Litentry
OK, we’re talking Polkadot crowd loans again today. I’m nearly fully invested here, so you won’t hear too much more from me on this until the auctions end, though, right now, it has become something of an obsession, I have to admit.
Litentry is a project the name of which is hard to spell correctly and, as for how you pronounce it, I can only guess. Who came up with that one? That aside, it is a project I knew nothing about until recently but the more I’ve looked at it, the more I’ve liked what I’ve seen.
The project summarises itself as being ‘a Decentralized Identity (DID) Aggregation protocol across multiple networks. Litentry provides a secure vehicle through which users manage their identities and dApps obtain the real-time credit/reputation of an identity owner across different blockchains.’
To put that differently, Litentry will allow you to aggregate your identities across Web3.0 in a secure manner, so that you can access products and services more easily. It will also allow you to potentially benefit financially so that, for example, a good credit rating on one site might auto get you a cheaper service or product on another. It also makes it easier for organisations to onboard individuals and to securely verify who they are, such as ensuring individuals do not operate more than one account to take advantage of an airdrop, for example
So, why do I like it enough to back in the crowd loan auctions? Well, we return to my core selection criteria, namely, I am looking for projects with real utility, a solid community, evidence of delivery capability and a clear plan for the future (usually a solid white paper). Litentry meets all of these criteria, so it’s now got a share of my DOT.
Polkadot Name System
In the course of researching Litentry, I also encountered Polkadot Name System (PNS), which is an open, decentralized domain name system on the Polkadot blockchain. With PNS, every user will be able to have their own on-chain unique name, which resolves to their crypto wallet, smart contract address, NFT token, URL or IPFS address. The project bills itelf as, ‘the universal passport of Web3 ecosystem.’
Since it’s being built for Polkadot and its parachain ecosystem, it means you will be able to bind your identity for each of these parachains to a single name, which will be a whole lot easier to use than a bunch of separate, often more complex, names.
Interestingly, you will also be able to create many sub-names for your domain for example, for the domain Smith you could create John.Smith and Betty.Smith. If you’re the creative type, you could have hours of fun with this!
This is a very new project, so a way to go yet before you can purchase your PNS name but I’m going to follow this one so I can step in quick and buy myself a shiny new name to use in Polkadot land.
Until tomorrow…
Renaissance Man
Presearch – Earn free PRE crypto when you search.
Why this Diary?
I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.
The Usual Disclaimer
Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.
