Ontology, the self-described “high performance, open source blockchain specializing in digital identity and data,” has revealed what it calls a “new decentralized identity solution,” according to a press release from the group.
The goal here is for users to be able to easily manage and even trade their cryptocurrencies – much easier than ever before on the platform. “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,” the release notes.
Essentially, this new solution will ensure that crypto holders can see all of their assets in one space: the dashboard accessible via the platform’s website or through what it calls the ONTO application.
On top of this, they can view their decentralized credit score, OScore, anywhere they’d like.
Speaking on the matter is Li Jun, the founder of Ontology, who 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.”