Posted: December 25, 2023 6:48 AM Updated: December 25, 2023 6:48 AM
Correction and fact check date: December 25, 2023, 6:48 AM
briefly
Litentry will extend decentralized identity verification capabilities to the Bitcoin ecosystem by integrating BRC20 using the Unisat wallet.
Lientry, a decentralized identity solution, announced plans to expand its decentralized identity capabilities into the Bitcoin ecosystem. Lintry aims to integrate BRC20 using: Unisat WalletUsers can use their Bitcoin address to verify their assets through IdentityHub and receive corresponding leaderboard rankings.
The introduction of BRC20 to IdentityHub through integration with the Unisat wallet aims to introduce advanced digital credentialing capabilities (Ordinals NFT and Bitmap) to the Bitcoin ecosystem. These enhancements promise users a more powerful, secure, and innovative decentralized identity management experience.
Ordinals are non-fungible tokens (NFTs) inscribed directly on the Bitcoin blockchain through witness data from Taproot upgrades. This transforms Satoshi, a subunit of Bitcoin, into a new asset category that can hold unique data, effectively making it an NFT.
These Bitcoin NFTs can incorporate various types of data, such as images, videos, text, etc., attached to individual satoshis on the underlying Bitcoin blockchain. Unlike previous NFTs, ordinal NFTs do not exist in a separate layer from Bitcoin. Instead, it utilizes an arbitrary but logical ordering system called ordering theory to assign a unique number to each satoshi.
Litentry is a privacy-preserving identity aggregation protocol that provides granular access and control over your data. Lientry leverages the distributed identifier (DID) indexing protocol and Substrate-based distributed DID verification blockchain to provide a decentralized and interoperable identity aggregation service to solve the challenges associated with solving agnostic DID mechanisms.
Literary plan for Bitcoin ecosystem change
The project plans to leverage this innovation by introducing decentralized identity, expecting to have a transformative impact on the Bitcoin ecosystem.
Ordinal NFTs find utility in the DID world as they can store verifiable credentials. Issued by a trusted entity, these credentials can be presented for verification without relying on intermediaries.
Litentry’s integration of BRC20 into the Bitcoin ecosystem promises to revolutionize decentralized identity management. These strategic improvements, along with advanced digital credentials like Ordinals NFTs and Bitmaps, not only ensure a more secure and robust user experience, but also elevate Litentry to the forefront of innovation within the Bitcoin landscape.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles