PRICE RELEASE Litentry, a pioneer in the blockchain industry, is constantly evolving. Litentry is a blockchain company that will create decentralized identity-aggregation solutions for web 3.0.
Because it is used in many sectors, its blockchain architecture has experienced significant growth. Litentry created the DID Startups Programs to encourage innovative companies to develop products that can add value to their blockchain. Litentry applied for the Polkadot Parachain slot to continue its expansion. This will allow it to transform its ecosystem.
This article will help to open up your mind about the possibilities for web 3.0 when Litentry acquires a parachain.
An ecosystem that is decentralized for the development of innovative projects
LitentryIt has created a unique decentralized-based identity system that attracted many projects to its blockchain protocol. The is one such project. Polkadot Naming System (PNS). PNS plans to bring decentralized name system to the Polkadot Blockchain and is using Litentry to accomplish its goals.
On-chain users will be able to connect their wallet accounts, smart contracts addresses and other information with an unique name. PNS can be activated via Litentry Parachain, and will use Litentry to serve as the main registrar.
Participants in Litentry Crowdloan who have staked more than 10 DTO tokens can register on the prelaunch platform for a complimentary PNS domain. It is clear that this sector holds great potential. This was evident in the success of Ethereum’s Name System (ENS).
Litentry’s blockchain features are also used by other platforms, including a decentralized social interaction protocol MyCryptoProfile, on-chain data aggregator Web3Go Decentralized sign-in protocol Register with Polka. LIT will power these transactions and other activities and help increase its adoption.
Litentry will also be developing the first decentralized app that is focused on Airdrops. The crypto industry is a key component and projects use airdrops to reward their loyal customers.
There are problems with traditional Airdrop systems. Validation and distribution of rewards is done centrally, which can pose questions about transparency and one-time distribution. Litentry has developed an innovative system that allows users to claim rewards when they complete tasks.
Litentry’s airdrop dApp has an innovative TaskFi platform. It leverages the unique identity aggregation technology to guarantee fair rewards and decentralised verification. The app would include loyalty programs, anti-fraud tools as well as a custodian wallet that allows users to instantly receive their rewards.
The Litentry Crowdloan is the first application of the dApp. Participants will be able take part in various tasks and receive LIT tokens as rewards.
The Litentry possibilities have been mentioned above. Once it wins the Polkadot Parachain Slot, its blockchain projects will continue growing. Investors in early stages can be part of the growing ecosystem, and get rewards for LIT tokens when they stake their DOT into the crowdloan Pool.
Litentry has already given 20% of its token supply of LIT to Crowdloan Participants, which is more than the other projects included in the auction. Participants can also stake. BinanceNow is the time to take advantage of Warm-Up Promotion 1-week Warming-Up.
Litentry is also associated with DeFi platforms Bitfrost Parallel FinanceCrowdloan contributors will have the option of lending. Litentry users can participate in the crowdloan pool via both platforms. They will receive LIT tokens and liquidity DOT derivatives as rewards.
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