Litentry a cross-chain Decentralized Identity (DID) aggregator, has announced a partnership with Standard Protocol, a Polkadot-based Collateralized Rebasable Stablecoins (CRS) protocol for synthetic assets. The goal of the collaboration is to improve the IDO whitelist process to ensure fairness and decentralization.
DID + IDO
A current problem of IDOs is that projects have issues selecting addresses eligible for the allocations to prevent spambot and multiple accounts. This deteriorates the fairness and decentralization of the game. The selection process needs to be refined and handled with a more advanced and flexible mechanism.
As part of this collaboration, Litentry as a service provider will provide advanced IDO whitelisting methods with identity-based whitelist selection validation via its DID aggregation and computation model. This will help Standard Protocol to identify eligible users and filter out unwanted users such as spambots.
Further, Standard Protocol will become an identity data provider of Litentry. The identity data in Standard Protocol can be used to feed the credit computation model in an effort to provide a more accurate representation of user identity.
This also means that users will be able to link and verify their Standard identity data on the Litentry platform and third-party dApps can obtain real-time DID data of an identity owner under the user’s authorization in a secure way.
Meanwhile, Standard Protocol plans to integrate Litentry’s aggregated DID API and leverage the utility of LIT token, to explore ways to adjust the collateral rate and to upgrade its on-chain governance system based on individual identity and on-chain behaviors.
Lastly, Litentry’s integration to Standard Protocol’s oracle system can facilitate and tighten the identity verification of potential oracle providers. This will make Standard Protocol’s oracle system less vulnerable to malicious actors and intentions.