Crypto analyst Coin Bureau recently uploaded a YouTube update where he is looking at the altcoin Litentry (LIT) market with expectation that it may eventually go bullish.
Coin Bureau showed how he goes on a lookout for altcoin gems, a term for altcoins that are likely to generate a high return. This includes solving urgent problems and being the earliest to market in a certain sector.
He has high hopes for LIT, calling it one of the most “promising projects” that he recently found as the altcoin meets all of his gem requirements.
The LIT protocol is built on the Substrate blockchain and it is designed in a way to execute decentralized identifier (DID) aggregation, verification and credit calculation.
“What really drew me to Litentry was the problem that they’re solving in the decentralized finance (DeFi) space. I had not seen or heard about a project that was offering similar identity-based verifications in any ecosystem,” Coin Bureau said.
Bureau said the project was aiming to verify the unique identity of wallet addresses, a key feature he claimed was missing in most DeFi projects.
According to Coin Bureau, what makes the project stand out from most DeFi projects is it strives to verify the identities of wallet addresses, all which are unique.
He states: ”You have to consider that it’s a project that will be launched as a parachain on Polkadot. You only have to take a look at some of the excitement around Polkadot-based projects to get a sense of how much untapped demand there is here.”
On January 28, 2021, Binance made an announcement that LIT, the 16th project, gets listed on Binance Launchpool. LIT then gets listed into the innovation zone on February 4, 2021.
