Litentry this week: Token migration development completed
Litentry initially only allowed users to transfer token data from Ethereum or Binance Smart Chain (BSC) networks, but when building the Litentry Parachain, we had to address the incompatibility between the main network and ERC-20, where LIT Tokens are located. As such, arises the LIT Token’s migration to the main network plan.
We came up with two proposals.
Proposal 1: Develop by oneself, monitor the address and main network of Ethereum in a centralized way, and transfer data to the main network in real-time when the Ethernet network triggers transfer;
Proposal 2: Integrate Chainbridge’s decentralized heterogeneous data transfer protocol into Litentry parallel chain, and invoke and modify parameters to fit Litentry network.
We settled down with Proposal 2, whose advantages are as follows:
- Token migration is flexible. Users can choose whether to migrate
- During the migration, the token circulation is not affected
- The migration does not require high stability of the main network
- High data protection security
The backend of the LIT Token migration leverages ChainBridge, a modular multi-directional blockchain bridge built by ChainSafe. It’s a piece of software that allows data to be passed from one chain to another. The software itself implements an observer pattern and has an event listener which listens to transaction events taking place on Chain A and replicates the transaction in real-time to Chain B. There needs to be a mapping between Chain A and B in order for this software to function properly. The software needs to understand, the network we are transferring from and to. It also needs the address of the token on Chain A and the address of its counterpart on Chain B. On Chainbridge, everyone can run a node, where an event needs to be approved by two-thirds of the nodes to pass through successfully, thus decentralizing data migration.
The main work of integrating Chainbridge into the Litentry main network is the adjustment of parameters. Because Chainbridge is a relatively mature and accomplished module, there will be inconsistency in the development schedule and software version of both sides, which requires several modifications before it can be used.
At present, the development of both the front and back end of the token migration module has been completed, and the next step is to conduct internal tests. After the main network is deployed, the token migration pallet will be open to the public. When the token migration function goes live, users can choose whether to migrate or even return the token to the original ERC20 or BSC network after migration. Currently, the token is interchangeable between the main network and ERC-20.
My Crypto Profile Beta
My Crypto Profile, Litentry’s new product scheduled to launch in August, has entered the community beta phase. This private beta invited 16 community members to use and provide feedback on the product. So far, the tests have gone smoothly, with no major bugs found and an average product satisfaction rating of 92.8 among the volunteers who participated in the tests.
My Crypto Profile is built upon Litentry Register technology to connect Ethereum addresses to Twitter accounts, allowing users to display their NFT collections on Twitter. The product is currently in the form of a browser extension that allows users to see the “My NFTs” tab on their Twitter profile. You can join our Discord or follow our Twitter to get the latest news.
Testnet: Updated parachain dependencies
- Updated parachain dependencies to v0.9.8
- Added benchmark tests for account-linker
- Fixed SubstraTEE compilation issues
- Settled basic SubstraTEE structure
- Merged ocw debugging and error handling refactoring
Misc: Fixed Twitter-linker bugs
- Fixed Twitter-linker bugs
- Setup server for Twitter-linker
- Review parachain devops stuff
- Improved architecture of webapp
- Developed the NFT airdrop front
- Reorg the substraTEE repos
In addition, Litentry conducts in-house training on Cyber Security and GDPR compliance for all employees. The main purpose of this training is to improve employees’ awareness of cyber security settings and privacy protection, and improve Litentry’s user data protection and technical security in many aspects.
👋 See you next time!
Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains.