Litentry Weekly Updates (May 10–16th)

Testnet

  • Started Xrecovery pallet implementation
  • Initialised draft design of off chain worker combined with Deco
  • Updated parachain dependency to latest deps
  • Initialised NFT pallet backbone
  • Token migration internal presentation and discussion
  • Explored XCMP

Misc

  • Fixed CI bug
  • Setup social-linker frontend
  • Added additional APIs for social-linker frontend
  • Upgraded Polkadot & Kusama validators
  • Implemented an NFT source code generator to simplify NFT importing
  • Migrated registrar test script to TS
  • Migrated registrar chain script to TS
  • Started setting up frontend repo for a new blockchain explorer project

Marketing & Community

  • Our parachain-slot auction strategy is out! Some important details: 1) Litentry will be attending both the Kusama auction and the Polkadot auction. 2) Our strategy puts functionality first: as in, we are actively planning to migrate the ERC-20 LIT tokens to a Substrate-based network; as in, we will have some key modules and one parachain ready before the auction starts. 3) Community plays a critical role in our potential success in these campaigns because the more people support us by locking their KSM/DOT during the auction period, the better chance Litentry has of winning. We plan to team up with exchanges to bring more economic benefits to those who lock up tokens to support us. 4) Winning the auctions is vital to us. It means we will launch our network to a relay chain, benefit from a multi-chain ecosystem, and effectively link Web 3.0 identity across networks.
  • Led by Patract Labs, Litentry and 10+ projects jointly established the Patract Open Platform, an open Polkadot Wasm contract technology alliance. The goal of the platform is to promote Wasm contract technology in the Polkadot ecosystem, using Wasm to explore contract model, contract standard, and runtime interface customization. As a preferred alternative to EVM, Wasm is known as a widely supported, high-performance, small-size standard in decentralized application development.
  • The first episode of our “Litentry & friends” is available for rewatching. When asked about the difference between traditional finance and Defi, Irene from Konomi said, “DeFi makes it possible to eliminate financial intermediaries. It takes the advantage of the transparency and immutability of the blockchain so that users’ assets can still be protected after the removal of financial authorities.” Lilly from Litentry added on, “[I think it] is capital efficiency, when two counterparties do a large position, either a loan or a derivatives position, usually they don’t have to put up a full collateralization or even over-collateralization, cause you have these fractional reserve systems.”
  • Litentry attended Web 3.0 Bootcamp Opening ceremony in Shanghai. Our CMO Kayla Wang presented the Litentry protocol design and five use cases of the Litentry DID aggregator: Defi lending, NFT & social network, NFT & project loyalty, DAO and IDO whitelisting. After the opening, 12 teams will dive into a 6-month comprehensive training to build on Web 3.0.

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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