Fun

Litentry Blockchain Offers Massive Potentials to Crowdloan Investors

News Feed - 2021-11-14 03:11:00

Litentry Blockchain Offers Massive Potentials to Crowdloan Investors press release


PRESS RELEASE. The blockchain industry is an ever-evolving world and Litentry is at the forefront of this revolution. Litentry intends to create a truly decentralized identity aggregation solution that will power web 3.0 applications.


Its blockchain architecture is advanced and has witnessed massive growth due to its application in different sectors. Litentry has also created a DID Startups Programs that incentivizes innovative teams to build products that will add value to its blockchain. To continue its growth, Litentry has applied for a Polkadot Parachain slot that will transform its ecosystem.


This article will open your imagination into the future of web 3.0 that can be achieved when Litentry gets a parachain.


A decentralized ecosystem for innovative projects


Litentryhas built an innovative decentralized based identity ecosystem that has attracted several projects to its blockchain protocol. One of such projects is the Polkadot Naming System(PNS). PNS intends to introduce decentralized name systems to the Polkadot blockchain and is leveraging Litentry to achieve its goals.


Users will have an on-chain unique name that connects to their wallet account, smart contract addresses and more. PNS will be onboarded on Litentry Parachain and use Litentry as its main registrar entry.


Litentry Crowdloan participants that stake more than 10 DOT tokens will be eligible to register for a free PNS domain on the prelaunch platform. The recent success of the Ethereum Name System (ENS) shows the vast potentials within this sector.


Other platforms that have leveraged Litentry blockchain features include decentralized social interaction protocol MyCryptoProfile, on-chain data aggregator Web3Goand decentralized sign-in protocol Polka Sign In. Transaction and activities implemented by these projects will be powered by LIT, the native token of Litentry and increase adoption.


Litentry is also working on developing its first decentralized application that will be focused on Airdrops. Airdrops are an important component of the crypto industry and are used by projects to reward loyal users.


Problems, however exist with the conventional Airdrop system where validation and distribution are done in a centralized way, posing questions of transparency, one-time distribution and more. Therefore, Litentry is developing an innovative system where users can easily claim rewards for completing tasks.


Litentry airdrop dApp integrates an innovative TaskFi platform that leverage the power of its unique identity aggregation system to ensure decentralized verification of users and fair distribution of rewards. It would also include anti-fraud tools, loyalty programs and a custodian wallet for users to receive their rewards instantly.


Litentry Crowdloan provides the first use case for the dApp, and participants will be able to take part in different tasks to receive rewards in LIT tokens.


Litentry Crowdloan


Litentry potentials have been stated above, and the projects deployed on its blockchain will only continue to grow once it successfully wins a Polkadot Parachain slot. Early investors can become part of a growing ecosystem and receive rewards for LIT tokens for staking their DOT in the crowdloan pool.


Litentry has already allocated 20% of the token supply of LIT as rewards for crowdloan participants, which is more than other projects in the auction. In addition, participants can stake on Binancenow to enjoy a Warm-Up promotion 1-week Warm-Up promotion will receive an extra pool of 500,000 LIT plus liquidity BDOT.


Litentry has also partnered with DeFi platforms Bitfrostand Parallel Financeto provide lending options for crowdloan contributors. Users can contribute to Litentry crowdloan pool from both platforms and receive rewards in LIT tokens + liquidity DOT derivatives.


 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Santander Prepares to Offer Bitcoin ETF in Spain NEWS | 2 mins ago Two Entertainment Projects Featuring Bored Ape Yacht Club NFTs Get Backing From Universal Music Group, Timbaland NEWS | 2 hours ago Tags in this story Litentry


Image Credits: Shutterstock, Pixabay, Wiki Commons

News Feed

Cream Iron Bank $36M Flash Loan Attack: Markets Re-Enabled While Asset Borrow Is Paused
Cream Iron Bank $36M Flash Loan Attack: Markets Re-Enabled While Asset Borrow Is Paused Following the Cream Iron Bank flash loan attack, preliminary findings of
Bitcoin ATMs Double This Year, Exceed 30,000 Globally
Bitcoin ATMs Double This Year, Exceed 30,000 Globally Locations providing crypto ATM services have increased exponentially this year, according to data compiled by a major tracking
Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York
Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York U.S. law enforcement officials are reportedly sc
Binance Coin Topples USDT to Become the Number Three Crypto After a 300% Price Surge
Binance Coin Topples USDT to Become the Number Three Crypto After a 300% Price Surge The Binance token has toppled the stablecoin Tether to become the third-larg
Jeffrey Tucker on De-Dollarization: USD Will No Longer Be King, We’re at Turning Point for US Dollar
Jeffrey Tucker on De-Dollarization: USD Will No Longer Be King, We"re at Turning Point for US Dollar Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a g
Tom Mitchelhill8 hours agoDo Kwon says SEC’s extradition request is impossibleThe Terraform Labs co-founder has pushed back against the SEC’s request to question him in the United States.4095 Total views18 Total shar
While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult
While Bitcoin’s Hashrate Grew by 22,900% in 6 Years, Discovering Block Rewards Is Far More Difficult Over the past 12 months, Bitcoin’s hashrate has increased by 85.77%, w
Prashant Jha13 hours agoInternet Computer will be a key alternative to AWS-like services — Dfinity execThe Dfinity chief said that Internet Computer would prove to be a boon for the blockchain industry, which is curren
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says ‘a Formal Regulatory Process Is Needed Now’
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says "a Formal Regulatory Process Is Needed Now" A U.S. senator has called on the Securities and Exchange Commission (SEC)
Kenyan Fintech Player: ‘Banking the Unbanked’ Is the Most Important Use Case for Digital Currencies in Africa
Kenyan Fintech Player: "Banking the Unbanked" Is the Most Important Use Case for Digital Currencies in Africa The year 2020 may well go down as the year when blockchain technology
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook Libra
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook LibraThe G20 is setting rules to regulate stablecoins such as Facebook’s Libra cryptocurrency. Responding to
Bitcoin To Blast Off? Trump’s Fury Over Interest Rates Signals Big Move
Este artículo también está disponible en español. Bitcoin experts are buzzing as President-elect Donald Trump lashed out against current Federal Reserve policy, calling i