Home Coins Ontology (ONT) Ontology Builds on Polkadot to Accelerate Adoption Of Decentralized Identity Solution |...

Ontology Builds on Polkadot to Accelerate Adoption Of Decentralized Identity Solution | by The Ontology Team | OntologyNetwork | Oct, 2020

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The Ontology Team

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 to realize the benefits of digital identity, privacy for DeFi projects and beyond”.

Parity’s Head of Engineering in Asia, Yaoqi Jia said “the Parity Asia team consists of talented engineers who are very excited to provide support to help guide Ontology in creating a truly impactful parachain.”

Developed over the past couple of months, the Ontology parachain currently consists of a DID Substrate pallet, with plans for further integration of other custom components. Further plans for the Ontology parachain include:

  • Ontology OScore — an off-chain DID authorization mechanism to manage wallet-identity relationships and provide ID-based credit scores for on-chain actions related to digital assets.
  • The integration of Ontology’s distributed data exchange framework (DDXF), permitting both token association and data tokenization.
  • Expanding DID’s use cases from users to also include data and resources, providing authentication, authorization, and accounting (AAA) for DID based resource instances via on-chain data access control with data-tokens (tokenization), and association of its value. DDXF provides on-chain AAA for data interoperability cross systems.

Through the integration of our bespoke digital identity and credit-based solution into the Polkadot ecosystem, along with the help of Parity’s leading engineering team, this collaboration will further accelerate user trust, privacy, and data sovereignty, as well as empower the development of the broader DeFi sector. Ontology looks forward to joining forces with more ecosystem allies to redefine trust and connect the missing pieces of a decentralized financial ecosystem.

About Polkadot

Polkadot is a sharded blockchain that seamlessly connects multiple diverse chains together in a single network, allowing them to exchange data securely and process transactions in parallel. In this way, Polkadot solves major scalability issues that have impeded blockchain development. Polkadot has also introduced a highly advanced open governance system that will allow the network to innovate and grow at a much more rapid pace than legacy networks. Applications from decentralized finance and energy to IoT and gaming will thrive on Polkadot, challenging the centralized platforms of Web 2.0. For more information, visit polkadot.network.

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