This article was first published on OntologyNetwork - Medium
We are delighted to announce that we are building on Polkadot, a sharded blockchain that seamlessly connects multiple chains together in a single network with the aim of accelerating the integration of both ecosystems and increasing levels of trust and data sovereignty for users across the industry. Parity Technologies, one of the drivers behind the Polkadot ecosystem, will provide Ontology with technical support to integrate its Decentralized Identity (DeID) solution, making it available on a range of other blockchains within the Polkadot network.
The integration of Ontology’s DeID is part of a wider effort for Ontology to build a parachain on Polkadot. We envision that the parachain will provide a series of credit-based services on decentralized identity and cross-chain communication. These credit services will include OScore as well, our newly launched credit scoring system designed to seamlessly accelerate the potential to borrow or lend based on a user’s cryptocurrency transaction and asset management history.
In addition, this parachain will bring cross-chain liquidity to the Polkadot network. Through this, we wish to further accelerate the development of the DeFi ecosystem and lower the barrier of entry for developers. An example of how this is implemented in the DeFi space is the recently launched Wing platform — a credit-based, cross-chain DeFi platform purely dedicated to the practices of lending digital assets governed by the Wing DAO community. This will in turn boost the liquidity of digital assets such as ONT, ONG and DOT. Ontology plans to bid on a parachain slot and create one of Polkadot’s first Initial Parachain Offerings (IPO).
Eric Wang — the Ecosystem Development Lead at Parity, stated that “Ontology is an industry leader in the development and deployment of decentralized identity solutions. We look forward to working closely with the Ontology team to increase the use of ONT ID 2.0 through Polkadot ...
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OntologyNetwork - Medium