Lit Protocol is a program that runs on EVM, Cosmos and Solana and can provide key management and configuration for various protocols. Using the protocol of the Lit Protocol service, conditions on the chain can be set in advance (for example: users must hold NFT or users hold at least 0.1 ETH, etc.), and then the network will provide signing and decryption services for users who meet these conditions.

In principle, Lit Protocol uses a technique called "threshold password". It is powered by a set of "node machines" that perform a "distributed key generation" process that creates a public/private key pair, but instead of sharing the full private key, the participating nodes have A shared private key, which is created by sharing multiple private keys, and the distribution of these shared private keys is such that no one person has full control over the private key. Using this shared private key, nodes can perform all operations such as signing and decrypting.

Specifically, when a user wants to access something protected by the Lit Protocol, they sign a message with their wallet to prove they own it. They upload signatures and information about what they want to access to all nodes. Every node checks the wallet signature and checks to make sure the wallet meets the conditions originally set by the person securing the resource with the Lit Protocol. If the user meets the conditions, each node uses its shared private key to decrypt or sign, and the user collects these shared private keys to create a decryption key or network signature.

For the project side, using Lit Protocol, you can use the access control conditions on the chain to do four main things:

1. Encrypt and lock static content (images, videos, music, etc.) by setting on-chain conditions.

2. Decrypt static content that is locked on-chain.

3. In the case of setting conditions on the chain, network signatures can be authorized through the Lit Protocol to provide access to dynamic content (such as servers or network resources).

4. Request a JWT (web signature) that provides access to the following resources:

• load dynamic content from the server;

• websitewebsite, to view some promotional activities;

• Paid access to Web2 API;

• User permissions in the application;

• Receive frequently updated content (i.e. web pages with real-time market analysis).

Additionally, the Lit Protocol has features that allow it to create locked NFTs that can only be unlocked by a certain NFT owner. It also allows giving access to a given server or network resource only to the NFT owner. Lit Protocol-enabled NFT is not a simple JPEG, but an interactive and dynamic HTML/JS/CSS web page.

For example, Lit Protocol is currently open to the first 10,000 users to receive Lit Genesis Gate NFT for free (currently the application has ended, interested users can purchase it on Opensea), after receiving Lit Genesis Gate NFT, it can be used to unlock a series of activities, For example, if you click on the NFT, you will be redirected to Lit Protocol's private discord channel, and you will be eligible to participate in pixel art creation. After 30 days, the official will turn the paintings created by users into NFTs and give them to contributors at random.

In terms of financing, Lit Protocol recently received $13 million in Series A financing led by 1kx. Other participating investors include 6thManVentures, A Capital, Eniac Ventures, Figment, Filecoin, LAO, Lattice Capital, OpenSea Ventures, Slow Ventures, Spaceship, Valhalla Ventures, Village Global and Visary Capital, among others.

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Odaily's [New Projects] column aims to help early Web3 projects gain market exposure opportunities. If you are also a Web3 entrepreneur, please follow the official Twitter @OdailyChina, private message [seeking reports], send your project introduction and contact information, we Will communicate with you as soon as possible.