completely decentralized and transparent manner.
Democracy – Democracy
Credit calculation algorithms, origin data, and identity registrar are all governed by LIT’s stakeholders. Community relationships and community members can be recorded on-chain and generate community credit. What’s more is that all governance credit will contribute to voting
Basic information of LIT copper
|Token Standard||Unility token|
|Token type||ERC-20, BEP-20|
|Total Supply||100,000,000 LIT|
|Initial Circ. Supply||18,000,000 LIT|
- Binance Launchpool: 3% of total token supply
- Seed Sale: 8.11% of total token supply
- Strategic Sale 11.89% total token supply
- Team: 15% of total token supply
- Parachain Auction & Ecosystem: 45% of total token supply
- Foundation: 17% of total token supply
LIT coin issuance schedule
The above chart represents the quantity and breakdown of all LIT tokens that will be issued in circulation every month. Parachain Auction & Ecosystem and Foundation will continue to be released after November 2025.
LIT Token Sale
|Seed Sale Allocation||8,111,120 LIT|
|Seed Sale Token Price||0.18 USD / LIT|
|Seed Sale Amount Raised||$ 1,460,002|
|Strategic Sale Allocation||11,888,880 LIT|
|Strategic Sale Token Price||0.25 USD / LIT|
|Strategic Sale Amount Raised||$ 2,972,220|
What are LIT tokens used for?
- Payment: fee is paid in LIT every time a user requests a real-time credit calculation over the network.
- Reward: third parties that set up an indexed identity database will get rewarded in LIT.
- Staking: Stake a certain amount of LIT to become an identity registrar.
- Collateral: Used as collateral for DeFi lending / borrowing services
What exchange is LIT coin traded?
LIT is currently not traded on any exchange. Only information on 01:00 pm (VN time) on February 4, 2021, LIT will be listed on Binance. Other floors when there is information, I will update later.
LIT coin storage wallet
This is an ERC-20 token so it’s pretty easy to find a suitable wallet for example: Trustwallet, Ledger Nano X, MyEtherWallet, MetaMask.. Or you can store it directly on an exchange, where you bought that token. Remember to turn on full security.
Litentry (LIT) on Binance Launchpool
Binance announces the 16th project on Binance Launchpool as Litentry (LIT). I will guide Launchpool:
- Token Name: Litentry (LIT)
- Total Token Supply: 100,000,000 LIT
- Launchpool token rewards: 3,000,000 LIT (3.00% Total Supply)
- Initial Circulating Supply: 18,000,000 LIT
- Smart Contract Addresses: LIT (ERC-20) , LIT (BEP-20)
- Staking Terms: No upper limit. No KYC required
The pools are supported to farm LIT
Daily LIT distribution in pools
There are 3 time periods and the total amount of daily LITs is different and different for each pool. Details are as follows:
From 07:00 am on January 29, 2021 to 07:00 am on February 4, 2021
- Daily reward is 250,000 LIT
- Distributed to each pool as follows: BNB (150,000 LIT), BUSD (25,000 LIT) and DOT (75,000 LIT)
From 07:00 am on February 4, 2021 to 07:00 am on February 12, 2021
- Daily reward is 75,000 LIT
- Distributed to each pool as follows: BNB (45,000 LIT), BUSD (7500 LIT) and DOT (22,500 LIT)
From 07:00 am on 12/02/2021 to 07:00 am on 02/28/2021
- The daily reward is 56,250 LIT
- Distributed to each pool as follows: BNB (33,750 LIT), BUSD (5625 LIT) and DOT (16,875 LIT)
All of them are Vietnamese time frames
Instructions to stake BNB, BUSD and DOT receive LIT
Step 1: If not, register for a Binance account: https://CHK.com/go/binance
Step 2: Prepare 1 of the tokens: BNB, BUSD, DOT
Step 3: Access: https://launchpad.binance.com then select “Stake now“With the pool you want:
Step 4: For example, you use BNB, then click “Stake”And enter the amount of BNB you want to send to the pool.
General note when joining Binance Launchpool
- A snapshot of user balances and total pool balances will be taken every hour to calculate user rewards, also updated every hour.
- Users will be able to accumulate their rewards (calculated per hour) and receive these rewards directly into their spot account at any time.
- Percentage rate (APY) and total balance of each pool will be updated in real time.
- You can only join one pool at a time. For example, User A cannot stake the same BNB in 2 different pools at the same time, but can allocate 50% of their BNB to pool A and 50% in pool B.
- Users will be able to withdraw their funds at any time without delay and join any other available pools instantly.
- Tokens are staked in each pool and any unclaimed rewards are automatically transferred to each user’s spot account at the end of each farming phase.
- Launchpool’s BNB participants will still provide users with these standard interest to hold BNB , such as airdrops, Launchpad eligibility and VIP benefits.
The future of Litentry and LIT tokens
Litentry has launched the Spark Community Partnership and Ambassador Program to collaborate with and gain support from global communities. The project currently has communities in China, Japan, Vietnam, Nigeria, South Africa, Russia and Germany, as well as ambassadors from 10 countries. The next future strategies are as follows:
- Create in-depth content on DID and Web3.0 to educate community members and guide them to experience Litentry’s products.
- Integrate community credit into Litentry protocol and Litentry app ..
- Launch the Node program to encourage users to run identity index servers on the Litentry Network.
- Organize discussions for community members to engage in network / product optimization dialogues to gradually achieve effective DAO governance.
Should invest in LIT
Litentry completed its first round fundraising in October, since receiving Web3 Fund Grants in 2019. In this round, the project has received support from more than 13 prominent venture capital funds:
- Crust: Allows access to hierarchical identity data archives
- OpenSquare: Litentry partnered with OpenSquare to integrate algorithms and build a decentralized credit system.
- Ontology: Litentry partners with Ontology, enhancing its decentralized identity and credit computing solution
With funding from the Web3 Foundation in 2019, the Litentry team built the following products for a user-centric ecosystem.
- Litentry Network: Runtime built with Substrate
- Litentry Authenticator: A mobile identity management center
- Litentry DApp Playground: Collection of DApp templates
- Litentry Data Center: Identity-based IPFS explorer
- Litentry Graphql Caching Server: Speed up IPFS connection
- Litentry SDK: UI developer tools
Hope that the quite full evaluation of the team will help you to consider the right investment. See you in the next coin and token articles.
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