Polkadot ecosystem, the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for @allbert

in hive-108451 •  last month 
Hello professor @allbert. I have taken your lecture and It was a very informative lecture.

20211021_233430.jpg

I have chosen LIT (Litentry) project for this task. I will discuss about LIT Crypto currency in this article.


(1)Explain in your own words why you chose it and why do you think it is relevant to the world?


LIT is a project which is based on Polkadot Ecosystem. This project is based on identity mechanism and It helps all the users to detect identities from other Blockchains.

I have chosen it because It is a strong Project. It has a collection of Dapps samples and It is an identity based explorer which has faster transaction speed.

The Price of LIT coin is $4.33.

Screenshot_2021-10-21-21-33-25-90_6604d2525654b46e33aa2968a0a78870.jpgScreenshot from Coinmarketcap

LIT project is also helpful in linking accounts from other chains to Polkadot Ecosystem. This helps when the Polkadot Ecosystem runs out of blockchain systems.

LIT project is best as because It makes all Cryptocurencies transactions much secure and safe and faster. It offer unreal transparancy in cryptocurrencies transactions.

This project is fully decentralized and works in transparent manner. And the most important thing is Litentry(LIT) project aims to be a Parachain of Polkadot Network and based on Polkadot Ecosystem.

This project is worth as because This project is working to build a protocol that will allow the secure privacy to all it's users.


(2)Description of the project and its platform. (Screenshots needed)


The description of this project can be explained in simple words that This Project is purely a decentralized identity based protocol which uses multiple networks to perform the actions.

Litentry Project provides a safe and secure network through which It can manage it's users privacy and identities and It uses Dapps to perform their actions.

Description of it's Platform

The official website of Litentry Project is https://www.litentry.com/. This is the official website of this project.

Screenshot_2021-10-21-22-13-45-06.jpgSource

We can also see the Economic Model of Litentry Project on its official website. Here, It tells about Aggregated Identities and about Dapp. It describes that It provides trustless identity data and about ID verification request also.

Screenshot_2021-10-21-22-16-24-46.jpgSource

Litentry Documentation -
We can also check the overall documentation of this project by clicking on this link https://docs.litentry.com/. Here is all details about the documentation of this project.

Explore -
We can explore about Litentry Project. We can find it's Total Supply, Price, Contract Address and it's Holders.

Screenshot_2021-10-21-22-22-39-67.jpgSource

It's Telegram Group -

It has it's Official Telegram group in which there are 10,000+ members and there admins and moderators are also very active in the group which is a plus point.

Screenshot_2021-10-21-22-26-57-85.jpgTelegram Group of Litentry

It's Twitter -

It has it's Official Twitter Account in which there are 61k+ followers. They regularly make tweets on their twitter handle and make engagement with their followers.

Screenshot_2021-10-21-22-29-05-22_0b2fce7a16bf2b728d6ffa28c8d60efb.jpgTwitter Handle of Litentry


(3)Functionalities and real-life applications. (Screenshots needed)


It has started ro develop DID Aggregator on Blockchain. This helps its users tk to provide the best transparency and safe and secure date with user's identities. It works with multiple identities over numerous number of networks.
Screenshot_2021-10-21-22-53-53-97.jpg

It is developing a DID Aggregator on Blockchain which will provide best secure privacy to it's users and decentralized identity aggregation with services on the computer.

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It is also working in Cross Chain Identity which is very helpful in collecting the huge amount of data of it's users and keep it very safe and secure and works on a fully decentralized manner.
Screenshot_2021-10-21-22-54-02-34.jpg

We can see the Partners of this project in the below image.

Screenshot_2021-10-21-23-30-39-14.jpg


(4)Future development and associated projects. (Screenshots needed)


There will be many interesting future developments coming from me Litentry Project. It is launching their Official App in coming days which will be one of the major launch of this project as this app will be very helpful to its users and holders.

Through this app, We will be easily able to check the current data of this project, its supplies and many more about this project.

Screenshot_2021-10-21-23-05-46-78.jpg

It is associated with Litentry Runtime which is majorly important in determining the Chain state, Account Id, about Explorer and the Raw Storage of this project.

Screenshot_2021-10-21-23-05-55-64.jpg

It is launching it's Litentry Registrar through which users will be able to get through their personal information like Emails, Twitter and related websites and get verified through this Litentry Registrar. It will be one of the major associated launch which will be better for it's functionally performance.
Screenshot_2021-10-21-23-06-04-01.jpg


(5)Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.


I have decided to make technical analysis of LIT coin from TradingView site. I can look at this chart and perform some technical analysis by looking at the Chart of Lit.

I will be performing the analysis on LIT/USDT pair.

IMG_20211021_215913.jpgTradingView

As you can see from above image, that It was on the accumulation zone from sometime but Now, It has broken one of the resistance level and You can clearly See, I have mentioned some targets for it for mid term holding.

I have also marked some resistance level so that I can confirm it's next movement whenever it breaks the resistance level and move towards our next target.

Purchase of this Token

I am going to purchase LIT token from Binance Exchange and In LIT/USDT pair.
Here are the steps to buy LIT token.

Go to Binance Exchange and then Select LIT/USDT pair and then Click on Buy Option.

IMG_20211021_232148.jpg

After that, Enter the Price and enter the amount and then Click on Buy LIT. I have purchased 3.5 LIT at a price of $3.44 of amount $15.2.

IMG_20211021_232347.jpg

Here are my Order details -

IMG_20211021_232430.jpg


Conclusion


Thanks professor @allbert for this wonderful lecture. This lecture was very informative and I am happy to learn about Polkadot Ecosystem from your lecture.

It was worth learning about Polkadot Ecosystem as In Current Scenario, Polkadot has performed very well in the market.


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Hello @sachin08 Thank you for participating in Steemit Crypto Academy season 4 week 7.

CriteriaGrade
Q1 content1.25/1.5
Q2 content2 /2
Q3 content1/2
Q4 content1.25/1.5
Q5 content1/1
Post Presentation1 /1
#club50501/1
Total8.5/10

Homework task: 8.5

Feedback:

You have done a very good job, I congratulate you. Although many have talked about Litentry, you have done it in a different way.

The little I should add is regarding question 3 in which I would have liked you to talk more about the functionalities and in question 4 you could have added images and information from the social networks regarding the progress or new projects.

The analysis and purchase of question 5 was also very good.

Finally, thank you for supporting the #club5050 initiative with which we intend to give more value to our platform.

Thank you professor.

#club5050 😀