【Ten for Litentry】 Community Q&A Event #1

Welcome to the Ten for Litentry event!

“Ten for Litentry” is a community focus, easy and friendly Q&A series event.

For every episode, we will invite 1 member from the Litentry team to answer the top 10 most liked questions from our community, answers will be posted to this post in video or text form.

How to Participate:

  1. Leave one question that you mostly want to ask in the comment to this post.
  2. Shortly describe why is this question important?
  3. Check other questions in the comment section, “like” them if you have the same doubt.

Reward: 2 LIT for each TOP 10 questions with MOST LIKES

Conditions:

  1. You have provided all information mentioned in the “How to Participate” section;
  2. Your question received TOP 10 most likes as of May 31 at 12 pm UTC;
  3. We will DM you for LIT address if you win the reward.
8 Likes

Does Litentry compete or complement Zero Knowledge Proofs for identity?

This is important because ZKP could be the future and we’d like to understand where it fits with Litentry.

3 Likes

Is it correct that Litentry’s cross-chain identity ecosystem can be applied to any user-based platform, in a decentralized way? Or, what are the requirements a platform should have to be able to make use of Litentry (for example its interconnectivity with other data services and platforms or to let a Social Media platform determine if a profile is made by a real person or not)?

As I appreciate to see the use cases presented in the video Ten for Litentry #0 and came across this page, it looks like Litentry has a lot to offer when it can bloom and show its potential after development. Also for ‘regular’ people in day-to-day life, who don’t have that much interaction with blockchain technologies, cryptocurrencies, or DeFi investments initially.

That would be great for the project’s potential and its investors :slight_smile:

8 Likes

What if the polkadot auction fails?
Is there an alternative in the future?

Best regards

5 Likes

Please list the most important partnerships Litentry formed this year and describe the benefits. Thank you very much

5 Likes

how litentry is better or different from other identity projects (such as kilt or ontology), in other words what are the unique advantages and/or key strengths that lit has over other competitors, and what is lit plan to keep itself no.1 identity project in this huge and fast growing market, this is important for 2 reasons, 1- as midterm or longterm investor i would like to know how lit gonna survive and succeed in its goals, 2- from a marketing point of view its necessary to study your competitors and their weak/strength points to be able to sustain your growth and development among them
Thanks in advance and wishing the best for litentry team and community

10 Likes

How is Litentry going to stand out from its competitors ? I believe Chain-link which is a Oracle on Ethereum Blockchain is aslo currently working on DID solutions. Will LIT and Chain-link complement each other or compete each other ? Will LIT become a cross-chain Identity Solution ?

11 Likes

How will the upcoming Litentry app connect users and their data with its chain?
Will that data be on-chain and public or not?
Thanks you for keeping us updated and answering community questions.

7 Likes

Is it possible extend beyond scope of identification?

Also, at what point do you imagine a mass adopted social media platform will be adopting blockchain technology and requiring Litentry.

Or is there a bigger goal, of course understand the huge benefits of Litentry in the scope of Defi.

5 Likes

What are the next planned steps to increase adoption and awareness among people and more specifically among professional asset management?

4 Likes

Have 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Litentry project plan to overcome these issues?

5 Likes

How is litentry going to interact with all of the websites that want to use cross-chain identity? And how much control of that will be in the hands of the users? Sorry if this is a silly question but I am new to litentry and I am curious of the control that is in “our” hands. Thanks again.

4 Likes

Hello everyone,

I´m curious about the ERC-20 burn and how it will affect the convertibility and liquidity of the LIT token. My question is as follows; what will happen during the ERC-20 migration and how can we convert LIT tokens back to other cryptos (and viceversa). I consider this question relevant for those token holders that wish to buy more, and also, at some point, sell LIT.

Thanks,
Matt.lit

3 Likes

Kilt is going to join the first parachain auctions. How do you asses the risk that they’re building the brand of being “The identity project for Polkadot” and start building network effects? What’s your strategy to counter this?

This matters as Litentry could end up in a position from which it can’t catch up any longer.

Thanks!

6 Likes

Hi there I want to know more about the Injective collaboration/partnership which I think could be huge for getting future partnerships. Maybe go into the press release a little bit more in depth:
So I can read the words of the press release, but need some more detail/breakdown of what it actually means and how it’s important. Also this part might be the most important:

Injective also plans to launch new derivative products that are able to leverage the Litentry token. In addition, new derivative products can be utilized that focus on identity related assets within the crypto sector.” Thanks

If I missed this round - please keep for the next Q&A

1 Like