Ontology (ONT) to Speed up Improvement of Decentralized ID Options by Constructing on Polkadot (DOT)

Blockchain platform Ontology (ONT) is constructing on Polkadot (DOT) in order that it may speed up the adoption of decentralized id options.

The Ontology workforce famous that they are going to be growing functions on Polkadot, which is a sharded blockchain that may seamlessly join a number of totally different chains collectively in a single community. As talked about within the announcement, Ontology and Polkadot plan to work collectively in order that they will “speed up the combination of each ecosystems and enhance ranges of belief and information sovereignty for customers throughout the business.”

Parity Applied sciences, one of many supporters of the Polkadot ecosystem, will probably be offering Ontology the technical help it must combine its Decentralized Identification (DeID) resolution. The mixing ought to make it simpler for different blockchains (inside the Polkadot community) to entry the DID resolution.

As acknowledged within the announcement:

“The mixing of Ontology’s DeID is a part of a wider effort for Ontology to construct a parachain on Polkadot…the parachain [may] present a collection of credit-based companies on decentralized id and cross-chain communication. These credit score companies will embrace OScore as nicely, our newly launched credit score scoring system designed to seamlessly speed up the potential to borrow or lend based mostly on a person’s cryptocurrency transaction and asset administration historical past.”

This parachain will even purpose to carry cross-chain liquidity to the Polkadot ecosystem. By means of this, the Ontology workforce plans to speed up the continuing improvement of the decentralized finance (DeFi) ecosystem whereas decreasing the entry barrier for utility builders.

Ontology’s builders identified that an instance of how this has been applied within the DeFi sector is the not too long ago developed Wing platform, which serves as a credit-based, cross-chain DeFi platform. Wing is principally centered on lending crypto-assets which might be “ruled” by the Wing DAO group.

As defined by Ontology, these initiatives ought to “in flip enhance the liquidity of digital property akin to ONT, ONG and DOT.” Ontology additionally confirmed that it intends to put bids on a parachain slot and likewise launch one in every of Polkadot’s first Preliminary Parachain Choices (IPO).

Eric Wang, the Ecosystem Improvement Lead at Parity, remarked:

“We stay up for working intently with the Ontology workforce to extend using ONT ID 2.zero by way of Polkadot to appreciate the advantages of digital id, privateness for DeFi initiatives and past.”

Yaoqi Jia, Parity’s Head of Engineering in Asia, acknowledged:

“The Parity Asia workforce consists of proficient engineers who’re very excited to supply help to assist information Ontology in creating a very impactful parachain.”

(Observe: for extra particulars about Ontology’s parachain and different latest developments, examine right here.)