Lit Protocol

Lit Protocol is a developer of a decentralized, open-source utility platform that provides blockchain users access to digital and real-world experiences through encryption. This includes a decentralized access control infrastructure designed to bring more utility to the web network, using tokens, non-fungible tokens (NFTs), and blockchain identity as access keys. Lit Protocol's access controls protocols run atop most EVM chains, Cosmos, and Solana, and are built to allow users to store private data on the open web securely and privately.

Lit Protocol has two main functions: decentralized access control and decentralized cloud signing. On the side of access control, Lit Protocol focuses on who can read private and permissioned data stored on the open web, allowing users to store private data on the open web and use Lit to provision decentralized keys to users based on on-chain data (such as assets held in their wallet). As an application development network, Lit allows developers to create decentralized token-gated chats, where users have to own a specific key to access the chat. Some other applications and functions that can be achieved through Lit include the following:

• Encrypting and locking static content behind an on-chain condition (for example, possession of an NFT)
• Decrypting static content that was locked behind an on-chain condition
• Authorizing network signatures that provide access to dynamic content (for example, a server or network resource) behind an on-chain condition
• Requesting a network-signed JWT that provisions access and authorization to dynamic content behind an on-chain condition.

With this functionality, Lit Protocol aims to give individuals agency in Web3 ecosystems in giving users private keys that are interoperable across decentralized finance, decentralized autonomous organizations, and NFTs. This is, in part, to meet the rise in demand for cross-chain interoperability that has occurred as blockchains continue to grow in popularity and use.