Frequently Asked Questions about Litentry and the Litentry Crowdloan.
Can I contribute to the Litentry crowdloan before the auction starts?Definitely, the crowdloan module will be enabled before the parachain auction starts.
When is the auction start and finish?Referendum #39 consisting of 2 batch calls has been triggered to begin auctions on November 11th, 2021. If passed by the community, the Polkadot's first-round parachain auction will start from 11th Nov to 16th. Dec. Polkadot has a plan to gradually onboard parachains to at most 100 parachains. For detailed information please refer to Polkadot's blog.
How can I contribute my DOT?Once the crowdloan module is enabled on the Polkadot, we will release the crowdloan entrance as well as the guidance in this webpage. You will be guided to the Polkadot.js app to finish contributing your DOT. In the meantime, cooperating exchanges and some decentralized DeFi platforms will be good destinations to contribute your DOT too.
Where is my DOT held during a crowdloan?Your DOT will be locked in the crowdloan module of Polkadot network.
If I change my mind, can I withdraw and get my DOT back before Litentry win a slot?No, after your contribution, the DOT will directly transfer to the crowdloan module, Litentry team will not able to refund your DOT. Only if we lost the slot auction, you can get your DOT back.
What happens if Litentry does not get a slot in the auction?Your DOT will be refunded immediately after the end of the current round slot auction, it is managed by the crowdloan module in Polkadot.
How long is a parachain slot lease?2 years if our team wins a slot.
What happens when your parachain slot lease ends?Your DOT will be refunded after the slot lease ends.
Will there be another Litentry crowdloan when this slot expires?Sure, we will keep our parachain online all the time.
What is Litentry?Litentry is a Decentralized Identity Aggregation protocol across multiple networks, it features a DID indexing mechanism and a Substrate-based credit computation network. The protocol 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 the real-time credit/reputation of an identity owner across different blockchains. Know more about Litentry.
Who are Litentry?The team was founded in early 2019 and received a grant from the Web3 Foundation in their early stage. In October 2020, Litentry completed a million-dollar seed round of funding from FBG, Candaq, Hypersphere, Signum, Altonomy, and other crypto venture capitals. Litentry’s founder Hanwen Cheng is a former Software Engineer at Parity, with over 5 years of experience in blockchain and 7 years in Computer Science. Our development team is currently based in Germany, China, UK, and more countries with years of experience in the blockchain industry and a deep understanding of the Ethereum and Polkadot ecosystem.
What is LIT token and what is it for?LIT token is the native cryptocurrency of the Litentry network and is issued by the Litentry Foundation. Litentry tokens LIT would be the driving force in the circulation in the DID ecosystem. Specifically, in our credit calculation system, each time a user sends a request to the network, they’ll be charged a gas fee in LIT tokens for the services. what happens next is the network allocates credit calculation tasks to several off-line workers and correspondingly rewarded them LIT tokens for their computational work. In addition, to encourage maintenance of the Litentry network, off-line workers will be rewarded LIT tokens for doing so.
Is LIT an ERC-20 token?LIT is currently issued as ERC-20 token and BEP-20 token, the smart contract of LIT token on both Ethereum and BSC is 0xb59490ab09a0f526cc7305822ac65f2ab12f9723.
What is Polkadot?
Polkadot is a platform for Web3. Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.
Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can’t violate our trust. Know more about Polkadot.
How much is a LIT coin worth?The LIT token price can be varied from exchange to exchange. We suggest using https://www.coingecko.com to track LIT token price.