Litentry partners with DeCredit to harness the potential of decentralized credit
Litentry is glad to announce our strategic partnership with DeCredit, a DeFi 2.0 protocol that links credit authentication nodes and credit oracle to lending products. The two teams will work together to harness the potential of decentralized credit in the transformation of lending.
The advert of decentralized credit becomes a turning point in the lending industry. Compared to the traditional collateralized loan model, decentralized credit ease the latency in resource allocation by eliminating full collateralization or even over-collateralization in loans. DeCredit provides decentralized credit services by linking credit oracle that connects off-chain credits to on chain and verifying credit in their credit authentication nodes.
In this partnership, DeCredit will strengthen the capacity and performance of its credit authentication system by accessing and integrating Litentry’s decentralized credit computation network. Besides, they will incorporate Litentry’s DID credits into their existing credit model.
Litentry plans to index identity relevant data from DeCredit protocol’s credit oracle, with the purpose to enhance the accuracy and completeness of users’ aggregated identity.
DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models, that is, linking credit authentication nodes and credit Oracle to lending products, on the premise of existing encrypted collateralised loan models, with a view to progressively reduce and finally eliminate collaterals, enabling staggered resource allocation and enabling the blockchain paradigm to inclusively enable the traditional financial lending sector. By doing this, DeCredit leverages the tremendous momentum generated by DeFi to provide liquidity support to a wider range of entities and individuals.
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Litentry is a cross-chance Decentralized Identity (DID) Aggregator that enables the linking of user identities among multiple decentralized networks. Built on the Substrate framework and featuring a DID indexing protocol, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassles involved in resolving agnostic DID mechanisms. Litentry’s DID Aggregator is compatible with all DID standards, and powered by a reliable DID data interface. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in Web3.0.