Buying a new coin was always kind of a high-risk high-reward strategy. In your search for that juicy 10X you might put your hands on a so-called shit coin that is worthless in the end.
Today I want to bring your attention to a fresh listed small-cap coin that has the potential to be the next big thing. The project is called Litentry (LIT)and its purpose is to solve the problem of cross-chain identity management.
Litentry enables users to aggregate identities from other chains, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data aggregation infrastructure.
With an aggregated cross-chain identity, blockchain projects could offer dedicated graded services/functions according to the identity’s quantified data. For example, if a new project knows that an account is a Polkadot validator, and it spends hundreds of DOTs on another Parachain for half a year, then the project could directly gift this specific user some token to start to play with, or send him/her an attractive offer of the new DeFi product, or accredit him to be a validated voter.
This is an incredibly pressing issue when it comes to the widescale adoption of Defi. How do you manage uncollateralized lending? Or credit delegation? You can't do this in DeFi unless you know the counterparty to who you are lending to.
Given the fact that the nature of DeFi allows any single individual user to create multiple wallets and connect to the protocols, this project could be the answer to multiple identity management problems like users that receive multiple allocations in airdrops.
Apart from that, Litentry is being built on Substrate and is therefore ready for Polkadot deployment. They are also a recipient of a Web3 Foundation grant.
Now let's talk about the Litentry token which has the ticker LIT (pretty cool). LIT was listed on Binance which means that it has exposure to a major exchange. What usually happens when a coin becomes available for the public is the fact that the token is rapidly pump n dumped by some bots and those who had access to it in the earlier rounds of the ICO, the price drops and a time will pass until the coin recovers the loss and gets to its real market value.
However, Litentry regained more than 150% in value in the next day and currently is trading on Binance for a price of around 7.7 USD.
I see bullish expectations on this alt and I feed that this is only the beginning. There's no doubt that people see the value in LIT and are waiting for this coin to become popular. Also, from my perspective, it also has fundamental value.
I advise you to do your own research and check out this coin before making any financial decision. You are still early into the coin and if the expectations are right the gains could be massive.
So, what do you think about LIT?
For more info check the official site and the whitepaper.
thank you. I will study more. However, I don't like the total supply: is 100 million and only 18 million in circulation