San Francisco- On February 12, Lit Protocol unveiled its mainnet beta, dubbed Lit v0, marking a significant step forward in decentralized infrastructure for cryptographic key management and verifiable computing. This launch marks a departure in developer capabilities for private key creation, control and management in the network era.
Lit Protocol's decentralized infrastructure has already been adopted by more than 70 industry leaders and projects. These include Collab. Land, Gitcoin, the Starling Lab, and the Fox Corporation, each leveraging Lit Protocol's capabilities in different ways within their respective domains.
The mainnet rollout of Lit Protocol is occurring in phases, providing the Internet with a native key management system designed for identity-based encryption, computation, and programmable signing. Using threshold signature schemes, secure hardware, blockchain technology, and distributed storage via IPFS, Lit Protocol provides a fault-tolerant network for managing private keys and executing immutable, serverless functions.
Developers can use Lit to address multiple key management needs, including data encryption, user authentication, wallet onboarding, and condition-based signing and transaction automation. This development marks a significant milestone in decentralized cryptography, providing a secure alternative to traditional centralized key management systems and custodians.
Lit Protocol has seen significant developer adoption, with over 2 million requests per month. The platform aims to revolutionize web identity by providing flexibility and control, enabling various use cases such as embedded wallets, blockchain-based applications with verifiable off-chain computation, fine-grained asset and data control, and next-gen web3 applications.
Co-founder David Sneider emphasizes Lit Protocol's commitment to security and simplicity. Developers can implement Lit's services using the CLI and Javascript in the open source SDK, providing a modular framework for integrating functionality into their applications. By using IPFS to store serverless signing programs, developers can create a wide range of products without relying on single points of failure.
