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Lit Protocol: Institutional Report

3 min readResearch

Lit Protocol: Abbreviated Introduction

Lit Protocol is a decentralized Key Management Network that powers encryption, access control, and automation for web3 applications.

The Lit Network is a decentralized network of nodes that communicate with each other to generate keys, come to consensus about the state of the system, and execute “smart contracts” written in Javascript. Lit is not a blockchain but instead can be thought of as a middleware service that facilitates interactions between blockchains, other distributed ledgers, and state machines.

Lit Protocol’s main feature is a decentralized access control protocol compatible with most EVM chains, Cosmos and Solana. With Lit, users can harness on-chain access control conditions to:

  • Encrypt and lock static content (images, videos, and music) behind an on-chain condition (for example, ownership of an NFT).
  • Decrypt static content that was locked behind an on-chain condition.
  • Authorize network signatures that provide access to dynamic content (for example, a server or network resource) behind an on-chain condition.
  • Request a network-signed JSON Web Token (JWT) that provisions access and authorization to dynamic content behind an on-chain condition.

Lit Protocol is a blockchain-agnostic middleware layer aiming to decentralize public key cryptography. It provides reading and writing capabilities that enable communication between blockchains and off-chain systems.

The Lit Protocol team has a strong engineering, research, and technology record. Their headquarters are based in San Francisco, California. The project achieved a major milestone in 2022 by raising $15.2 million in two funding rounds.

The Lit Protocol has been gaining traction amongst early adopters, with numerous conversations and keynotes about the project being uploaded to YouTube.

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