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The data management and identity blockchain, Ontology Partnership with the Elrond



The data management and identity blockchain, Ontology Partnership with the Elrond

Ontology, the open-source blockchain expert in digital identity and data announces its partnership with Elrond, a new advanced blockchain. This partnership will help the Elrond customers to have access to the advance features and decentralized identity regulations of Ontology.

The two platforms agreed to work on the differences and barriers coming in their way of success. The information gathered on the Elrond platform will now be displayed on the Ontology system. This will help the Elrond holders to add their location to the ONTO wallet and regulate them with their ONT ID.

This ONT ID can be utilized to collaborate with the Elrond blockchain. Further, it will be helpful to interlink the connection between the duo and assets easily be transferred between the two blockchains.

The CEO of Elrond, Beniamin Mincu stated “The integration enables a shorter time to market for applications looking at deploy complex business logic onto the Elrond blockchain. The Ontology identity framework decreases the effort required for implementing comprehensive identity & access management processes in applications built on our mainnet.”

Ontology can be said to be one of the strongest blockchain having sovereignty over the identification of digital and data management. Its advanced decentralized identity features make it unique that is useful for integrating the blockchains with high security.

The Co-Founder of Ontology, Andy Ji mentioned: “We’re excited about this collaboration which will accelerate the adoption of Ontology decentralized identity to leverage the scalable and inexpensive Elrond blockchain.”

The development of the Elrond

It is said that the Elrond blockchain is a completely new thought of the public blockchain system. It is specially designed to secure, scalable, efficient, and remove the gaps. To make this thought successful the platform targeted two main features.

Firstly, an Adaptive State Sharding pattern that effectively partitions into various shards and secondly the Secure Proof of Stake (PoS) mechanism that enables security with full efficiency, speed, and maximum security. Thus, the platform has a tendency to process over 10,000 exchanges per second with minimum costs.

The development of Ontology

Ontology, the high rated blockchain is rich in data management. Its efficient infrastructure manages cross-chain collaboration with the flexibility required. With the required features and technology, it includes ONT ID and DID network everywhere in its system. This makes the platform unique and demanding.

Thus, it can be said that the integration of Ontology with the Elrond will widen the possibilities for the developers to leverage its network with more advanced and trending features.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.