ontology-releases-new-decentralized-id-solution-for-defi

Ontology releases new decentralized ID solution for DeFi

Ontology, the excessive performance, starting up supply blockchain specializing in digital identification and records, has announced the discharge of a brand unusual decentralized identification solution, which is able to execute it more uncomplicated and more stable than ever for crypto holders and traders to clutch watch over and replace digital resources.

It is envisioned that the advantages of this unusual solution will bring advantages the same to what the EU’s Open Banking initiative is bringing to archaic finance, to crypto users all the procedure in which via the field.

In what is going to own principal advantages for users’ journey, via Ontology’s decentralized identification solution, digital asset holders can now ranking admission to a 360° value of all of their holdings on one dashboard via the Ontology web web page or Ontology’s ONTO utility. Users will own a transparent value of their resources, it is miles no longer primary what wallets these resources are held in. Moreover, users will also have the option to value their OScore, Ontology’s decentralized credit ranking scoring machine, on any chain.

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LI JUN, Founding father of Ontology acknowledged:

“Ontology is on a mission to change the methodology records is managed and transferred, increasing safety, safety, and value for all events alive to. It is inevitable that DeFi trends can be self-discipline to strict laws, factual as is the case with archaic finance. Thus, guaranteeing that legitimate mechanisms for the verification of user identification are in put apart is most primary. Ontology is offering a solution that connects users’ resources to their identification, offering increased safety and belief to all events, connecting the lacking pieces of decentralized finance’s ecosystem. Many crypto users grab digital resources in assorted wallets. Will own to a user take to borrow crypto, as an illustration, it would possibly perhaps truly perhaps well presumably also even be complex to pronounce their monetary holdings effortlessly. By the use of ONT ID, Ontology’s OScore enables users to pronounce the elephantine rate of their holdings and value relevant monetary historical past all the procedure in which via their wallets, with out displaying a elephantine list of these resources. In this methodology, user records privateness is stable, and records that doesn’t choose to be shared is no longer shared. For lenders, threat is vastly decreased as transparency and belief is tremendously increased, and factual due diligence can happen.”

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