Litentry’s Integration Of Ontology’s Bespoke Products Aims To Increase Adoption By 10K Users
Singapore — 16 December 2020 — In a bid to further the shared goal of bringing about greater data privacy and transparency, Ontology, the high performance, public blockchain specializing in decentralized identity and data, has signed a Memorandum of Understanding (MOU) with Litentry, a blockchain identity management layer based on the Polkadot network.
As part of the agreement, the two pioneers in decentralized identity and data management solutions will collaborate to integrate Ontology’s bespoke decentralized identity solution, DeID, and DDXF, Ontology’s decentralized data exchange and collaboration framework, into Litentry’s identity aggregation and computation system.
In line with this, Ontology will make its DeID solution, as well as its OScore, the company’s proprietary decentralized credit-rating system, available to Litentry for the integration with its DID aggregation technology to generate new use cases. Over time, the partnership will see Litentry build a cross-chain identity aggregator based on Polkadot, which includes a unique decentralized Web3.0 identity computation network and related tools. In joining forces, Ontology and Litentry are aiming to onboard 10,000 users to the DeID and OScore solutions, enriching aggregated Identities and targeting potential customers based in Europe, USA, Latin America and South East Asia.
Li Jun, Founder of Ontology, stated “The great synergy between Ontology and Litentry makes this partnership an obvious one. The need to bring about greater fairness, privacy and transparency when it comes to data is extremely important to both parties and our shared missions. Our team is excited to see this partnership come to fruition and to leverage our commonalities to accelerate the growth of both Ontology and Litentry. In particular, we are really happy to be furthering our relationship with the Polkadot ecosystem, having partnered with Patract Labs and Parity Technologies just last month.”
Fei Liu, CTO of Litentry said, “Ontology has made a great achievement in the development of decentralized identity solutions, and in particular decentralized credit scoring solutions — a timely solution in high demand given the industry’s current focus on DeFi. We are delighted to collaborate with Ontology to integrate these solutions and to work to increase user adoption of our products and services to create a fairer world when it comes to individuals and their data.”