PRESS RELEASE. The blockchain business is an ever-evolving world and Litentry is on the forefront of this revolution. Litentry intends to create a really decentralized identification aggregation resolution that may energy internet 3.0 functions.
Its blockchain structure is superior and has witnessed large progress attributable to its utility in numerous sectors. Litentry has additionally created a DID Startups Applications that incentivizes modern groups to construct merchandise that may add worth to its blockchain. To proceed its progress, Litentry has utilized for a Polkadot Parachain slot that may remodel its ecosystem.
This text will open your creativeness into the way forward for internet 3.0 that may be achieved when Litentry will get a parachain.
A decentralized ecosystem for modern initiatives
Litentry has constructed an modern decentralized based mostly identification ecosystem that has attracted a number of initiatives to its blockchain protocol. One among such initiatives is the Polkadot Naming System (PNS). PNS intends to introduce decentralized identify methods to the Polkadot blockchain and is leveraging Litentry to attain its objectives.
Customers can have an on-chain distinctive identify that connects to their pockets account, sensible contract addresses and extra. PNS shall be onboarded on Litentry Parachain and use Litentry as its fundamental registrar entry.
Litentry Crowdloan contributors that stake greater than 10 DOT tokens shall be eligible to register for a free PNS area on the prelaunch platform. The latest success of the Ethereum Title System (ENS) reveals the huge potentials inside this sector.
Different platforms which have leveraged Litentry blockchain options embody decentralized social interplay protocol MyCryptoProfile, on-chain knowledge aggregator Web3Go and decentralized sign-in protocol Polka Sign In. Transaction and actions carried out by these initiatives shall be powered by LIT, the native token of Litentry and enhance adoption.
Litentry can also be engaged on growing its first decentralized utility that shall be targeted on Airdrops. Airdrops are an vital element of the crypto business and are utilized by initiatives to reward loyal customers.
Issues, nonetheless exist with the standard Airdrop system the place validation and distribution are executed in a centralized method, posing questions of transparency, one-time distribution and extra. Due to this fact, Litentry is growing an modern system the place customers can simply declare rewards for finishing duties.
Litentry airdrop dApp integrates an modern TaskFi platform that leverage the facility of its distinctive identification aggregation system to make sure decentralized verification of customers and honest distribution of rewards. It might additionally embody anti-fraud instruments, loyalty packages and a custodian pockets for customers to obtain their rewards immediately.
Litentry Crowdloan gives the primary use case for the dApp, and contributors will be capable to participate in numerous duties to obtain rewards in LIT tokens.
Litentry potentials have been said above, and the initiatives deployed on its blockchain will solely proceed to develop as soon as it efficiently wins a Polkadot Parachain slot. Early traders can turn into a part of a rising ecosystem and obtain rewards for LIT tokens for staking their DOT within the crowdloan pool.
Litentry has already allotted 20% of the token provide of LIT as rewards for crowdloan contributors, which is greater than different initiatives within the public sale. As well as, contributors can stake on Binance now to take pleasure in a Heat-Up promotion 1-week Heat-Up promotion will obtain an additional pool of 500,000 LIT plus liquidity BDOT.
Litentry has additionally partnered with DeFi platforms Bitfrost and Parallel Finance to supply lending choices for crowdloan contributors. Customers can contribute to Litentry crowdloan pool from each platforms and obtain rewards in LIT tokens + liquidity DOT derivatives.
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