Buy Litentry LIT (€0.978)

Litentry is a parachain on the Polkadot network that focuses on giving users control over their data. Litentry accomplishes this by allowing users to link their data to various accounts and services, and then consent to the use of that data. Litentry also offers a number of other features, including the ability to create and manage decentralized identities, and access to a number of different data analysis tools. Litentry's parachain is designed to work with the Polkadot relay chain, providing a high degree of security and flexibility. In addition, Litentry is compatible with a number of different blockchains, making it easy to integrate into existing infrastructure. Litentry therefore offers an effective solution for those who want to take control of their data.

Litentry has a cross-chain identity aggregator that secures sensitive user data. This can be used in the following cases:

- Airdrop (Drop3 Platform)

Previously, users could get airdrops (receiving crypto coins for free) based on unique wallet addresses, but with Litentry it happens based on unique identity. As a result, people with multiple wallets do not directly have a better chance of winning an airdrop.

- Each user has a unique ID; this is the only information available. In fact, there is no other information insightful about the user. This unique ID is linked to other platforms, for example, thus sharing data, but in a safe way.

- The app can be used on other networks, using your wallet to verify your identity. You use the Litentry authenticator for this.

- Additionally, the platform can also be used to independently share data with each other. That is, no third party can store data of your identity.

Litentry was founded by Hanwen Cheng, a Chinese software developer who, for example, was the product owner of Parity, an Ethereum offline wallet. Litentry has offices in Berlin, Munich and Hangzhou, as well as many teams working from home spread around the world. Other than that, not much is known about the team behind Litentry.

On the Anycoin Direct platform, you can buy, sell and trade LIT and other cryptocurrencies. The following three steps explain how to buy LIT.

Step 1: Create an account

Before you can begin your order, you must create an Anycoin Direct account. The process is simple and quick, from here you can buy, sell and trade cryptocurrencies. 

Step 2: Placing an order

To place an order with Anycoin Direct, you must be logged into your account. Go to the Anycoin Vault and choose which crypto coin you want to buy, determine the amount of the coin and complete the transaction by paying with one of the commonly used payment methods such as iDeal, Bancontact, Credit Card, SEPA, Giropay, SOFORT and VISA.

Step 3: Buy, sell and exchange LIT in the Anycoin Vault.

Great! You've completed your crypto order. From here, you can easily sell or trade them to another cryptocurrency whenever you want.

The beauty of crypto is the principle of ‘Be your own bank’. That is why we advise everyone to use a cryptocurrency wallet where you are the owner of the private key. We understand that this can seem quite confusing at times. Therefore we have created a guide regarding all the Litentry wallets that we recommend.

Let’s take a look at all the different wallets there are, so that you can select the one that suits you best.

Online wallets

Online wallets are the most common wallets for cryptocurrency. There are online wallets that are dedicated to Litentry, but also wallets that can store multiple currencies. Please make sure that you select a wallet where you are the owner of the private key. As the saying goes, not your keys not your wallet.

Software / Mobile wallets

As mobile phone usage increases, so does the use of mobile wallets. Many cryptocurrency applications that you can download, have the ability to hold multiple cryptocurrencies. Again, make sure that you download a safe option where you are in control of your private key. The downside of mobile wallets is, of course, the fact that mobile phones could break or be stolen. Make sure to store your key-phrase somewhere safe.

Hardware wallets

The best way to store your Litentry is through a hardware wallet. An hardware wallet like Ledger or Trezor is a physical device which you can connect to your computer of tablet. Via a program on your computer/tablet you can access the hardware wallet. The hardware wallet is secured via a seed-phrase and a pincode. The downside of a hardware wallet? Although it is the safest way, it is also the most expensive possibility.

The price of Litentry is determined through multiple factors. The most logical one is, of course, supply and demand. The more people that want to buy, the higher the price of Litentry will go. In cryptocurrency there is also a saying that goes: buy the rumor, sell the news. Traditionally, the more positive news a coin has, the higher the price will become.

Another important factor is the actual roadmap of Litentry. What lies ahead in the future. Are there any updates planned? Will extra features be implemented? Positive developments determine the price of Litentry as well.