At Konomi, we are continuously looking for ways to strengthen the fundamentals of our decentralized ecosystem. Through our most recent partnership with Litentry, we can say we are moving in the right direction.
We are excited to announce this new collaboration, one that will introduce Litentry’s on-chain Decentralized Identifiers (DID) data to better cater to the needs of our growing borrower and lender customer base and integrate Konomi’s identity data to Litentry’s aggregation protocol.
Through the integration of Litentry’s cross-chain DID data, both teams will collaborate to build an overall better user experience on the Konomi platform.
Our collaboration with Litentry will undoubtedly open new doors for Konomi users, bringing more value as we explore new ways to adjust and integrate collateral rates, as well as credit scores based on a user’s verified online identity.
Also, this credit score will be derived from sophisticated algorithms with variables such as average loan repayment period, leverage ratio, credit utilization ratio, net asset value, risk preference, etc.
Litentry has developed a litany of decentralized identification-focused products. We will utilize Litentry’s decentralized credit rating model and their extensive data to achieve more significant insights and outputs through this collaboration.
Expanding on Our Decentralized Money Market Platform
As an identity aggregation protocol, Litentry makes it easier for users to verify themselves and access differing decentralized financial applications. Although we are focusing on making our money market more accessible to a global base of users, we still want to adhere to the highest safety standards to guarantee fair platform usage.
As an interoperable platform with many of the currently available DeFi infrastructures, this integration will make it easier for Konomi users to efficiently utilize other DeFi platforms that require enhanced KYC or AML regulations from their user base.
As a cross-chain platform, we plan to extend our capabilities outside of one framework. Litentry also abides by these same values, which adds another layer of usability as we take advantage of their DID data across multiple networks.
The first use case we will implement will be around user credit scores and how we can adjust collateral rates based on the individual user. However, this is just the tip of the iceberg. Litentry offers many exciting capabilities, and we will continue to work with them to add more value to the Konomi network.
Litentry is a cross-chain decentralized identity aggregator, allowing the aggregation of identity records across multiple networks. Litentry is a Substrate-based application, and will be launching on the Polkadot network to start introducing its decentralized identity tools. Litentry is community-governed and privacy-focused, and can be used for a variety of identification needs, such as KYC, credit scores, or other credentials that need verification in order to provide services.
Konomi is a decentralized money market protocol built using Polkadot’s Substrate. Konomi is working to provide active money markets across the entirety of the Polkadot ecosystem, as well as expand and integrate into cross-chain networks. By introducing a fluid market for cross-chain crypto assets, Konomi hopes to provide an overall better user experience that is accessible regardless of the native network the end user prefers.
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