Embracing the Future: Litentry’s Journey to Chain Abstraction Services

In the rapidly evolving landscape of blockchain technology, adaptability is not just an advantage — it’s a necessity. As pioneers in decentralized identity solutions, Litentry has always been at the forefront of innovation. Today, we’re excited to propose a strategic direction: rebranding Litentry as a project focused on chain abstraction services.

But why this change, and why now? Let’s delve into the journey that has led us to this transformative decision.

From Decentralized Identity to Chain Abstraction

Our Origins

Litentry began as an identity aggregator protocol within the Polkadot ecosystem. Our mission was clear: to empower users with control over their digital identities in a decentralized world. Over the years, we’ve achieved significant milestones:

• Cross-Chain Support: Extended our system to support Ethereum Virtual Machine (EVM) networks, Bitcoin, Binance Smart Chain (BSC), and TON in the near future.
• Privacy Protection: Built the Trusted Execution Environment (TEE) sidechain to safeguard user privacy.
• User Empowerment: Developed the Identity Hub to enhance user experience in monetizing their identities.

These advancements laid a robust foundation, positioning Litentry as a versatile infrastructure capable of more than our initial scope.

The Catalyst for Change

Several factors have influenced our decision to rebrand:

1. Ecosystem Evolution: The Polkadot parachain model is transitioning. With no future parachains planned, the ecosystem is moving towards core-time sales for networks leveraging Polkadot’s security.
2. Token Economy Reevaluation: Our reserved parachain fund, initially intended for future auctions, has become redundant. Redirecting these resources can better incentivize new features and enhance community engagement.
3. Technological Maturity: Having realized the architecture outlined in our original white paper, it’s time to innovate beyond our initial vision.
4. Broader Ecosystem Support: Our expansion into multiple chains necessitates a more comprehensive approach.

Understanding Chain Abstraction

Chain abstraction is the process of simplifying interactions with multiple blockchain networks by hiding the underlying complexities from the end user or developer. It allows applications to interact with different blockchains seamlessly, without requiring an understanding of the specific protocols, consensus mechanisms, or technical nuances of each network.

In essence, chain abstraction:

• Enhances User Experience: Users can engage with blockchain applications without worrying about network-specific details.
• Facilitates Interoperability: Developers can build applications that operate across multiple blockchains effortlessly.
• Accelerates Adoption: By reducing complexity, it lowers barriers to entry for both users and developers, promoting broader adoption of blockchain technology.

Why Chain Abstraction Matters

As blockchain technology matures, the number of networks and platforms continues to grow. Each comes with its own set of features, benefits, and challenges. This diversity, while beneficial, introduces complexity for users and developers who wish to interact with multiple chains.

Chain abstraction addresses this challenge by:

• Streamlining Development:dApp developers can write code once and deploy it across various networks.
• Improving Accessibility:Users can access services without needing to manage multiple wallets or understand different transaction mechanisms.
• Promoting Innovation:A unified interface encourages the creation of more complex and feature-rich applications.

Why Litentry is Perfectly Suited for Chain Abstraction Services

Technical Expertise and Innovation

Our team’s deep understanding of cross-chain technologies and decentralized identity solutions uniquely positions us to tackle the challenges of chain abstraction. We have a proven track record of innovation, which is essential for navigating the complexities of integrating multiple blockchain ecosystems.

Comprehensive Infrastructure

Litentry’s existing infrastructure is well-suited for chain abstraction:

• Identity Solutions: Our identity protocols can serve as the foundation for a unified permission layer facilitating interactions across chains.
• Privacy and Security: The TEE sidechain ensures that the entire workflow of DeFi applications is secure, including transactions, oracles, bridged assets, and the mempool. The sidechain can also protect sensitive user data and transaction information.
• Decentralised Consensus: Litentry’s DPoS main-net has been running slickly for over two years, it fits perfectly into the demand of settlement and finalization in chain abstraction services.
• Developer Tools: We are committed to providing APIs and SDK that make it easier for developers to build cross-chain applications like decentralized exchanges.

Enhanced Token Utility

The LIT token will play a central role in the chain abstraction architecture:

• Unified Currency: LIT can be used to pay for services across different blockchain networks, simplifying transactions.
• Incentive Mechanisms: Users and developers are rewarded for participating in the ecosystem, encouraging engagement and growth.
• Governance: Token holders can influence the direction of the project, ensuring that development aligns with community needs.

Commitment to User Experience

We believe that the key to successful chain abstraction lies in prioritizing the user experience:

• Simplified Interfaces: Our applications can abstract away the complexities of different blockchains, presenting users with a consistent and intuitive interface.
• Omnichain DeFi Services: Users can access a wide range of financial services — such as bridging, swapping, lending, and trading — without needing to switch between networks or manage multiple wallets.
• Accessibility: By lowering the technical barriers, we make blockchain services accessible to a broader audience, driving adoption. Additionally, data can be signed via an email security code for enhanced ease of use.

Conclusion

Litentry’s evolution into a chain abstraction services provider is a natural progression in our journey. By leveraging our technical expertise and robust infrastructure, we are poised to make significant contributions to the blockchain industry.

We invite you to consider this proposal and provide your feedback on this exciting potential. Together, we will build a more connected, efficient, and user-centric decentralized world.

The rebranding will proceed only if our on-chain vote is successfully approved. We encourage our community to support and participate in this critical decision.

Please vote on this proposal here: https://litentry.subsquare.io/democracy/referenda/33

Stay tuned for more updates and join the conversation on our official channels.

Thank you for your continued support.