It is time for another post from the Top 100 crypto-currencies and today I will talk about Litentry or LIT.
But before starting, I hope you all saw what happened in the last couple of days on the crypto-market and most of all, I hope you all have a very good amount of Bitcoin :). I had in mind to play a bit with DOGE, especially when the price was $0,028, and to invest around $1000, hopefully that I will double or triple my investment. DOGE indeed when up, but I made no investment. I do not think I will get another chance like this soon :(. Also, I still have big hopes with XRP and hopefully things will get better after 24th of February 2021, when Ripple and SEC will meet for the first time for discussions.
One important thing to mention is Elrond, created in Romania, that boomed actually quite well, especially after the launch of Maiar. Up until now I made a nice profit of almost $4000 with an investment of around $600. These guys have special events and announcements to make in the next couple of days and definitely the price will go up and up. I think this is actually good right now.
Now, going back to today's post, as I said, I will talk about LIT.
Even if it is not in the top 100 crypto-currencies, according to CoinMarketCap, I believe that this project will reach very soon this top. The reason why this coin will reach top 100 in a very short time is Polkadot.
If you do not know what Polkadot is, I recommend you to read my previous post: Newbie Quest: Understanding Polkadot (DOT)
Right now, LIT is listed on Binance, but I will make a brief presentation of this project, as I already used you with it. For the rest, you are the most able to see which project suits you or not. I write these posts for those who are just starting out, for those who cannot get quality information on their own from the Internet, for people who are just starting out in crypto and want to know what happens to each crypto-currency, what it means, how much money it is worth etc.
Litentry is a new project on the crypto-market that was launched this year. Basically, it is a solution, an Identity Tool, so a decentralized identity software, and this software will help the blockchain to use and validate users' identities without human intervention.
Litentry Network processes DID verification, aggregation, and computation requests from a service demander and returns a trustable result. The process will be implemented by a random set of validators in the network in a fully decentralized and transparent way.
The number of possible uses of this product is very vast and helps the crypto-industry a lot.
As I was saying, LIT is not among the first 100 crypto-currencies. Right now, it is on the 251st position in the Market Rank, but I believe that it will climb dizzyingly.
LIT is worth right now $6,54, with a decrease of 20,38% from yesterday. There is a Circulating Supply of 18 million LIT, almost the same as the Bitcoin Circulating Supply. But LIT will have a Max Supply of 100 million LIT.
The Market Cap of the entire project is $118.059.254 and the Trading Volume registered in the last 24 hours is $128.986.230, with 56,24% lower than the previous 24 hours. The LIT project represents approximately 0,01% of the entire crypto-market.
Going to the its historical values, even if it is a new project, the All Time Low has been registered when the coin was launched, on the 4th of February when LIT was $3,03. The All Time High was 2 days ago, LIT being $9,59.
As I said, it is a project that I think is part of the Polkadot group, but not necessarily that it belongs to the Polkadot group, but I think they have a solid relationship with them, because their architecture is also used for Litentry. If we were to look at coins that have a supply of 100 million, we can think of Ethereum, but I will not go that far. We can refer to BNB or LTC. So, we can conclude that this project has serious potential, if they do their job properly. I will personally analyze them to see how things are going.
They are currently listed on Binance, which is great for them. Other listings are likely to follow. It's hard for me to believe that they will only stay on Binance.
I tried it myself too. I staked my BUSD on the Launchpool and I got some LIT in exchange, which immediately after the launch I converted to BNB. Big mistake.
This is how much I got after staking.
Seeing that the project is very serious, I decided to buy some more.
Hope for the best!
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