Tidal, a decentralized insurance platform, will use Litentry to enhance the security of ID-based networks»CryptoNinjas
Litentry, cross-chain decentralized identity (DID) Aggregator The company that is able to link user identities between multiple decentralized networks announced the establishment of the latest partnership with Tidal Finance. TidalFinance is a decentralized insurance market that provides customized insurance pools for one or more assets.
Through this new partnership, Tidal Finance can provide Litentry’s services with security solutions to prevent financial losses due to user data being hacked, thereby protecting users themselves.
Litentry’s goal is to find a way to connect user data from different decentralized platforms and services while maintaining user privacy and data sovereignty. This can be achieved through identity aggregation. By using Tidal’s services and platform, user data flow between different services can be more secure, thereby creating a better and more secure environment for DeFi.
On the other hand, Litentry’s DID aggregation API and calculation model will help Tidal better understand the on-chain behavior of insurance buyers, and thus understand their risk status. This risk profile will be used to set premiums for different users based on complex algorithms, prevent false submission attacks and make the reconciliation process of approved accounts more robust.
These additional important user information enable Tidal Finance to provide operations on a more favorable and efficient platform, while protecting user privacy and providing a better user experience.
User identification plays a greater role in decentralized services, especially when the server requires the client to identify information such as KYC, credit score, or other sensitive information.
Tide can ensure the security of data transmission, so that interoperability services are not only useful, but also more secure in communication, thereby protecting users from identity theft and providing a safer user experience when using financial services.