Designed as a highly secured, scalable, speedy, and economical blockchain ecosystem, Elrond Network is all set to explore new heights with its new strategic collaboration with Ontology, the leading public blockchain platform. The integration between the two powerful blockchain projects will open doors for diversified developments and innovations for their individual networks.
The partnership news was circulated in the crypto space via an official Twitter post by the Elrond Network team. The post read:
Identity & Data management for Elrond applications via @OntologyNetwork 🔥
The integration allows Elrond applications to use the decentralized framework for identity & access management and also enables the flow of assets between the two chains. 👇🏻https://t.co/qUkHFyFW0F
— MultiversX (@MultiversX) August 10, 2020
According to the blog post, Elrond users and potential applications will now be exposed to the robust decentralized identity module and data management functionalities of the Ontology network. The teams will lay joint efforts to strengthen their blockchain’s interoperability characteristics, making it more accessible for the investors. The data on Elrond blockchain will be provided on the Ontology portal, which will allow users to include their addresses on the ONTO wallet and connect them to their ONT ID seamlessly.
Beniamin Mincu stated, CEO, Elrond
Excited to work with Andy Ji & the @OntologyNetwork team to create a super useful application development toolkit on top of @elrondnetwork with a new digital identity and data management layer 🔥https://t.co/AkuNbrlQpp
— Beniamin Mincu — e/acc 🔥🛠️ (@beniaminmincu) August 10, 2020
The ONT ID layer will be integrated with the Elrond network, which will allow the users to validate against an application of Elrond using the ID. There will be a streamlined connection between the two blockchains that will allow the transfer of assets between the two decentralized systems. The Elrond developers will have a strong cross-chain system for identity and access mechanisms. They will enter a high potential market of user-centered monetizable data statistics.
Andy Ji quoted, co-founder, Ontology,
About Ontology
Ontology is a revolutionary blockchain network and a distributed trust collaboration portal that offers a plethora of enterprise-grade solutions. It uses blockchain technology excellence to manifest identity verification, data exchange, data collaboration, procedure protocols, attestation, and many other services. Its effective system offers a cross-chain collaborative infrastructure for the users, which helps businesses to integrate blockchain into their individual networks. The decentralized identity management and smart contract access aid firms in strengthening their core structures.
About Elrond
Elrond is a new blockchain which solves the issues of speed and throughput. It uses two key innovations- Adaptive State Sharding solution and a Secure Proof of Stake algorithm. The blockchain network facilitates linear scalability with a speedy, functional, and secured consensus mechanism to enhance the processing of transactions. The platform has a 10,000 TPS, with 5-second latency and minimal cost, which makes it a perfect choice to become a permissionless, borderless, transparent, and secured decentralized system.
