We are excited to announce this new collaboration with Konomi to use our on-chain Decentralized Identifiers (DID) data to better cater to the needs of Konomi’s growing borrower and lender customer base.
Under this partnership, Litentry’s on-chain identity aggregation data and credit computation model will bring value to Konomi as we explore new ways to adjust and integrate collateral rates, as well as credit scores based on a user’s verified on-chain identity.
Also, this credit score will be derived from sophisticated algorithms with variables such as average loan repayment period, leverage ratio, credit utilization ratio, net asset value, risk preference, etc.
Litentry has developed a litany of decentralized identification-focused products. Konomi will utilize Litentry’s decentralized credit rating model and extensive data to achieve more significant insights and outputs through this collaboration.
Expanding on Our Decentralized Money Market Platform
As an identity aggregation protocol, Litentry makes it easier for users to verify themselves and access differing decentralized financial applications.
As an interoperable platform with many of the currently available DeFi infrastructures, this integration will make it easier for Konomi users to efficiently utilize other DeFi platforms that require enhanced KYC or AML regulations from their user base, adds another layer of usability as we take advantage of their DID data across multiple networks.
The first use case we will implement will be around user credit scores and how Konomi can adjust collateral rates based on the individual user. However, this is just the tip of the iceberg. Litentry offers many exciting capabilities, and we will continue to work with Konomi to add more value to their network.
Konomi is a decentralized money market protocol built using Polkadot’s Substrate. Konomi is working to provide active money markets across the entirety of the Polkadot ecosystem, as well as expand and integrate into cross-chain networks. By introducing a fluid market for cross-chain crypto assets, Konomi hopes to provide an overall better user experience that is accessible regardless of the native network the end user prefers.
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 the Web3.0.