Ontology Follows Bitcoin And Ethereum By Adding Decentralized Identifier (DID)
Just yesterday on the 21st of August 2018, the team behind the ONT token tweeted an announcement on its use of DID. The official tweet on the implementation of adding DID to their registry offers a unique operation to the platform.
DID standing for Decentralized Identifier is different than other worldwide operations since it doesn’t need a CGA (Central Registration Authority). Instead, the platform operates on a W3C – CCG which stands for World Wide Web Consortium – Credentials Community Group.
Ontology Decentralized Identifier (DID) has been formally added to the W3C-CCG DID Method Registry. Ontology has become the third open-source public chain to implement the DID specification, after Bitcoin and Ethereum. Read more: https://t.co/Mc8loFAqNS $ONT $ONG
— Ontology (@OntologyNetwork) August 21, 2018
The Distributed Ledger Technology DID runs on is also unique. It offers greater ranges for creating unique identities on the system with more customization possibilities. Trust is based on the private entity who creates a DID with a unique way to identify them. There are several security measures in place to validate identities as well, such as biometric protocols, virtual signatures and other methods to keep a user safe and secure all the while.
DID makes centralized registries obsolete, with no dependency on traditional ones. Identification is made securely through the system rather than with a public key infrastructure. The secure nature of a system running with DID is ideal for the cryptocurrency sphere since fraud has become more prevalent in recent years.
As for cryptocurrency users who saw the tweet, they gave back plenty of excitement and enthusiasm for the new move by Ontology. People are genuinely happy with the choices Ontology has been making on its recent collaborations.
Tweeters see the move as a very firm smart decision, a real milestone for the companies forward movement. They appear very focused on building a strong community while meeting the general demands of their users. Recently, the team at Ontology has implemented several new additions to their platform other than DID, one of which is a new wallet called Infinito.
Infinito Wallet is ideal for anyone who is on the platform and can handle around ten significant cryptocurrencies at one time – including BTC and Ethereum – among several other altcoins on the NEP-5 standard protocol and ERC-20. More partnerships are promised for the future of Ontology which is exciting for users on the platform who are in full support of everything the team has done so far.
It’s a nice change to see a positive collaboration between the community and designers on a cryptocurrency like Ontology. Hopefully other cryptos will see how effective working together is and follow in ONT’s footsteps to greatness.
What is your thought of DID? Do you have experience with it? Leave your experiences in the comment section below.