Litentry integrates Paralink’s cross-chain oracle solutions
Paralink Network offers a multi-chain oracle platform for DeFi and other blockchain applications. The network seeks to bring the utilization of real-world data in crypto applications to the mainstream through its easy-to-use PQL language, its flexibility and its lower cost.
Litentry is thrilled to collaborate with Paralink and integration to the Litentry Network. The integration of Paralink’s oracles will ensure the data sources obtained by Litentry for identity credit computation is reliable and accurate.
Multi-chain Oracle integration for Identity-based network
Paralink is a parachain with oracle quorums for Polkadot, providing reliable and trustworthy data sources to other parachains, such as real-time price feeds for decentralized markets. Without accurate, reliable and decentralized data feeds, blockchain applications such as prediction and derivatives markets cannot perform calculated actions as any corruption in price and data feeds can result in large financial losses.
Litentry is building a full-scale, decentralized identity-based network and related tools. The platform allows users to collect identities across different platforms and manage them in a mobile app. Based on the identity data, the Litentry Network will compute a verifiable, transparent credit that can be widely adopted in a wide range of use cases.
Paralink will integrate Litentry’s reputation computation services into their validator pool to streamline the curation process. The Paralink oracles will use Litentry’s native token LIT for fees and thus, making it a seamless integration.
Alongside that, this partnership with Paralink will allow Litentry to make use of the former’s multichain oracles. The decentralized oracle will help Litentry obtain reliable data sources for the apps and assets in the platform.
Paralink’s powerful query language gives more freedom to blockchain teams in indexing and curating on-chain data. Through this partnership, we are one step closer to building a high-performance, functional DID ecosystem. We’re glad that we will provide more reliable and cost-effective DID services to our users.
— Hanwen Cheng, CEO/Founder of Litentry
Paralink Network offers a multi-chain oracle platform for DeFi and other blockchain applications. Applications that require the highest degree of security can use Paralink’s on-chain consensus algorithm, running on Polkadot Substrate. Paralink’s flexible node design allows developers to query for real-world events, sports, weather, random numbers and more. Developers can create custom queries using Paralink Query Language and connect smart contracts with traditional APIs within minutes.
Litentry is a Decentralized Identity Aggregation protocol across multiple networks. It features a DID indexing mechanism and a Substrate-based credit computation network. The protocol 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 credit/reputation of an identity owner across different blockchains.