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Ontology launches a new decentralized identity solution for the DeFi space

Photo of: Janeth Diamond
by Janeth Diamond

Ontology has announced that it will be rolling out a new product suite. The new open-source blockchain technology is now looking at expanding its market and creating an identity in the Decentralized finance space as per its latest press release. Ontology specializes in digital data identity and data and last month it launched a decentralized identity solution. The new solution intends to assist the crypto traders and holders to manage and exchange their digital assets in a better manner. 

Ontology was crystal clear that the new product will be bringing in several new benefits similar to the European Union’s Open Banking initiative that is bringing conventional finance. The latest press release from Ontology shows that it has a one-of-a-kind infrastructure that supports strong cross-chain collaboration with layer 2 scalabilities. These are built on top of a secure base-layer blockchain. It helps in achieving a high level of throughput without compromising security. Businesses also carry the flexibility to design a blockchain that suits their needs. 

The Ontology website or the ONTO application provides users access to a decentralized identity solution. It will also give them an overall view of their holdings through a single dashboard. Users can easily look at their assets, irrespective of which wallet they are stationed in. There is also something called the OScore, a decentralized credit scoring system present on any chain. 

The founder of Ontology, Li Jun said

“Ontology is on a mission to change the way data is managed and transferred, increasing security, protection, and value for all parties involved. It is inevitable that DeFi developments will be subject to strict regulations, just as is the case with traditional finance.”

Ontology also claims to have dependable systems to establish user identity. Its features include ONT ID, a mobile digital ID application, and DID which is omnipresent in the entire ecosystem. Ontology provides a solution that will connect users’ assets to their identity giving them enhanced security. Several users have a different affinity towards different portals. Ontology provides a solution that will help them spread trust with no risk. With different users using different wallets, if the user wishes to borrow crypto, it becomes a real herculean task to verify their financial holdings. But as mentioned with ONT ID, Ontology’s OScore, the users will be able to evaluate the entire value of their holdings. If they need it they can look at financial history across different wallets for a particular need, without showing the entire list of those assets. 

Ontology’s unique solutions are routed to provide maximum security and grab a hold on the protection of data privacy. The information that is meant to be kept under the wraps is not shared. Or the lenders in the system Ontology is a win-win deal. They can be assured that risks will be reduced thanks to the transparency the system provides. This in turn converts into a high built-up of trust because the system is conducting due-diligence in the right manner.