Blockchain Startup Ontology Releases New Decentralized Identity Solution To Benefit DeFi Users

Blockchain startup Ontology has released a new decentralized identity solution that will make it easier and more secure than ever for crypto holders and traders to manage and exchange digital assets.

Ontology is a high-performance public blockchain and distributed collaboration platform. Powered by the Ontology Token (ONT), the platform allows businesses to enjoy the benefits of smart contracts and tokenization while retaining control of their sensitive data. 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.

Ontology said that the new decentralized identity solution’s goal is to bring benefits similar to what the EU’s Open Banking initiative is bringing to traditional finance, to crypto users around the world. The solution will reportedly allow digital asset holders to access a 360° view of all of their holdings on one dashboard through the Ontology website or Ontology’s ONTO application.

“Users will have a clear view of their assets, no matter what wallets those assets are held in,” Ontology said. “In addition, users will also be able to view their OScore, Ontology’s decentralized credit scoring system, on any chain.”

Li Jun, Founder of Ontology, said that they are 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,” said Jun. “Thus, ensuring that reliable mechanisms for the verification of user identity are in place is vital. Ontology is providing a solution that connects users’ assets to their identity, providing increased security and trust to all parties, connecting the missing pieces of decentralized finance’s ecosystem. Many crypto users hold digital assets in different wallets. Should a user wish to borrow crypto, for example, it can be difficult to verify their financial holdings easily. Through the use of ONT ID, Ontology’s OScore allows users to verify the full value of their holdings and view relevant financial history across their wallets, without showing a full list of those assets. In this way, user data privacy is protected, and information that does not need to be shared is not shared. For lenders, risk is vastly reduced as transparency and trust is greatly increased, and correct due diligence can take place.”