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📺 Helpful Vids 📺

Aave Video 👉
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– TIMESTAMPS –
0:00 Intro
1:58 The ID Downside
5:07 What’s Litentry
7:54 The way it Works
11:52 The LIT Token
14:23 LIT Tokenomics
17:03 LIT Potential
18:29 Last Ideas

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⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️

► Litentry Web site:
► Litentry Lightpaper:
► Litentry Docs:
► Litentry GitHub:
► Binance Analysis Report:

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📄 The ID Downside 📄

How do you connect distinctive identities to sure customers on a decentralised blockchain. How have you learnt {that a} specific pockets deal with with which you might be dealing is managed by a novel particular person? How will you inform who’s that particular person?

How can we cope with issues like lending and credit score delegation? Positive, you’ll be able to borrow funds in Defi proper now however all of those “Loans” are closely over collateralised

One other one involves decentralised governance. At the moment, most proof of stake blockchains have a governance mannequin the place token holdings decide the load of somebody’s vote

🤔 What’s Litentry 🤔

Litentry is a mission that’s creating a platform to combination and handle decentralised identifiers (or DIDs) throughout quite a few completely different blockchains

It’s a platform that initiatives and protocols can use to handle and use DIDs as an enter into new and thrilling options. Extra importantly although, Litentry is attempting to construct a protocol that can enable these DIDs for use privately and securly.

Litentry is constructed on Substrate. For those who do not know what that is, it is a framework for constructing decentralised blockchains.

One of the thrilling issues about constructing on Substrate is that it’s natively appropriate with Polkadot. That signifies that it might finally be launched as a Parachain on the Polkadot community.

It signifies that it may be used for cross chain id administration. It doesn’t should be restricted to merely the Polkadot ecosystem. Which means that dApps which might be constructed on Ethereum, Cosmos, Filecoin and so on

📈 LIT Token 📈

LIT is the native utility token on the Litentry community and performs a lot of completely different capabilities

Firstly, it’s used to pay for charges. There are a selection of various charges that customers should pay on the community

LIT tokens are additionally used for staking functions. Identification registrars are third events that may arrange listed id databases. These databases are then queried for the decentralised identifiers

So as to ensure that these registrars have “pores and skin” within the sport, they should have financial incentives and diseincentives. Which means that if there may be any dishonest behaviour they’ll have their stakes slashed or misplaced

LIT may even be used within the decentralised governance of the protocol. They’ll decide the voting energy of the people on the community

LIT may even be issued to grant recipients who develop on the Litentry community

💰 LIT Tokenomics 💰

There’s a whole provide of 100 million LIT

These tokens had been cut up in accordance with the next:

– 15% to the Litentry workforce
– 8% went to the seed traders
– 12% to personal sale and additional gross sales
– 17% shall be reserved for the inspiration for use as grants
– 3% to Binance launchpool
– and a full 45% to stay as community incentives

If we embody the inspiration allocation into the broader community incentives bucket (together with launchpool), it is a full 65% that can finally be launched to the neighborhood

Then, we even have to think about funding demand. LIT has already crossed a significant hurdle by being listed on tier 1 alternate. There was loads of demand to HODL LIT and I feel that that is more likely to acquire momentum.

It’s important to take into account that it’s a mission that shall be launched as a Parachain on polkadot. There may be loads of demand for these

You also needs to word that the mission is predicated in Asia and there may be insane demand for Defi in that area. They’ve additionally constructed a robust neighborhood round Litentry in China, Vietnam and india

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📜 Disclaimer 📜

The data contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who shouldn’t be a licensed monetary advisor or registered funding advisor. Buying and selling Foreign exchange, cryptocurrencies and CFDs poses appreciable danger of loss. The speaker doesn’t assure any specific consequence.

#Litentry #LIT #defi #polkadot #DOT #binance #launchpool

Source: Coin Bureau