Ontology & Polkadot Collab to Accelerate the Adoption of Its Decentralized Identity (DeID) Solution for DeFi
Ontology announced last week that it has collaborated with Polkadot and will be building on top of this sharded blockchain as it looks to improve the efficiency of its Decentralized Identity (DeID) solution. According to the medium blog post by Ontology, the integration with Polkadot will be supported technically by Parity Technologies, one of Polkadot's stakeholders.
Our new collaboration with @ParityTech to integrate #DeID into @Polkadot is just kicking off! Not only will #Ontology bring cross-chain liquidity to this #Parachain, but it will also boost the use cases for #DeFi projects like @Wing_Finance
— Ontology (@OntologyNetwork) October 23, 2020
This development will increase the market outreach and accessibility of Ontology’s DeID based on Polkadot’s cross-chain features, which allow multiple blockchain ecosystems to interact seamlessly. The Ontology DeID will be available within other chains operating on Polkadot once the integration is complete.
Ontology’s Parachain Vision
Integrating the DeID solution with Polkadot is just but the starting point; the Ontology blog highlights that a more significant effort will create a service-suite parachain. This feature will boost DeFi activity by providing credit scoring services, amongst other related functions. With this in place, Polkadot users will be able to leverage Ontology’s services to assess the lending and borrowing capabilities of other DeFi market participants.
Parity’s Ecosystem Development Lead, Eric Wang, emphasized the underlying potential in this collaboration,
“Ontology is an industry leader in the development and deployment of decentralized identity solutions. 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.”
Ontology also intends to boost cross-chain liquidity within the Polkadot ecosystem; they plan on executing this through the elimination of DeFi entry barriers, especially for developers. On that note, Ontology has purposed to bid a parachain slot and make a debut of Initial Parachain Offerings (IPO) on the Polkadot blockchain network. Yaoqi Jia, Asia’s Parity Head of Engineering, is optimistic that they will help Ontology build an effective parachain,
“The Parity Asia team consists of talented engineers who are very excited to provide support to help guide Ontology in creating a truly impactful parachain.”