iMe partners with Litentry to enable DID protocol
Litentry will integrate iMe wallet on-chain data to its identity aggregation protocol to expand mutual capabilities. The strategic partnership will provide an array of functionalities to iMe users.
We are excited to announce that we have teamed up with cross-chain identity aggregator Litentry in what is expected to be a long-lasting and mutually rewarding collaboration. The partnership will enable users to link their iMe profile to the unique ID provided by Litentry while preserving their privacy and data sovereignty. It will also help iMe better understand the on-chain behavior of iMe users and thus mitigate the risks involved in extending DeFi services.
Here is a bit about what Litentry is and what they do.
What is Litentry?
Litentry is a parachain on the Polkadot ecosystem that features an identity layer. It aims to solve the problems that arise from the lack of identity and thus accountability in blockchain transactions.
Identity issues are rampant in the crypto space. There is little to no means to keep multiple-identity frauds in check. Also, most DeFi platforms run the risk of failure due to a dearth of methods to study the credit profile of users. As a result, they end up charging huge collateral for loans. Lack of identity tarnishes the whole essence of decentralized finance and creates barriers to entry.
Litentry provides an excellent solution to keep track of identities in a decentralized ecosystem without compromising on security or privacy.
Litentry leverages the Substrate framework to build an efficient identity matching and identity staking mechanism. Basically, the Litentry identity aggregator protocol enables users to aggregate identities from multiple chains under one ID. The aggregator facilitates a single decentralized identity by collecting, indexing, and distributing user activity across different chains.
Also, it is interesting to note that Litentry returns the control of user data to users by enabling a user-focused internet. Here, the revenue generated from user data is shared with them rather than a third party.
What does this integration mean for iMe users?
1. Litentry will integrate on-chain data of iMe wallet users to its identity aggregation protocol. This way, iMe will become a part of user’s DID and help them avail DeFi services across different chains and dApps based on their activity on iMe.
2. We will integrate Litentry’s innovative DID aggregation API and computation model into our platform. As a result, a new Litentry interface will be activated on iMe user profiles.
3. Users can link their addresses across multiple chains with their Twitter account as of now. In the future, they will be able to use their Telegram handles as well.
4. Users can find and showcase all their cross-chain crypto asset holdings (NFT & FT) under one head in their dashboard and get a birds-eye view of their on-chain financial activities.
5. Litentry integration will enable users to display their on-chain identity computation output (On-chain governance participation score, credit rating, and liquidity providing history). It can be shared with third-party dApps for preferential treatment.
As a result of the iMe-Litentry partnership, LIT tokens, the utility token on Litentry, will be supported by our wallet. As our platform evolves and we integrate more functionalities like lending and borrowing, Litentry identity data will be used to filter out risk profiles based on their credit score and activity across chains. Litentry integration will enable us to make informed decisions and mitigate the chances of failure.
We are also thrilled to inform you that we will be featured on an upcoming episode of Litentry and Friends, the Youtube live show hosted by the Litentry team that focuses on sharing knowledge about decentralized identity. In each panel, they invite top project partners to discuss and share their insights on the industry, the context of the collaboration, and the outlook for Web3. We are excited to share our insights with their community. And we hope that this strategic partnership brings mutual benefit to both communities as well as to the entire ecosystem.
Stay tuned for more info!
Litentry is a cross-chance Decentralized Identity (DID) Aggregator that enables the linking of user identities among multiple decentralized networks. Built on the Substrate framework and featuring a DID indexing protocol, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassles involved in resolving agnostic DID mechanisms. Litentry’s DID Aggregator is compatible with all DID standards, and powered by a reliable DID data interface. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in Web3.0.
About iMe Smart Platform
iMe is a Smart platform with the Telegram-based messenger, Crypto Wallet, and DeFi tools. The central idea behind the project is the empowerment of Telegram users through the functions of DeFi, letting people manage cryptocurrencies easily in a user-friendly and secure interface, connecting mainstream and crypto communities.