Governance Proposal: Recovery of 4,825.4075251418635 HEI from Inaccessible Bridge-Derived Account Label

Governance Proposal: Recovery of 152.53544867 HEI from Inaccessible Bridge-Derived Account Label

[LIGHT RANGER-MOD] Grant Request: Recognition for Long-Term Voluntary Community Moderation

Request: Force-transfer referendum (280.307 HEI recovery)

Litentry, a cryptocurrency, does not have any official partnerships with market makers, which affects the liquidity and price stability of LIT tokens. Litentry aims to establish a formal market making partnership with DWF to enhance liquidity and stability, increase investor confidence, and attract new stakeholders to the ecosystem. Litentry proposes to allocate 1.5 million LIT tokens to DWF, which will be paid back after one year. The transaction will be initiated from Litentry Ecosystem Wallet to DWF allocation wallet and settled on 11th Dec 2023.

 Partnering with DWF as Litentry's Market Maker: Allocating 1.5M LIT Tokens

Litentry, a blockchain-based identity verification protocol, has launched the Litentry Research Bounty Program, which offers 1000 LIT tokens per proposal to support the Litentry ecosystem. The program is open to everyone, and proposals can cover areas such as use cases, tokenomics, technology, community Dapps, and marketing strategy. The deadline for proposal submission is September 30, 2023. To submit a proposal, visit https://polkadot.js.org/apps/ and follow the tutorial. The proposal initiator can also suggest a custom amount, and a 10% referral reward is given upon successful proposal acceptance by the Council.

Research Bounty Program

For a second-grade student:

- Some people use a special device called a Ledger to keep their digital money safe.
- They can connect their Ledger to a website called polkadot.js-wallet to see their money.
- But if they try to send a certain type of digital money called substrate-based assets to their Ledger address, it can get stuck.
- This is because there is no app for the Ledger to sign transactions for that type of digital money.
- People are hoping someone can fix this problem so their money doesn't get stuck.

Substrate (Litentrity) app for Ledger

Litentry is a new solution that helps people with problems involving different types of digital assets. 

A user named Raenius#7875 had a problem with his LIT tokens, which he accidentally sent to an unsupported Ledger address. This left him with inaccessible assets, and he couldn't participate in additional services. 

The Litentry community and project team proposed a solution to recover the trapped assets, leveraging community involvement and the prospective IDHub for Identity Verification in governance. 

To authenticate Raenius#7875 as the rightful owner of his ETH address, they initiated a council motion to vote on the asset return proposal in Litentry governance. 

With the launch of IDHub, Litentry offers a solution for easier adoption. IDHub features Discord (Web2) verification on-chain integration, among other benefits. 

The Litentry team proposed employing IDHub instead of Ethereum's signature verification to simplify the verification process, enhancing user experience on Litentry.

Litentry Governance & IDHub Use case

- Someone tried to move their funds from ETH to Litentry (DOT) using apps.litentry.com/transfer portal.
- They used an address with a Ledger hardware wallet for security reasons.
- The funds got stuck in an account with a Ledger attached and they cannot transfer or bridge them back to ETH or stake them.
- They need a quick solution to transfer their LIT tokens to another address.
- They provided their LIT address and DOT account and can provide additional screenshots if needed.

Funds stucked after using apps.litentry.com/transfer with Ledger

- When you use a Ledger hardware wallet to import your Polkadot address, it cannot be changed.
- If you send substrate-based assets to this address, such as Litentry, they become stuck because there is no Ledger app available to sign transactions.
- An example is when someone sent 720 LIT to their imported Ledger address, but when they tried to stake it, the address changed to a Litentry-chain-address for which there is no Ledger app available.
- This means that the assets are stuck and cannot be used.
- The person is hoping to bring attention to this issue and find a solution.

Substrate (Litentry) app for Ledger

Litentry is proposing a new feature called Identity Staking, which allows secure management of identity data and the ability to invest in your identity and reputation for benefits. 

Identity Staking is a two-part system that enables users to manage their data in private and connect with others on their own terms, enriching their networking capabilities within the Litentry ecosystem. 

Users can stake extra LIT into the specific identity staking pool as a signal that they are investing in their digital identity and reputation, unlocking Litentry’s IDHub premium services such as early access to exclusive identity benefits and campaigns from partners, experimental scores, credentials, and new features, access to Web3 opportunities that require deeper understanding or experience, and increased staking returns when completing identity benefits or other engagements on the IDHub.

Identity Staking is different from Collator Staking, but both are valuable mechanisms. Identity Staking is believed to be the key to fostering widespread adoption of the LIT token and benefiting the entire Litentry community in the long run.

Litentry is committed to maintaining a sustainable and balanced inflation model, taking into account the community's concerns. To achieve this goal, they will continue to uphold the current collator inflation rate of 1.5%, as suggested by the referendum, and allocate a reserved pool specifically for the identity staking, as proposed in the referendum.

Litentry plans to launch Identity Staking in Q3 2023 and merge it with Collator Staking into a comprehensive and cohesive framework in Q4 2023.

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