Litentry will participate in the Kusama Parachain Auction in parallel with our current Polkadot auction bidding. We’re aiming to bid for slot #23 — #25 starting from January 23rd, 2022.
We aim to launch the Litmus Crowdloan on January 23rd. The reward schema will be announced soon.
The reasons behind Litentry participating in the Kusama Auction
- Faster onboarding time means earlier product availability. Litentry already has five products awaiting to be launched on mainnet: Drop3 (Task-Fi), Web3Go (data analytics), PNS (domain name system), My Crypto Profile (NFT & social), adMeta (privacy-preserving ad). As we are delayed in the roadmap, all the products are running independently with compromise in decentralization and efficiency. Thus, we want to actively fix this by securing a parachain slot asap, and to ensure all products offer real values to users on a timely basis. This means they will all share the decentralization & privacy computation from Litentry’s core infrastructure layers that we’ve been building. If we participate in Kusama parachain auctions and win by Slot #25, the estimated parachain onboard date will be as early as February 20th, 2022. Litmus, as a Kusama parachain, will be the canary network of the Litentry mainnet, so experimental features will be firstly onboarded here.
- Kusama Ecosystem Fit: Kusama has many more parachains than Polkadot, and we can see, for example, lots of NFT-related projects are already on Kusama. Litentry will explore those interesting cross-chain features within the Kusama ecosystem.
- Lower Cost. Based on the previous crowdloans on Kusama, there are 75% chances that a project would need less than 30K KSM to win, and 85% chances that need less than 50K KSM. Compared to the Polkadot auctions, where the existing winners raised 35.7M DOT and 7.6M DOT respectively to get a slot, Kusama is more desirable in terms of cost. Nonetheless, we aim to try every endeavor to win in the on-going Polkadot auctions.
- Over-competition in the Polkadot Auction. Since the official launch of the Polkadot parachain auctions was very recent, it has drawn excessive attention from the ecosystem and the auction itself has become overly competitive. We believe that as time passes parachain slots will become more reasonably priced so that more projects will be able to get involved.
Litmus Network vs Litentry Network
The Litmus Network will be a canary network that connects to the Kusama ecosystem, while the Litentry MainNet will connects to the Polkadot ecosystem. The two networks will co-exist in the future and cooperate with projects in their underlying ecosystems respectively.
See the difference between Litmus Network and Litentry MainNet in below:
We will bid in the Kusama auction in parallel with the Polkadot auction
As explained in our previous article, becoming a Polkadot parachain is still one of our top priorities. This means that we will run for the Kusama auction in parallel with the Polkadot auction.
Will the Kusama auction affect our participation in the Polkadot auction? Likely it won’t.
- First, we believe that DOT holders and KSM holders are likely two separate groups of individuals and that those who hold both DOT and KSM would have to consider investment opportunities for their assets independently.
- Second, participating in the Kusama auction requires relatively less work and financial resources from the team, because a Kusama parachain slot is cheaper and the fact that we have gained good experience from the previous Polkadot auctions. As such, it’s relatively easier and less resource-consuming for us to start a crowdloan on Kusama.
- Third, even after we onboard our products to the Kusama parachain, we strive to onboard the products to the more secure Polkadot Network. We will bridge the different networks to ensure they integrate seamlessly.
What is different this time? What did we learn from the Polkadot auction?
Our crowdloans are fully driven by the Litentry community. During the Polkadot auction, the support we gained has shown that the community holds trust and confidence in the Litentry project and Litentry is fully committed to deliver ecosystem values and services.
As we anticipate a lower cost for a Kusama parachain slot, the existing community could likely be sufficient to push us through the auction and secure a slot. The Litentry Foundation has also reserved a good portion of KSM to help us gain an advantage in the auction.
To be continued
Litmus #Krowdloan reward schema, partnerships and more details will be announced very soon!
Do you have any questions for us? Drop your comments below and we will address them one by one in our upcoming community call.
Thank you for reading and supporting 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.