LIT token is the native cryptocurrency of the Litentry, including Litmus parachain on Kusama and Litentry parachain on Polkadot with the following utilities:
Pay transaction fees in the network
Incentivize collators and fund promotion campaigns to support Litentry parachain
Empower governance mechanisms in the chain, including proposing referendums, the election of council members, voting in a referendum, etc.
Serve as the utility token for identity product or service