фото показано с : invezz.com

Ontology has announced the launch of its new decentralized solution. The network unveiled this news via a blog post on August 11, noting that the solution would offer crypto adopters more security. On top of this, the system would help ease the process of managing and trading crypto assets. Per the publication, Ontology projects that this solution will offer crypto holders perks that are similar to the ones that EU’s Open Banking Initiative has introduced to the traditional finance sector.

According to the blog post, Ontology’s decentralized identity solution will help the user experience for crypto enthusiasts across the globe. For instance, it will grant them access to an all-around view of their assets on one dashboard via the Ontology website or the ONTO app. In so doing, the product will give users a clear view of their assets regardless of the wallets in which they are stored. Apart from this, adopters will be in a position to view their OScore, Ontology’s credit scoring system on any chain.

In the blog post, Ontology also published a graphic chart that outlines how the solution functions. The network also disclosed that it is working on integrating the solution into BTC and ETH as it plans to deal with increased demand for cross-chain interoperability.

Commenting on this new identity solution, Ontology’s founder Li Jun 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.”

According to Jun, many crypto adopters hold their crypto holdings in different wallets. In turn, this creates a problem when a user tries to borrow crypto. This is because it is difficult to verify their holdings. By leveraging ONT ID, Ontology’s OScore lets crypto adopters verify the accurate value of their holdings.

On top of this, OScore enables them to view their financial history across the wallets they use. Al this without having to show a full list of their holding. In so doing, the solution ensures data security, seeing as sensitive information remains hidden. The solution also mitigates risk for lenders as it increases transparency and trust. It also allows them to exercise due diligence before lending out crypto.

The post Ontology rolls out new decentralized identity system for DeFi users appeared first on Invezz.

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