News Report Technology
December 25, 2023

Litentry Expands Decentralized Identity into the Bitcoin Ecosystem

In Brief

Litentry will expand decentralized identity capabilities to the Bitcoin ecosystem by integrating BRC20 through the use of the Unisat wallet.

Litentry Expands Decentralized Identity into the Bitcoin Ecosystem

Decentralized identity solution, Litentry, announced plans to expand decentralized identity capabilities to the Bitcoin ecosystem. Litentry aims to integrate BRC20 through the use of the Unisat wallet, enabling users to verify their assets through IdentityHub using their Bitcoin address and receive corresponding leaderboard rankings.

The introduction of BRC20 on IdentityHub, facilitated by integrating with the Unisat wallet, aims to bring advanced digital credential features–Ordinals NFT and Bitmap–to the Bitcoin ecosystem. This enhancement promises users a more robust, secure, and innovative decentralized identity management experience.

Ordinals are non-fungible tokens (NFTs) directly inscribed onto the Bitcoin blockchain through the Taproot upgrade’s witness data.  This transforms the Satoshi, a subunit of Bitcoin into a novel asset category capable of holding unique data, effectively becoming an NFT.

These Bitcoin NFTs can incorporate various types of data, such as images, videos, texts, and more, attached to an individual satoshi on the base Bitcoin blockchain. Unlike their predecessors, ordinal NFTs don’t exist on a separate layer from Bitcoin. Instead, they utilize an arbitrary but logical ordering system called ordinal theory to assign a unique number to each satoshi.

Litentry is a privacy-preserving Identity Aggregation protocol, offering granular access and control of data. Utilizing a decentralized identifier (DID) indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry delivers a decentralized, interoperable identity aggregation service, addressing the challenges associated with resolving agnostic DID mechanisms.

Litentry Plans for Transforming Bitcoin Ecosystem

The project further plans to leverage this innovation by introducing decentralized identity, anticipating a transformative impact on the Bitcoin ecosystem. 

Ordinals NFTs find utility in the DID world as they can store verifiable credentials. These credentials, issued by trusted entities, can be presented for verification without dependence on intermediaries.

Litentry’s integration of BRC20 into the Bitcoin ecosystem promises to revolutionize decentralized identity management. This strategic enhancement, featuring advanced digital credentials like Ordinals NFT and Bitmap, not only ensures a more secure and robust user experience but also propels Litentry to the forefront of innovation within the Bitcoin landscape. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Metis Unveils Second Phase Of Decentralized Sequencer Upgrade, Enables Users To Earn Rewards With Sequencer Mining
News Report Technology
Metis Unveils Second Phase Of Decentralized Sequencer Upgrade, Enables Users To Earn Rewards With Sequencer Mining
April 23, 2024
0G Labs Partners With OnePiece Labs To Launch Incubator For Crypto And AI
Business News Report Technology
0G Labs Partners With OnePiece Labs To Launch Incubator For Crypto And AI
April 23, 2024
How Blockchain Oracles Bridging Decentralised Smart Contracts with Real-World Data to Enable Advanced Web3 Applications?
Software Stories and Reviews Technology
How Blockchain Oracles Bridging Decentralised Smart Contracts with Real-World Data to Enable Advanced Web3 Applications?
April 23, 2024
Binance Launchpool Unveils Renzo As 53rd Project, Initiates BNB And FDUSD Staking For EZ Tokens
Markets News Report Technology
Binance Launchpool Unveils Renzo As 53rd Project, Initiates BNB And FDUSD Staking For EZ Tokens
April 23, 2024