News from the LIT Coin Development team on October 16, 2022
After months of innovative experiments with identity development, Litentry is excited to announce that we are now building a new product that would bring more exciting identity solutions to the industry, while integrating all previous services from MyCryptoProfile and Drop3.
First, let’s take a look at the original functionality of MCP & Drop3
My Crypto Profile, also known as MCP, is a Web2-to-Web3 Identity Linking platform that provides automatic blockchain & social media account verification and witness services that allow users to link their Web2 and Web3 accounts along with their crypto wallet addresses, all in one place.
Drop3 is a Decentralized Cross-chain Airdrop system, a middleware protocol for on-chain credit and reputation, and ultimately a new paradigm of substrate-based web3 TaskFi.
Both of these products have been tested & validated with select partners and community users to validate whether they offer the right type of value to the ecosystem, end users, and solve a problem with their solution.
So why merge them?
The merge is the next logical step in the process as both products rely on one another to unlock the maximum amount of value to both the end user and web3 products & services.
MCP allowed the user to prove ownership over their scattered digital accounts and take control over the sharing rights of the underlying data, while Drop3 allowed users to get rewarded for proving community activity or proof of participation. By making the functionalities and features of both products available in the same environment, we offer a seamless experience from proving account ownership to sharing identity details with permission, and reward receipt.
The resulting beneficial aspect relates to previous product features in Drop3 and MCP that are intercorrelated and composable. MCP connects identities whereas Drop3 finds (redeemable, financial) values in identity. So instead of being standalone products, it is more sensible and beneficial to combine the two and elevate what we (the products) can provide.
At the end of the day, an all-in-one interface is easier to use and browse, giving you a greater and more complete user experience.
The first launch of Identity Hub
Litentry is aiming to launch the first version of the product in the first quarter of 2023.
Besides the merge of both tested products into a single environment, the Identity Hub also officially marks the start of our decentralized infrastructure. The Identity Hub will make use of the Litentry Trusted Execution Environment (TEE) and the Litentry parachain on Polkadot, while supporting data from multiple blockchains.
The Identity Hub will bring you features such as privacy-preserving identity linking, proving account ownership, and issuing verifiable credentials based on the underlying digital data of the linked accounts.
The Identity Hub is Litentry’s solution to unlocking the value of identity with privacy preserved. It offers a 2-sided marketplace where valuable identity insights are utilized for product benefits & user personalizations.
A user will be able to isolate and prove certain aspects of his identity in a privacy-preserving way — either through issuing a Verifiable Credential (VC), showing it or porting it to other environments. This base level functionality unlocks the door to managing & organizing reputation in web3 as well as transporting that reputation across platforms.
Want to find out more about this product?
Keep an eye out for the upcoming Public Sign-up! You will be able to register to gain early access and participate in the feedback process to contribute to the development of Identity Hub. Any and all announcements will be made via the Litentry social platforms. All legacy communities that are currently making use of MCP services will continue to enjoy them and will be migrated in due time to the Identity Hub.
Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol, and a Substrate-built distributed DID validation blockchain, Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains.