SubSquare is proposing a bounty for the development of a new feature for their platform.

For a second-grade student:

- SubSquare wants to add something new to their website.
- They are offering a prize for someone to help them make it.
- They have a plan for what they want to add.
- They will check to make sure it works well.
- They will tell everyone when it's done.

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Bounty Proposal: Test Proposal

Litentry and Litmus networks need money to maintain their governance platforms, Subsquare and Statescan, during Q3-Q4 2023. Subsquare is a governance platform, while Statescan is a dedicated blockchain explorer for substrate-based blockchains. They need $7,400 to ensure smooth operations and sustained functionality of their governance services in these essential platforms during the specified period.

The work scope includes daily maintenance and DevOps work to make sure the Litentry and litmus subsquare/statescan deployment well running. They also plan to develop and deploy subsquare common features such as governance data statistics, calendar feature, address vote history, subsquare new design, and preimages page.

The requested allocation is $7,400 equivalent LIT token (11,029 LIT by the EMA7 price on 2023-08-7).

Litentry subsquare maintenance costs $4,200, Litmus subsquare maintenance costs $3,000, Litentry statescan maintenance costs $200, and Litmus statescan maintenance costs $0.

This proposal aims to secure the necessary funds to ensure the smooth functioning of Litentry and Litmus networks' governance platforms, Subsquare and Statescan, during Q3-Q4 2023.

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Maintenance Cost for Subsquare/Statescan in Q3-Q4, 2023 - Motion #4

Litentry Community Asset Rescue Effort:

- The community team has verified the ownership of Ethereum and Substrate accounts involved in the asset rescue of 720.70 LIT.
- They propose a motion to the council and the wider Litentry community to support the asset rescue effort.
- Proof of ownership of the Ethereum wallet and LIT wallet has been provided for transparency.
- The locked LIT address and the address where the rescued assets will be sent are available.
- The community is urged to support this motion to help the user retrieve their LIT.

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Support Token Rescue for Raenius#7875 due to Ledger Incompatibility

Litentry Community Asset Rescue Effort:

- Litentry Community is trying to help a user retrieve their LIT assets.
- They have verified the ownership of the Ethereum and Substrate accounts involved.
- They are proposing a motion to the council and the wider Litentry community to support the asset rescue effort.
- They have provided proof of ownership of the Ethereum and LIT wallets.
- The community's support and participation are crucial to the success of this endeavor.

Litentry is a blockchain project that has come up with a new plan to burn 377,800 LIT tokens every quarter for the next two years. This is instead of the previous plan to burn 568,750 LIT tokens. The burning process involves transferring the tokens from the Ethereum account to the Litentry Parachain via the token bridge.

Identity staking is a new feature that Litentry is introducing to its ecosystem. It is a powerful tool that motivates users to become more actively involved in managing and leveraging their digital identity. It increases credibility, serves as proof of humanity, and fosters an inclusive ecosystem with diverse contributions.

Identity staking encourages users to take an active role in managing, aggregating, and leveraging their identity data. Novice users can earn a higher return on their staked assets for any actions that increase the richness or complexity of their digital identity.

Digital identity, Sybil resistance, and proof of humanity are critical to the future of the internet. Identity staking helps to differentiate real humans from bots and combats the issue of Sybil attacks by requiring users to stake their tokens.

Identity staking creates a more inclusive ecosystem by incentivizing users to become more active in managing their identities and encouraging a wider range of people to participate in the network. It can increase the overall utility of the Litentry token by providing users with additional incentives to hold and stake their tokens.

In conclusion, Litentry's new plan to burn tokens and introduce identity staking is a positive step towards creating a more secure, trustworthy, and transparent internet.

Litentry Token Burning Event #2

Litentry team will burn a certain amount of LIT tokens every quarter for the next two years after collator staking is deployed. The amount of LIT that will be burnt each quarter is 568,750 LIT. The burning procedure involves transferring the LIT tokens from the Ethereum account to the Litentry parachain via the token bridge. A referendum will be voted on to forcibly set the balance of token holding parachain account to 0. This is the first of 8 burning events in total.

Council Motions