At Ontology, we've spent the last 3 years realizing our vision for decentralized identity and data. While hard at work, we are developing products and protocols vital to the sustained growth of a decentralized ecosystem which not only prioritizes users, but also their identity and data.
Our efforts in decentralized identity have culminated in the form of ONT ID — a native user identifying system that pulls a bevy of data points both on and off-chain which accumulate into an impermeable assessment of your identity, protected through decentralization. Users can create their ONT ID through the ONTO mobile app, developed by Ontology. With ONT ID, users can prevent unnecessary access of their data from third parties and be assured that access is only granted when they themselves permit it. A case study with Daimler Mobility, recently featured in “Forbes’s 2021 Top 50 Blockchain Things To Watch”, perfectly demonstrates this in real life through our partnership to develop the “Welcome Home App”.
Decentralized identity is also at the backbone of Ontology’s OScore protocol, a decentralized credit scoring system. With your OScore, users are able to access special features on supported platforms, such as lower collateral rates on Wing.Finance — which ensures higher liquidity, ultimately leading to better market performance.
This latter point, that Ontology is bringing decentralized identity to DeFi, is exactly the type of interoperable infrastructure that Ontology seeks to build upon moving forward. It is also what separates Ontology from many other public blockchains that primarily seek financial margins through introductions of tokens without a value principle driving its core.
Decentralized identity isn’t the only form of data protection that is important. The SAGA protocol is edging for growth as well in the data market industry. Data uploaded to SAGA marketplace is also protected and, more importantly, controlled by the people who create and upload the data.
In the grand scheme of things, it is beyond exciting to see the industry pick up this much steam in recent months. But an important step towards mass adoption is working with regulators and government bodies. On that front, Ontology has demonstrated an eagerness to not just be a part of regulation discussions such as with the W3C, but also take the lead in helping regulators understand the broader problems and solutions possible with decentralized identity.
Ontology is a high performance, open source blockchain specializing in decentralized 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 used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.