Litentry, a blockchain-based identity verification platform, has announced that they will be burning 377,800 LIT tokens during the third quarter of the year. This is in line with their Identity Staking Inflation Model.

The tokens will be transferred from the Ethereum account controlled by the Litentry Foundation to the Litentry Parachain.

A referendum will soon be conducted to zero out the balance of the token-holding parachain account.

This is the third burn event out of a total of 8 planned.

Litentry appreciates the continued support of its community.

Litentry Token Burn Event #3

- Someone tried to transfer their funds from ETH to Litentry (DOT) using a Ledger hardware wallet for security reasons.
- However, their funds got stuck in the account with the Ledger attached for over two months.
- They are proposing a motion to the council and the Litentry community to support the asset rescue effort.
- They have provided proof of ownership of the Ethereum wallet and linked their wallets in the Identity Hub.
- They are urging the community to come together and support this motion to help retrieve their LIT.

Support Token Rescue due to Ledger Incompatibility

Litentry and Litmus networks need money to maintain their governance platforms, Subsquare and Statescan, during Q3-Q4 2023. Subsquare is a governance platform, while Statescan is a dedicated blockchain explorer for substrate-based blockchains. They need $7,400 to ensure smooth operations and sustained functionality of their governance services in these essential platforms during the specified period.

The work scope includes daily maintenance and DevOps work to make sure the Litentry and litmus subsquare/statescan deployment well running. They also plan to develop and deploy subsquare common features such as governance data statistics, calendar feature, address vote history, subsquare new design, and preimages page.

The requested allocation is $7,400 equivalent LIT token (11,029 LIT by the EMA7 price on 2023-08-7).

Litentry subsquare maintenance costs $4,200, Litmus subsquare maintenance costs $3,000, Litentry statescan maintenance costs $200, and Litmus statescan maintenance costs $0.

This proposal aims to secure the necessary funds to ensure the smooth functioning of Litentry and Litmus networks' governance platforms, Subsquare and Statescan, during Q3-Q4 2023.

Maintenance Cost for Subsquare/Statescan in Q3-Q4, 2023 - Motion #4

Litentry Community Asset Rescue Effort:

- Litentry Community is trying to help a user retrieve their LIT assets.
- They have verified the ownership of the Ethereum and Substrate accounts involved.
- They are proposing a motion to the council and the wider Litentry community to support the asset rescue effort.
- They have provided proof of ownership of the Ethereum and LIT wallets.
- The community's support and participation are crucial to the success of this endeavor.

Support Token Rescue for Raenius#7875 due to Ledger Incompatibility

Litentry is a blockchain project that has come up with a new plan to burn 377,800 LIT tokens every quarter for the next two years. This is instead of the previous plan to burn 568,750 LIT tokens. The burning process involves transferring the tokens from the Ethereum account to the Litentry Parachain via the token bridge.

Identity staking is a new feature that Litentry is introducing to its ecosystem. It is a powerful tool that motivates users to become more actively involved in managing and leveraging their digital identity. It increases credibility, serves as proof of humanity, and fosters an inclusive ecosystem with diverse contributions.

Identity staking encourages users to take an active role in managing, aggregating, and leveraging their identity data. Novice users can earn a higher return on their staked assets for any actions that increase the richness or complexity of their digital identity.

Digital identity, Sybil resistance, and proof of humanity are critical to the future of the internet. Identity staking helps to differentiate real humans from bots and combats the issue of Sybil attacks by requiring users to stake their tokens.

Identity staking creates a more inclusive ecosystem by incentivizing users to become more active in managing their identities and encouraging a wider range of people to participate in the network. It can increase the overall utility of the Litentry token by providing users with additional incentives to hold and stake their tokens.

In conclusion, Litentry's new plan to burn tokens and introduce identity staking is a positive step towards creating a more secure, trustworthy, and transparent internet.

Litentry Token Burning Event #2

Untitled - public proposal #1

Test Proposal

Litentry team will burn a certain amount of LIT tokens every quarter for the next two years after collator staking is deployed. The amount of LIT that will be burnt each quarter is 568,750 LIT. The burning procedure involves transferring the LIT tokens from the Ethereum account to the Litentry parachain via the token bridge. A referendum will be voted on to forcibly set the balance of token holding parachain account to 0. This is the first of 8 burning events in total.

Democracy Referenda