Lit Protocol (LITKEY)

Lit Protocol is a decentralized key management and computing network designed to help developers build dApps with private data and seamless wallet management systems. It can be used in a variety of use cases, including:

• Keys creation: Securely generate, store, and manage the key for building non-custodial user wallets and signers;
• Data access management: Conduct custom control rules and policies for data storing, managing, and accessing;
• Building cross-chain protocols: Write and execute core functions for cross-chain messaging and transaction automation;
• Building AI-powered dAppss and agents: Lit Protocol introduces its own Privacy-preserving and fully verifiable LLMs for the development of AI-powered applications.

Read more about its use cases in Lit Protocol docs.

As with all other decentralized networks, Lit Protocol charges a fee for usage of its platform, introducing the Capacity Credits NFTs. These credits allow clients to reserve a specific amount of capacity within the Lit network and take advantage of it for a specific period of time. To acquire them, you will need to mint them on the Chronicle Yellowstone blockchain via the NFT contract or Lit Explorer. Then, you will need to delegate usage to yourself or users. 

🪙 Lit Protocol token: Recently, the platform announced a soon $LITKEY token release and announced a $LITKEY ICO on Legion launchpad set for March 24th. According to the announcement, $LITKEY will be used for enforcing network security via staking, rewarding node runners as well as serving as a payment token.

What’s more, it has mentioned an upcoming ecosystem airdrop, aiming to distribute 4.8% of the total $LITKEY supply. 

 

Hence, the CoinLaunch team conducted comprehensive research on the Lit protocol and found some notable pros and cons:

✅ Lit Protocol pros:

• Relatively small FDV ($25M);
• Presence of security audits from reputable companies, such as Trail of Bits;
• Above the average SMM, PR, and SEO scores;
• A strong network of top-tier investors;
• A diverse network of partners and clients;
• One of the core team members has work experience in Fidelity National Title. 

❌ Lit Protocol cons:

• The tokens in the space similar to the Lit protocol are quite rare and don’t have significant market capitalization;
• Below the average Growth Marketing, and Marketing infrastructure scores;
• Bad Influencer marketing;
• No roadmap;
• No info about the total supply, initial market capitalization, and token release info yet.