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Blockchain platform Ontology has announced that it is building a solution on Polkadot blockchain. As per a press release, Ontology explained that it has partnered with Parity technologies to integrate its Decentralized Identity (DeID) solution on the Polkadot network.
The Decentralized ID solution will help Ontology have better access to cross-chain compatibility on the Polkadot blockchain. The Parity Asia team will undertake the development of DeID as part of the partnership.
Eric Wang, an executive at Parity technologies, believes that the development of DeID has potentials beyond the DeFi ecosystem.
‘’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”. He said.
Ontology to build Parachain on Polkadot network
The integration of Ontology’s DeID is part of its plans to build a para chain on the Polkadot blockchain network.
Ontology is planning to bid on a parachain slot and create one of Polkadot’s first initial Parachain Offering (IPO). It envisions that building a parachain would enable interoperability of services between the two blockchain ecosystems. This would enable easier deployment of credit-based services that would be built on decentralized identity and cross-chain communication.
The deployment of a Parachain on the Polkadot network would enable cross-chain liquidity, which would increase the development of DeFi products on both platforms.
Ontology has begun creating tools for the Ontology Parachain, and several features have been proposed. One of these is Ontology Oscore, a mechanism that ensures the management of wallet ID status and provides ID-based credit scores for digital assets.
Ontology will also integrate a distributed data exchange framework that would enable data tokenization. Also, there would be an expansion of resources for the growing interoperability cross-systems.
Ontology’s interest in Polkadot blockchain is no surprise giving the fast growth of Polkadot in recent months. Polkadot, led by former Ethereum co-founder Gavin Wood is regarded as one of the major competitors for Ethereum.
The blockchain platform uses a sharded blockchain that connects multiple chains within a single network. This makes it one of the few blockchain projects with impressive scalability potentials.