Litentry announces parachain auction strategy, 20 million LIT prize pool, plus PNS domain

Litentry Crowdloan mechanism at a glance

• Card slot rental period (parchain rental period): 96 weeks

• Target card slots: #1 - #5

• Crowdloan capped: 8 million DOT

• Reward pool: 20 million LIT (20% of total supply)

• Crowdloan Event Deadline: December 17, 2021

• Minimum contribution: 5 DOT

• Reward ratio: ≥ 2.5 LIT/DOT, meaning for every 5 DOTs locked, participants will be rewarded with at least 12.5 LIT. The final reward will be calculated as a percentage of each participant's contribution to the crowdfunding pool, with rewards = (your DOT contribution/total DOT contribution) * 20 million LIT

• Reward distribution: LIT's rewards will be distributed linearly in each block. Distribution will begin once the Litentry sub-chain is running on the Polkadot relay chain and will end when the sub-chain slot expires (after 96 weeks).

• Users who participate before November 18 will receive an additional 10% bonus;

• Users who participate from November 18 to November 25 will receive an additional 5% bonus.

LitEntry has set aside a prize pool of 2 million litres to give crowdloan participants an additional 10% reward for completing identity-related tasks. These status quests will be announced gradually. The reason for designing identity-related tasks is that we want users to be aware that identity is important, economically valuable, and usable. These tasks will then be integrated into the Litentry dApp, giving it an aggregated identity.

• If Litentry doesn't win the auction in the first batch, Litentry will use additional LIT to reimburse previous contributors in a new round of crowdfunding activities until Litentry wins the auction.

• The compensation ratio is DOT:LIT = 1:0.12

• Expected compensation APY of 13% (crowdloan period is approximately 5 weeks)

• If Litentry succeeds in getting a slot, there will be no compensation

• Compensation will be distributed on Polkadot until LitEntry wins a ParChain slot

Currently, there are several main channels for participating in Litentry Crowdloans:

1. Polkadot Name System helps Litentry bid for parachain card slots, gift.dot domain for Litentry CrowdLoan contributors. As long as the user participates in the Litentry Crowdloan and the contribution value exceeds10DOT, you can get a domain name of your choice. Currently, the event only supports users who participate in a decentralized manner. For event details, please visit https://prelaunch.pns.link/

   
   

2. SubDAO helped Litentry bid for parachain card slots, airdrop a total of 10,000 GOVs for Litentry CrowdLoan contributors. For event details, please visit:

   https://twitter.com/litentry/status/1455899519460069380

1. Low market risk.The biggest advantage of the Litentry Crowdloan program is that participants are exposed to relatively little risk. Polkadot card slots are leased for 2 years, and rewards are distributed linearly, so participants should consider the long-term value of the project rather than short-term hype.

   
   

2. The value of the project is endorsed by the market and industry.With the main network not yet launched, according to Messari's statistics, Litentry's market capitalization ranks sixth in the overall Boca ecosystem. This shows that the community recognizes the existence and vision of the Litentry project, and the team's efforts. After the main network is launched, multiple identity-related functions will be added to the Litentry parachain to increase the value of the project.

   
   

3. Strong identity ecosystem racetrack.The Litentry blockchain enables developers to build identity-centered products, and the Litentry Foundation is also providing financial and technical support to incubate multiple identity applications. These include: Polkadot Name System (personal profile), MyCryptoProfile (NFT social), Web3Go (credit computing), Polka Sign-In (interoperability of identities), etc.

Litentry is a decentralized identity aggregator with the core features of a blockchain built on Substrate and a distributed decentralized identity (DID) authentication network.

DID verification networks can provide decentralized and verifiable identity aggregation services for DID applications on any blockchain, enabling dApps to obtain DID data belonging to the same identity controller in real time from multiple service endpoints in a trustworthy manner.

Litentry's identity aggregator undertakes the redundant processing, coding, and other challenges involved in agnostic DID mechanisms, and acts as the underlying driver protocol for decentralized credit calculation and identity generation in Web 3.0 networks.

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