Litentry Partners with Standard Protocol to Improve IDO Whitelist Selection Process
We are happy to announce our collaboration with Standard Protocol — a collateralized Rebasable Stablecoins (CRS) protocol. We will work together to improve the IDO whitelist selection process to ensure fairness and decentralization.
DID and IDO
Current problem of IDO is that projects have been facing issue selecting addresses eligible for the allocations to prevent scambot and multiple accounts. This deteriorates the fairness and decentralization of the game. The selection process needs to be refined and handled with a more advanced and flexible mechanism.
As part of this collaboration, Litentry as a service provider, will provide advanced IDO whitelisting methods with identity-based whitelist selection validation via it’s innovative DID aggregation and computation model. This will help Standard Protocol to identify eligible users and filter out unwanted users such as spambots.
A lot more to come
Furthermore, Standard Protocol will become an identity data provider of Litentry. The identity data in Standard Protocol can be used to feed the credit computation model in an effort to provide a more accurate representation of user identity. This also means that users are able to link and verify their Standard identity data on Litentry platform and third-party dApps can obtain real-time DID data of an identity owner under user’s authorisation in a secure way.
Meanwhile, Standard Protocol plans to integrate Litentry’s aggregated DID API and leverage the utility of LIT token, to explore ways to adjust collateral rate and to upgrade it’s on-chain governance system based on individual identity and on-chain behaviours.
On top of that, Litentry’s integration to Standard Protocol’s oracle system can facilitate and tighten the identity verification of potential oracle providers. This will make Standard Protocol’s oracle system less vulnerable to malicious intents.
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoins(CRS) protocol for synthetic assets, and will operate in the Polkadot ecosystem. It introduces a new paradigm for liquidity aggregation. In contrast to the previous generation of algorithmic stablecoins, Standard introduces collateralization in the protocol in order to provide a more reliable peg on top of its algorithm. It will act as the catalyst for the financial activities of other para-chains to enable leveraged trading and arbitrage via a built-in AMM. It will also include a protocol for synthetic asset markets by way of a decentralized oracle.
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 the Web3.0.