The identity of a natural person is represented by a set of data, which is a cross-platform identity profile, which helps provide better user experience; however, pseudo-anonymous blockchain networks prevents the monitoring of identity profile.
In the absence of a cross-platform identity, it goes that the user experience of identity management on DApps might not be as competent as Web2.0 Apps and that it will not be possible to validate and accredit identities.
In the process of identifying and attracting real users, blockchain projects make use of techniques like air drop; however, they cannot prevent users creating several accounts to get the rewards. Differentiation of users becomes difficult.
Without credit or financial history of users, financial institutes need to charge a collateralized deposit for issuing a micro loan or flash loan.
In on-chain governance of a Proof of Stake (PoS) network sophisticated algorithms is to ensure voting power is not controlled by individual major stakeholders. Litentry is here to make things better.
In this regard, Litentry tweeted: “As DeFi and on-chain governance generates lots of data, cross-chain identity becomes a cornerstone for Web3.0. Litentry is building the services for the whole network.”
To understand the best about Polkadot, it is good to understand Litentry, Sydney Ifergan, the crypto expert, tweeted “Litentry is a decentralized cross-chain identity aggregator built for Polkadot (DOT). “
Litentry builds the protocol and tools which help users collect user’s off-chain data from web apps with privacy protection. The sooner the identity across chains and off-chain apps is connected, the user will have a more dedicated control on identity. Thus will be able to use more dedicated services and functionalities of the networks and applications on the Web3.0.
Polkadot (DOT) Mergers and Acquisitions
Litentry previously stated, “The team is building cross-chain identity and we believe it will be a crucial part of the Polkadot ecosystem”, “demonstrated deep knowledge in technical execution which we believe will be crucial for a speedy launch on Polkadot.”
Woods in the past stated, “Polkadot allows sovereign chains to interact without prejudice in a trust-free fashion, that’s how I see mergers and acquisitions. That’s how I see Polkadot helping in this regard.”
It just looks like what Woods stated in the past is unfolding with lot of accuracy. The innovative identity staking and identity matching mechanism on Litentry Network is going to help create a lot of change in Polkadot ecosystem by driving decentralized identity management and usage data exchange.
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