Blockchain and cryptocurrency continues to surge in popularity as we move more into a digital society. Digital identities communities are developing everywhere and Elrond has now partnered with Ontology to manage identity and data.
Per their own announcement Tuesday:
We’re excited to announce our collaboration with Ontology with the goal of offering Elrond users and applications access to the decentralized identity framework and data management features of Ontology.
The two partners will work on interoperability between their high-performance blockchains. Information originating on our blockchain will be available in the broader Ontology framework, allowing users to add their Elrond addresses to the ONTO wallet and bind them to their ONT ID.
The ONT ID layer will be usable in conjunction with the Elrond blockchain, for example allowing users to authenticate against an Elrond application using their Ontology ONT ID. Furthermore, a bridge will connect the two blockchains, allowing assets to be moved between the two chains.
“This integration enables shorter time to market for applications looking to deploy complex business logic onto the Elrond blockchain. The Ontology identity framework decreases the effort required for implementing comprehensive identity & access management processes in applications built on our mainnet.” said Beniamin Mincu, Elrond CEO.
Ontology is a blockchain for self-sovereign identity & data with a robust cross-chain collaboration infrastructure. Its decentralized identity management features and smart contract capabilities are meant for businesses looking for securely integrating blockchain technology into their broader application landscape.
“We’re excited about this collaboration, which will accelerate the adoption of Ontology decentralized identity solutions for businesses looking to leverage the scalable and inexpensive Elrond blockchain.” said Andy Ji, Co-Founder of Ontology.
The integration with Ontology broadens the possibilities for Elrond developers to leverage a powerful cross-chain framework for identity & access management and tap into a growing market-place of user-centric monetizable data.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Ontology is a high performance, open-source blockchain specializing in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application, and DID network used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.