Razor Network partners with Litentry to provide verified real-world data for Litentry’s DID Aggregator
Litentry is a cross-chain Decentralized Identity (DID) Aggregator built on the Substrate framework, that provides a trustless way for smart contracts to obtain real-time DID data of an identity owner across multiple blockchains and DApps.
What is DID Aggregator?
In decentralized systems, a DID is a unique ownership identifier that does not require any centralized registration authority. With a wide variety of DApps being developed as part of the Web3.0 revolution, the demand for DID data continues to grow. Such decentralized identifiers play a critical role in various blockchain based services, including credit lending, KYC verification, DAOs, and personalized recommendation systems.
Litentry’s DID Aggregator integrates digital identities from multiple networks with different DID standards, and integrates them onto a single platform. With multiple blockchain platforms being used for a range of applications, Litentry provides a one-stop service for DID data indexing, authentication, linking and aggregation, which can be widely adopted in DeFi, on-chain governance, and customized data services.
Razor integration with Litentry
In order to ensure that smart contracts can access reliable DID data, Litentry will employ a third party to undertake the DID data verification process. Centralized data providers provide this service, but such data is often unreliable, as the data providers are prone to data hacks and liable to single points of failure. In order to employ a trustless and transparent data procurement process, Litentry is building a Decentralized Validator Network over a Proof of Stake blockchain, which will ensure the honesty of validators with contracts executed on-chain.
Razor Network’s partnership with Litentry will allow Litentry to use the Razor Validator Network to verify data collected from multiple blockchains for their DID Aggregator.
Razor’s decentralized and blockchain agnostic oracle network provides reliable and secure real-time data feeds to fulfil various requirements of smart contracts. Validators of Razor Network lock in their RAZOR tokens as “Stake” and help enhance the network security. Honest validators are rewarded for their performance, while malicious validators and those who report incoherently face strict slashing penalties. This mechanism maintains the fidelity of the external data that is provided to DApps.
The use of Razor Validator Network will ensure the authenticity of the DID data that is being aggregated by Litentry’s protocol, irrespective of the blockchain network from which it has originated.
Hrishikesh Huilgolkar, CEO of Razor Oracle Network, said about the partnership,
“Litentry is fulfilling a crucial role in the blockchain industry today. With identity data being scattered over multiple blockchain protocols, Litentry aggregates all this information in one place and ensures that the user experience of identity management on DApps is as seamless as on Web2.0. We look forward to helping Litentry on this journey by verifying the authenticity of the data that Litentry aggregates. Growing together with projects which share a similar vision with Razor has been one of our primary goals, and Litentry fits the bill perfectly.”
Hanwen Cheng, CEO of Litentry Network, said about the partnership,
“Razor is providing trustless data for decentralized protocol and applications, We are excited to work with the Razor network, and looking forward to creating a fair and attractive mechanism for data providers to indexing identity-related data.”
Litentry is a cross-chance Decentralized Identity (DID) Aggregator that enables the linking of user identities among multiple decentralized networks. Built on the Substrate framework and featuring a DID indexing protocol, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassles involved in resolving agnostic DID mechanisms. Litentry’s DID Aggregator is compatible with all DID standards, and powered by a reliable DID data interface. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in the Web3.0.
About Razor Network
Razor Network is a decentralized Oracle network, which provides secure and reliable real-world data feeds for various blockchain based applications and services, such as Decentralized Finance, Identity, Insurance, Prediction Markets, and so on. Razor’s performance is superior and more secure than traditional centralized oracle services, as Razor relies on a network of Validators for verifying data authenticity and ensures maximum game theoretical security. Moreover, Razor is blockchain agnostic, and can be easily integrated by developers working on a range of blockchain networks.
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