Tidal Finance enters into a Partnership with Litentry to integrate enhanced Data Security for Identity-based Networks
Tidal Finance is thrilled to announce its partnership with Litentry, a Web 3.0 cross-chain identity aggregation protocol with the ultimate goal of building a user-centric world with blockchain, based on Polkadot and Substrate. The Litentry network enables DID (decentralized identifiers) aggregation, verification, and credit calculation/ranking. This helps to achieve a better way to connect data from different decentralized services.
Tidal Finance is a Balancer-like insurance market that allows users to create custom insurance pools for one or more assets. This achieves a more secure environment for DeFi by providing insurance coverage for assets across chains.
Protecting User Information in Decentralized Services
Through this new partnership, Tidal Finance can offer security solutions for Litentry’s services to prevent financial losses due to hacking of user data and thus protect the users themselves.
Litentry’s goal is to find a way to connect user data from different decentralized platforms and services while preserving user privacy and data sovereignty. This can be achieved through identity aggregation. By using Tidal’s services and platforms, the flow of user data between different services can be more secure, creating a better and safer environment for DeFi.
On the other hand, Litentry’s innovative DID aggregation API and computational model will help Tidal better understand the on-chain behavior of insurance buyers and thus their risk profile. This risk profile would be used to set premiums for different users based on sophisticated algorithms, prevent false submission attacks, and make the reconciliation process with accredited accounts more robust.
This additional and important user information allows Tidal Finance to offer operations on a more advantageous and efficient platform while protecting user privacy and providing a better user experience.
User identification plays a greater role in decentralized services, especially when the server asks the client for identity information such as KYC, credit scores, or other sensitive information. Tidal can ensure the security of data transmission to make interoperable services not only useful, but more secure in their communication to protect users from identity theft and provide a safer user experience when using financial services.
Litentry is a cross-chain identity aggregation protocol that features a Substrate-built network, mobile app and identity-related tools. The protocol enables identity linking across different networks and facilitates decentralization and transparency in identity credit computation. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.
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About Tidal Finance
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. With Tidal, users can choose risk pools depending on their risk appetite, and filter it through a combination of protocols/assets and their coverage terms (premium, cover period, etc). Liquidity Providers, on the other hand, can invest in pools that suit their risk/reward ratio.
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🖥️ Official Website: https://tidal.finance/
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📗 Tidal Whitepaper: https://docs.tidal.finance/whitepaper