Ontology Releases New Decentralized Identity Solution To Benefit DeFi Users

Ontology has announced the release of a new decentralized identity solution, which will make it easier and more secure than ever for crypto holders and traders to manage and exchange digital assets. It is envisioned that the benefits of this new solution will bring benefits similar to what the EU’s Open Banking initiative is bringing to traditional finance, to crypto users around the world. 

In what will have major benefits for users’ experience, through Ontology’s decentralized identity solution, digital asset holders can now 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. In addition, users will also be able to view their OScore, Ontology’s credit scoring system, on any chain.

LI JUN, Founder of Ontology, said, “Ontology is 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. 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, the risk is vastly reduced as transparency and trust are greatly increased, and correct due diligence can take place.”

In line with the release of the new decentralized identity solution, Ontology has also published a graphic outlining exactly how the solution works. Integration of the solution into BTC, ETH, etc is already under construction, as Ontology plans to cater for increased demand for the cross-chain interoperability.

For more information, visit ont.io.