Recapitulation of Litentry AMA event held at AMA LOVERS CLUB

Venue: https://t.me/amaloversclub
Date: Tuesday, 29th December, 2020
Time: 11:00 UTC

The Litentry team was represented by @SeniorPumpkin and @kaylawang. They judiciously shared with us detailed knowledge and information about the project.

1st Segment: INTRODUCTION

Q1 : Can you please introduce yourself and your background, also introduce the Team working on Litentry project

Ans : Sure! I’m Mel, a content manager at Litentry. I’m a Berkeley grad and have worked on several blockchain projects in San Francisco.

We’re a fast-growing team based in Berlin and is expanding in Europe and South East Asia. Our platform, Litentry, is a decentralized-identity aggregator that links user identities from different networks.

Q2 : Can you introduce the Litentry project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage

Ans : Of course. Our team made Litentry because we noticed that data in blockchains and the current Internet are very fragmented. There’s no good solution existing to curb this challenge.

What makes us different from other decentralized identity projects is that we integrate a wide range of digital identities from multi networks, so that data has liquidity and consistency.

Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap

Ans : In our early days, we were funded through the Web3 Foundation Grants Program and we have built a worldwide community that has an impact in the blockchain field.

We’ll continue to grow our community and meanwhile make an endeavor to release the platform soon. We’re also planning on a token sale next year.

2nd Segment: TWITTER QUESTIONS

Q1 : What are the full ecosystem tools for future identities and data that Litentry is creating? With this important data, what areas do you hope to develop and decentralize in the future? What are your plans for this?

Ans : Our model featuring a Substrate built blockchain, a distributed DID verification network, and an algorithm-exchanging protocol.

We believe that our protocol will bring radical change to DeFi lending, identity registry systems, recommendation algorithms, and more.

Currently, we’re focusing on building the most efficient network for decentralized identity verification. In the near future, the model will be further developed to fit in broader user scenarios.

Q2 : Data protection is the foundation of Litentry, How can Litentry ensure the security of user identities? and Can Litentry explain in simple terms How does the Litentry Ecosystem work?

Ans : Security is our top priority in building a user-centric network. We’re taking essential measures to secure identity data

For example, we’re only storing DID-account relationships on the blockchain, while the rest of the data are returned back to users in real-time; Data stored on-chain are under encryption; equipped with ID obfuscation technology to hide the owner’s ID.

Q3 : I care about incentivization, what incentives are in the Litentry ecosystem for users and ecosystem providers? why should I use Litentry?

Ans : For users, it’s the great convenience, security, and reliability of data management we bring.

For ecosystem providers, the network rewards off-line workers with gas fees for their contributions(i.e. identity computational analysis).

Q4 : What is the most ambitious goal of the project? I would appreciate it if you could share the next updates with us. What should the community look for?

Ans : As Web3 continues to grow, we anticipate a growing demand for data integration of all kinds. The problem of data expansion are fully considered when we design the DID Aggregator, and the model will be further developed to meet those needs.

With litentry, users can collect arbitrary data from third-party platforms and take advantage of them. For example, a user may collect data s/he produced from music platforms through Litentry, and transfer the aggregated data pool to a new platform in exchange for better service.

Q5 : I would like to know more about the Spark Program of Litentry. What are the requirements for joining this program? how to join and what are the benefits of joining this program?

Ans : Spark is a community partnership program where we look for partners to help Litentry grow. We offer benefits that include tickets for token allocation, LIT mining, Early Council seats, publicity, special access to events, and more.

For more information about Spark, read this article here: https://litentry.medium.com/join-the-litentry-community-partner-program-spark-program-884a5f7a1669

We’re also launching the Ambassador Program this month and a token sale next year. Follow us on Twitter(@litentry) & Medium(@Litentry) to stay updated!

3rd Segment: LIVE QUESTIONS

Q1 : ONTOLOGY has partnered with LITENTRY,
Can you tell us the nature of relationships and how will they help to strengthened the development of the project?

Ans : Yes! Ontology is an amazing platform that could bring many cool decentralized identity and data solutions and features to Litentry. As part of the agreement, we will collaborate to integrate Ontology’s bespoke decentralized identity solution, DeID, and DDXF, Ontology’s decentralized data exchange and collaboration framework, into Litentry’s identity aggregation and computation system. In joining forces, Ontology and Litentry are aiming to onboard 10,000 users to the DeID and OScore solutions, enriching aggregated Identities and targeting potential customers based in Europe, USA, Latin America and South East Asia.

Q2 : Will there be a public offering for Litentry? How to get tokens in the fastest way in the early bird? What are incentives of LIT Token bring to community and investors?

Ans : We’re planning on a token sale next year. Potentially will get listed on some renowned crypto exchanges. Follow us on Twitter to stay updated!

Q3 : Is there any service I can offer to be monetized on LITENTRY PLATFORM ?

Ans : Yes! you can participate as an off-line worker to make money by offering computational analysis of decentralized identities.

Q4 : Litentry is a guest at RUST CHINA CONF 2020. Does that mean that the focus of Litentry’s marketing is only for China? How about Europe and other Asian states.

Ans : Litentry is expanding in Europe, South East Asia, and North America. We consider the global market, including the Chinese market of great importance. We expect more events to come all over the world after the lockdown.

Also, our founder Hanwen has some thoughts on this: Litentry is definitely focusing on the global market and that is the answer to why we are here. We are trying to make the project as more decentralized as possible, we start the Spark program and trying to attract the community leaders to join our DAO board, and attend the discussion of the future of the project, we hope that development decision could also be decided by the community member, and we welcome communities all around the world to apply. In the first session, we have 25 communities joined, gradually we will expand to 100 community partners all around the world.

Q5 : Where’s Latentry storage users data, are in the blockchain or outside blockchain; I mean on Latentry’s own servers?

Ans : Litentry only stores minimum data on-chain, which is DID-account relationships by large. The rest of the data will be returned to users in real-time.

Q6 : DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us?
Do you think DeFi will destroy the existing financial system?
What is your project Approach towards DeFi?,

Ans : DeFi is rather an upgrade to the current financial system in my opinion, removing central power from financial system brings us a new world for value exchanging but also gives us challenges in managing risks.
Litentry is a naturally fit for DeFi in credit lending field. The protocol allows any credit computation algorithms to be added to the network and proceeds decentralized verifiable credentials as credit for a user, which enables cross-chain user data aggregation and indexing, providing trustable identity data in the Web3.

Btw I’m Kayla, cmo of Litentry, welcome all for joining @litentry

CONCLUSION

Any final word for Community?

Ans : Yes! if you’re interested in joining our community and contribute, we have an Ambassador Program coming up that will give you a chance to shine! Last but not least, stay safe, stay healthy in this holiday season!

Thank you all from AMA Lovers Club for joining our AMA, if you got more questions for us please leave them on our Twitter @litentry , we will be answering you anytime:) https://twitter.com/litentry?s=21

Follow Litentry on their platforms:
 ... Website: https://litentry.com
 ... Telegram: https://t.me/litentry
 ... Twitter: https://twitter.com/litentry

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