Well I think the utility is more the interoperability between chains more than anything. I don’t think it’s great either Mark so we’re on the same page.
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The ID Problem
How do you attach unique identities to certain users on a decentralised blockchain. How do you know that a particular wallet address with which you are dealing is controlled by a unique individual? How can you tell who is that individual?
How can we deal with things like lending and credit delegation? Sure, you can borrow funds in Defi right now but all of these “Loans” are heavily over collateralised
Another one comes to decentralised governance. Currently, most proof of stake blockchains have a governance model where token holdings determine the weight of someone’s vote
What is Litentry
Litentry is a project that is developing a platform to aggregate and manage decentralised identifiers (or DIDs) across numerous different blockchains
It is a platform that projects and protocols can use to manage and use DIDs as an input into new and exciting features. More importantly though, Litentry is trying to build a protocol that will allow these DIDs to be used privately and securly.
Litentry is built on Substrate. For those that don’t know what this is, it’s a framework for building decentralised blockchains.
One of the most exciting things about building on Substrate is that it is natively compatible with Polkadot. That means that it could eventually be launched as a Parachain on the Polkadot network.
It means that it can be used for cross chain identity management. It does not have to be restricted to merely the Polkadot ecosystem. This means that dApps that are built on Ethereum, Cosmos, Filecoin etc
LIT Token
LIT is the native utility token on the Litentry network and performs a number of different functions
Firstly, it is used to pay for fees. There are a number of different fees that users will have to pay on the network
LIT tokens are also used for staking purposes. Identity registrars are third parties that can set up indexed identity databases. These databases are then queried for the decentralised identifiers
In order to make sure that these registrars have “skin” in the game, they have to have monetary incentives and diseincentives. This means that if there is any dishonest behaviour they will have their stakes slashed or lost
LIT will also be used in the decentralised governance of the protocol. They will determine the voting power of the individuals on the network
LIT will also be issued to grant recipients who develop on the Litentry network
LIT Tokenomics
There is a total supply of 100 million LIT
These tokens were split according to the following:
- 15% to the Litentry team
- 8% went to the seed investors
- 12% to private sale and further sales
- 17% will be reserved for the foundation to be used as grants
- 3% to Binance launchpool
- and a full 45% to remain as network incentives
If we include the foundation allocation into the broader network incentives bucket (including launchpool), it’s a full 65% that will eventually be released to the community
Then, we also have to consider investment demand. LIT has already crossed a major hurdle by being listed on tier 1 exchange. There was a lot of demand to HODL LIT and I think that this is likely to gain momentum.
You have to consider that it is a project that will be launched as a Parachain on polkadot. There is a lot of demand for these
You should also note that the project is based in Asia and there is insane demand for Defi in that region. They have also built a strong community around Litentry in China, Vietnam and india
@Antifragile That 
That has to be a huge part of our marketing hook. I was trying to get at this in another thread and ended up calling it a capitalists wet dream because the inadequacy of blockchain and the endless number of individual chains allows the opportunity for endless middle men to insert themselves. What you wrote is very accurate.
If we could distill this idea even further to bite size I think it could help us tremendously.
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I totally agree! Blockchain is becoming the ultimate Rube Goldberg machine. 
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I wonder who is actually developing apps that attempt to use all these technologies. It does seem fiendishly complicated.
Sometimes pulling together existing technologies to make something better is the right solutions. At other times, it just becomes unwieldy. Imo, Maidsafe realised this a long time ago, but its a shame so few others have.
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Not surprising, though. Easy to tweak something existing, pump it, and make some money. Hard work to actually invent something completely new that solves multiple real-world problems.
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This past week, I’ve heard pretty much all of my co-workers mention Bitcoin or some alt-coin ( mostly BTC). A bunch of them indicated that they’d either invested directly into crypto or into a fund that invests in crypto. It feels like it’s mainstream now. These aren’t tech-savvy people either; I work in construction, where it’s not uncommon to have people still using flip phones.
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Anyone has any opinions on Eth? Seems to be stuck. Do you think it’ll start pumping soon or is everyone either after btc or low caps for bit returns at the moment?
I think there are very large projects that want to keep the price down. As Gas fees go through the roof it will destroy these projects. Not sure they’ll win trying to fight the tide.
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I know someone who just became an ETH millionaire. He swears this is the third Elliot wave, which is about to hit big, since ETH broke an important resistance. Is he right? Perhaps? Me, I’m not so sure. But he has been successful, so maybe he has a good feeling on this one. Take any investment advice with a grain of salt. Even the most successful investors make their fortune with the 10% they get right.
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yeah, I am happy with the profits I made with eth, have some sell orders going up to 5k and a “hold on forever bag” (which I now wish I had with BNB) but won’t be much of a loss if it dumps now.
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Eth is only just at its ATH and considering how much of the space sits on top of it, I suspect it will go much higher.
I remember the ICO, which happened at a similar time to MAID. I looked at ethereum. I looked at Maidsafe. I put my money in the latter, as it seemed far more useful. Its funny how things work out.
Ofc, safe network is far more useful, once ready for prime time. Maybe I was subconsciously playing the super long game! 
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being early is the same as being wrong.
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Thanks for stroking my ego!
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You and me both!
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I just moved 70% of my eth to btc about a week ago. The eth did really well until about the time of the move. Once moved in a rare twist of good fortune it has done better in btc since, but that may be short lived.
I think what is left in eth can still do very well once/if 1559 goes through.
I am not big on charts and tea leaves but I do like PlanB’s stock to flow as a general guide.
It works for now and as long as it does, it is all I personally know to go by other than gut. I figured profits are safer in btc but my expectations are better returns on Eth if miners don’t manage to kill 1559.
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ETH is going to be HEAVILY manipulated by whales until a solution for gas fees is obtained, imo. Retail investors are fleeing to BSC.
Anyone else starting to get the feeling we’re in for a big BTC dump?
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At some point but I’m not expecting it [cough] soon
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Profits are safer or safest in USD\Euro , BTC is no safe place for profits, at least on a 2-3 years time frame.