How To Buy Litentry (LIT)?

A common question you often see on social media from crypto beginners is “Where can I buy Litentry?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports Litentry (LIT)

First, you will need to open an account on a cryptocurrency exchange that supports Litentry (LIT).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Litentry (LIT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Litentry (LIT)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Litentry (LIT) or Litentry (LIT) trading pairs. Look for the section that will allow you to buy Litentry (LIT), and enter the amount of the cryptocurrency that you want to spend for Litentry (LIT) or the amount of fiat currency that you want to spend towards buying Litentry (LIT). The exchange will then calculate the equivalent amount of Litentry (LIT) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Litentry (LIT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Litentry (LIT)?

Litentry (LIT) is a decentralized cross-chain identity aggregator, built on Substrate, that features an identity matching and identity staking mechanism.

The project focuses on decentralized identity (DID), allowing user identities to be linked to multiple distributed protocols. Litentry acts as a DID aggregator where it collects, indexes, and distributes DIDs to blockchains. More importantly, it performs all these activities in a decentralized and verifiable way. Notably, built on the Substrate network, the platform works towards the greater goal of eradicating identity redundancy in the Web3-powered application ecosystem.

For example, one user can create multiple accounts to take advantage of free airdropped tokens. Also, platforms powering decentralized finance (DeFi) have no way of tracking users’ credit history, making them charge higher collateral when issuing loans.

Fortunately, there’s a new way to keep track of identities in the distributed ecosystem securely. Powered by Litentry, we can see blockchain-focused platforms do more than just power token swaps. It’s now possible to scan through user’s deposit and withdrawal actions on Uniswap. Furthermore, a user’s activity can also be assessed on a community-governed blockchain.

In the current internet world, third parties take control of storing user passwords and data pertaining to their online activity. Unfortunately, internet users are coerced into accepting unfavorable terms and conditions, consequently lessening the grip on their personal data.

Litentry brings the change by returning the control of user data to the users by powering a user-focused internet using blockchain technology. As such, the revenue emanating from using users’ data gets the users to share in the profits. Before Litentry, these profits went to third parties managing the user data. However, the identity problem is two-pronged; users can create multiple entities to defraud a company. On the other hand, malicious actors aggregate user data and sell it to the highest bidder without profiting the real data owners.

Fortunately, Litentry uses a layered approach to comprehensively tackle the problem to the benefit of both identity owners and decentralized platforms. Here’s to another promising project with a unique approach to solving some of the most crucial problems that often go overlooked.

Who are the founders of Litentry?

Litentry is developed by a team of blockchain professionals based in Germany. Its founder was among the early contributors of Parity, a decentralized network. Notably, the project engineering team’s background is rooted in Ethereum.

The protocol is funded through a Web3 Foundation grant. On its Github page, the project lists eight team members with organization permission.

What makes Litentry unique?

Apart from using decentralized ledger technology (DLT), the platform has other critical features that help it bring the much-needed revolution to the blockchain sector.

• Identity management – The platform is all about identities, and their management sits at the protocol’s core. This feature powers anonymous and independent identities emanating from applications and or services used by the user.
• Distributed storage – After collecting the data, the protocol stores them in a decentralized manner to enhance access from all corners of the distributed world.
• Identity staking – This is a unique feature. Just like staking tokens and earning rewards, Litentry enables users to stake their identities and be rewarded.
• Decentralized contributors – Instead of creating multiple accounts to use different platforms or services, the project allows users to use one identity to interact with various services anonymously. Interestingly, the user doesn’t have to provide passwords or any other registration details.

Litentry Ecosystem

Litentry App

Litentry app is a mobile tool integrated with identity on Litentry Network. Users could interact with multiple services like recalculate voting power in on-chain governance or get analyzed DeFi services based on credit. It could facilitate the governance process, integrate participants’ more information from linked accounts on other networks, and encourage more users to join on-chain governance with LITs as incentives.

Litentry Authenticator

Litentry Authenticator is a mobile identity and data hub for a decentralized web. It features 2FA and versatile app/service interfacing, crypto wallet, aliases identity generation, private data aggregation, and NFT data authorization. In the future it will also integrate identity staking and identity matching services.

Litentry development updates in 2023

In 2023, Litentry (LIT) has undergone several developments, impacting its performance and offerings in the cryptocurrency space:

• Price Fluctuations and Market Analysis: Litentry’s initial coin offering (ICO) concluded in February 2021, starting with a bullish momentum. However, the token’s price has experienced significant volatility since its inception. As of June 2023, the token was trading at around $0.9344, with a market capitalization of approximately $34 million. Various algorithm-based forecasting services have provided mixed predictions for Litentry’s future price, with some being bullish while others, like Wallet Investor, hold a bearish outlook.

• Partnership with Web3Go: Litentry has partnered with Web3Go, focusing on organizing, visualizing, sharing, and collaboratively analyzing on-chain data. Through this collaboration, Web3Go will serve as an external node providing identity-related data analysis services for the Litentry Network, which is a significant part of Litentry’s methodology for calculating an aggregated identity score.

• Litentry’s Functionality and Vision: Litentry is a decentralized identity aggregator that integrates user identities across multiple networks. It aims to make data querying bounded, consistent, and interoperable, supporting DeFi, on-chain governance, and specialized data services. The platform’s mission is to simplify user access to Web3 by integrating identities from various platforms and blockchains.

• Technical Innovations and Ecosystem Development: Litentry is constantly evolving its platform, working on its parachain, and various other products offering identity solutions. It aims to become the standard for cross-chain identity and has been working closely with the Parity team and the Web3 Foundation. The development and decentralization of Litentry’s nodes are a crucial part of their ongoing work.

• Future Outlook and Investment Considerations: As with any cryptocurrency, the future of Litentry is subject to market dynamics and technological advancements. Potential investors should consider their personal risk tolerance, conduct thorough research, and be aware of the speculative nature of cryptocurrency investments.

For a detailed understanding and the most current updates on Litentry, you can refer to Litentry’s official website.

Official website: https://www.litentry.com/

Best cryptocurrency wallet for Litentry (LIT)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Litentry (LIT)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).