DeCredit Forms Strategic Partnership with Litentry to Harness the Potential of Decentralized Credit
We are over the moon to announce our strategic partnership with Litentry, a decentralized Identity Aggregator that enables linking user identities across multiple networks. Our two teams will be working closely together to harness the potential of decentralized credit in the transformation of lending.
The advert of decentralized credit became a turning point in the lending industry. Compared to the traditional collateralized loan model, decentralized credit eases the latency in resource allocation by eliminating full collateralization or even over-collateralization in loans.
DeCredit provides decentralized credit services by linking credit oracles that connect off-chain credits to the blockchain and verifying credit in their credit authentication nodes.
In this partnership, we will strengthen the capacity and performance of our credit authentication system by accessing and integrating Litentry’s on-chain credit computation network. Furthermore, we will incorporate Litentry’s DID credits into our existing credit model.
Litentry plans to index identity relevant data from DeCredit Protocol’s credit oracle, with the purpose to enhance the accuracy and completeness of users’ aggregated identity. With this partnership, both parties will surely benefit as we grow together and expand further in the future.
About Litentry
Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains.
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About DeCredit
DeCredit is a DeFi 2.0 protocol that empowers the DeFi market by introducing the credit loan models, that is, linking credit authentication nodes and credit Oracle to lending products, on the premise of existing encrypted collateralised loan models, with a view to progressively reduce and finally eliminate collaterals, enabling staggered resource allocation and enabling the blockchain paradigm to inclusively enable the traditional financial lending sector. By doing this, DeCredit leverages the tremendous momentum generated by DeFi to provide liquidity support to a wider range of entities and individuals.
