Living Armor is rather special in Blood Magic, unlike most armor it will upgrade itself and level up while you are wearing it depending on what you are doing. These bonuses can level up and become more powerful and you can enchant it.
It's very important to know that you will have to wear all the armor in order for it to work.
Crafting the armor is as simple as throwing Binding Reagent and Iron armor (legs/helm/etc) into a blank array. Also, you can repair it with a binding reagent in an anvil.
There are a number of “upgrades” you can get for this armor and getting them will depend on what you are doing. Initially, the armor has 100 upgrade points, as you run around you will gain traits, these all have 10 levels and each level costs upgrade points.
Generally, after running around, you will get “Quick Feet” the first level of this will cost you 3 upgrade points. As you run around more or do different tasks you will gain other traits, after a while you will have a load of random traits and you will find you have quickly run out of upgrade points.
Holding Shift+M (by default) will show you the progress of these upgrade, this can help you find out what traits are close to levelling up. Remember as you level up these traits they will cost more and more upgrade points. Some of these traits will give you more bonuses as you level them up to higher levels.
For now, you are going to have to live with whatever random “Enchants” you get as changing these will require the next tier Blood Altar.