Litentry this week: verification in TEE, Kucoin supports Litmus deposit; Crab <> Litmus XCM


Identity Hub

Last week the team has been working on testing and fixing the new UI for ID Hub, and building a new website for 2C and 2B purposes. In short, the team aims to make the product look very nice and user friendly.


Last week we have submitted a new referendum (#1) about introducing an inflation model on LIT tokens. The referendum targets a 1.5 annual inflation rate in the first 6 months since inflation begins, which is when staking functionality is fully activated on Litentry, and a 2.5% rate thereinafter.

This referendum sparks intense discussions in the Telegram chat, most of the opinions are against applying this model so soon. Considering the feedback and concerns from the community, we plan to revise the initial proposal and raise a new one. The new proposal will bring in a token-burning approach to offset the immediate effect of inflation on LIT.


About Litentry

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.

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