HomeCoinsOntology (ONT)Ontology — The ONLY Decentralized Identity Partner for Binance Smart Chain |...

Ontology — The ONLY Decentralized Identity Partner for Binance Smart Chain | by The Ontology Team | OntologyNetwork | Feb, 2021

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The Ontology Team

Ontology and Binance have a long history of cooperation and partnership that has generated benefits for both sides, none possibly more important the integration of Ontology’s Decentralized Identity SoOlution into the Binance Smart Chain. The symbiotic relationship sees Ontology, and ONT ID, as the sole partner for BSC in terms of providing a truly decentralized identity option and KYC user verification.

The recent explosion of projects landing on the Binance Smart Chain (BSC) is expected to be accompanied with a meteoric rise in the number of potential investors interested in Security Token Offerings, otherwise known as STO’s. A key variable that is addressed through Ontology’s partnership with BSC is the problem of identifying potential investors, and ensuring their identities are not only protected but also validated through Ontology’s Trust Anchor Gateway and overall Trust Ecosystem.

About ONT ID

ONT ID is a framework for decentralized identity, built on the Ontology blockchain and integrated with the Binance Smart Chain. So any user, developer or project launching STO’s will have access to fully integrate the benefits of ONT ID and with it, decentralized identity, into their existing developments. Protected by cryptographic techniques, ONT ID provides any entity with a digital identity that is controlled by the entity through decentralization. The entity in question here can be a variety of things, including but not limited to individuals, organizations, or objets. This makes tasks such as authentication, authorization or performing audits much simpler while protecting the data of the entity being authenticated, authorized, or audited.

About ONT TAG

Ontology’s Trust Anchor Gateway (TAG) is a decentralization platform based on ONT ID which provides access to security features such as KYC (know your customer) and global authentication services such as Shufti Pro, IdentityMind, and CFCA to name a few.

How does this help STO’s?

For any security token offering on BSC, the most important aspect is being able to accurately and safely verify the assets held by potential investors, while adding a layer of anonymity and protection to their identity through decentralization. Some pain points in compliance requirements include verifying of qualified investors, cross-border sales of security offerings, and the duration of the qualification validity period for both the United States and the European union. In a normal STO process, the issuance, self compliance, fundraising, and working with technical issues can be both time consuming and difficult. Neither of which is conducive to a successful STO. But by integrating ONT ID and adopting the ONT TAG, any STO on the Binance Smart Chain can identify potential investors much quicker, and nudge them through the checklists smoother. Not to mention that this is a more secure form for investors to participate while having their personal ID protected through the decentralization powered by Ontology — the only partner who offers this service on BSC.

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