Tidal, a decentralized insurance platform, will use Litentry to improve the security of identification-based networks ”CryptoNinjas
Litentry, aggregator of decentralized inter-chain identities (DID) The company capable of linking user identities between several decentralized networks has announced the establishment of the latest partnership with Tidal Finance. TidalFinance is a decentralized insurance market that offers personalized insurance pools for one or more assets.
Through this new partnership, Tidal Finance can provide Litentry services with security solutions to prevent financial loss due to user data hacking, thereby protecting users themselves.
Litentry’s goal is to find a way to connect user data from different decentralized platforms and services while maintaining user privacy and data sovereignty. This can be achieved through identity aggregation. By using Tidal’s services and platform, the flow of user data between different services can be more secure, creating a better and more secure environment for DeFi.
On the other hand, Litentry’s DID aggregation API and calculation model will help Tidal better understand the chain behavior of insurance buyers, and thus understand their risk status. This risk profile will be used to set premiums for different users based on complex algorithms, prevent bogus submission attacks, and make the approved account reconciliation process more robust.
This additional important user information enables Tidal Finance to deliver operations on a more favorable and efficient platform, while protecting user privacy and providing a better user experience.
User identification plays a more important role in decentralized services, especially when the server asks the client to identify information such as KYC, credit score, or other sensitive information.
Tide can ensure the security of data transmission, so that interoperable services are not only useful, but also more secure in communication to protect users from identity theft and provide a more secure user experience when using use of financial services.