Press release. The blockchain industry is a constantly evolving world, and Litentry is at the forefront of this revolution. Litentry intends to create a truly decentralized identity aggregation solution to provide support for Web 3.0 applications.
Its blockchain architecture is advanced and has witnessed tremendous growth due to its application in different fields. Litentry also created a DID startup program to incentivize innovation teams to build products that can add value to their blockchain. In order to continue its development, Litentry applied for a Polkadot parachain slot, which will change its ecosystem.
This article will open up your imagination to understand the future of web 3.0 that can be achieved when Litentry acquires the parachain.
Decentralized ecosystem for innovative projects
literature An innovative identity ecosystem based on decentralization has been established, attracting multiple projects to join its blockchain protocol.One of the items is Polkadot naming system (PNS). PNS intends to introduce a decentralized name system in the Polkadot blockchain and use Litentry to achieve its goals.
Users will have a unique name on the chain connected to their wallet account, smart contract address, etc. PNS will join the Litentry parachain and use Litentry as its main registrar portal.
Litentry Crowdloan participants holding more than 10 DOT tokens will be eligible to register for a free PNS domain on the pre-release platform. The recent success of the Ethereum Name System (ENS) shows the great potential of this field.
Other platforms that utilize Litentry’s blockchain features include decentralized social interaction protocols My encrypted file, On-chain data aggregator Web3Go And decentralized login protocol Polka loginThe transactions and activities implemented by these projects will be supported by Litentry’s native token, LIT, and will increase the adoption rate.
Litentry is also working on developing its first decentralized application focused on airdrops. Airdrops are an important part of the crypto industry and are used by the project to reward loyal users.
However, the traditional airdrop system has problems, in which verification and distribution are completed in a centralized manner, which brings problems such as transparency and one-time distribution. Therefore, Litentry is developing an innovative system in which users can easily get rewards for completing tasks.
The Litentry airdrop dApp integrates an innovative TaskFi platform that uses the power of its unique identity aggregation system to ensure the decentralized verification of users and the fair distribution of rewards. It also includes anti-fraud tools, a loyalty program and a custodial wallet for users to receive immediate rewards.
Litentry Crowdloan provides the first use case for dApps. Participants will be able to participate in different tasks to get rewards of LIT tokens.
Crowd loans literature
The literary potential has been explained above, and the projects deployed on its blockchain will only continue to grow after successfully winning the Polkadot Parachain slot. Early investors can become part of the evolving ecosystem and receive rewards of LIT tokens to mortgage their DOT in the crowd loan pool.
Litentry has allocated 20% of the supply of LIT tokens as rewards for crowd lending participants, which is more than other items in the auction.In addition, participants can pledge Binance Now enjoy the warm-up promotion for 1 week of warm-up promotion will get an extra 500,000 LIT pool and liquidity BDOT.
Litentry also cooperates with DeFi platform Frost with Parallel finance Provide loan options for crowd lending contributors. Users can contribute to the Litentry crowdfunding pool from both platforms and receive rewards of LIT tokens + liquid DOT derivatives.
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