Litentry
Crypto Overview
Project Overview
Litentry is a decentralized identity aggregation protocol built on Polkadot that enables users to manage and verify their digital identities across multiple networks. The platform allows users to link their various Web3 identities and credentials while maintaining privacy and security.
Purpose and Utility
The LIT token serves multiple functions within the Litentry ecosystem: It is used for governance voting, staking to secure the network, and as payment for identity verification services. The platform aims to create a trustless identity verification system that can be used across different blockchain networks.
Business Model
Litentry's business model focuses on providing decentralized identity services, which aligns with halal principles as it involves the exchange of real value through identity verification services. The platform does not engage in interest-bearing activities or other prohibited practices.
Development and Adoption
The project maintains active development on GitHub, with regular updates to its protocol. While adoption is still in early stages, Litentry has established partnerships with several Polkadot ecosystem projects and continues to expand its identity verification services.
Token Distribution
The token distribution includes allocations for the team, ecosystem development, and community initiatives. Team tokens are subject to vesting periods, which helps align long-term incentives. The project maintains transparency regarding token allocations and usage.
Crypto Impact
To assign a comfort level investing in Litentry from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Litentry.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.