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Ontology Collaborates with NEAR Protocol to Accelerate Proliferation of Secure Decentralized ID Solutions

Announcement reinforces Ontology’s commitment to advancing decentralized identity solutions

Ontology has joined forces with the NEAR Protocol in an effort to expedite the development and deployment of secure decentralized identity solutions.

The purview of the collaboration will see Ontology provide technical support for NEAR’s Decentralized Identifier (DID) from a regulatory perspective, and to enable smart contract implementation and W3C registration.

NEAR is a decentralized application platform that is secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands. The platform recently announced the completion of a $21.6 million funding round backed by Andreessen Horowitz, Electric Capital, and others, as well as the launch of their MainNet.

Erick Pinos, Ontology Americas Ecosystem Lead, said,

“Teaming up with NEAR broadens our remit considerably when it comes to delivering state of the art decentralized identity protocols. NEAR has quickly emerged as a leading dApp platform, attracting wide interest from backers and high profile enterprise partners. We share common objectives in terms of broadening the accessibility of enterprise-grade blockchain applications and decentralized identity solutions and look forward to working together.”

With a primary focus on delivering a fast, user-friendly platform with a unique infrastructure that supports robust cross-chain collaboration, Ontology provides businesses with the tools to design their own blockchain solutions securely. Powered by the Ontology Token (ONT), the distributed collaboration platform allows businesses to enjoy the benefits of smart contracts and tokenization while retaining control of their sensitive data.

Erik Trautman, CEO of NEAR Foundation said,

“We are tremendously excited to leverage the technical acumen of the Ontology team, particularly in relation to their bespoke ONT ID 2.0, a very robust decentralized identity solution designed for streamlined cross-chain interoperability. Following our successful MainNet launch, we are keen to strengthen our partner network, and look forward to extending the power of Ontology’s solutions to our growing customer base.”

The news follows last month’s launch of a new version of ONTO, Ontology’s self-sovereign data wallet, designed to give users the power to control the value of their data, as well as a new upgraded version of ONT ID.

“At Ontology, we are firmly committed to promoting tangible, real-world DID applications and educating the world on the far-reaching benefits. We look forward to making further contributions to what will become a thriving DID ecosystem globally, and continue showcasing Ontology’s unique DID capabilities,” concluded Pinos.

About the NEAR Protocol

NEAR’s mission is to enable community-driven innovation to benefit people around the world. NEAR’s platform provides decentralized storage and compute that is secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.

Technically speaking, NEAR Protocol is a brand new public, proof-of-stake blockchain which is built using a novel consensus mechanism called Doomslug. NEAR Protocol uses a technique called “sharding” which splits the network into multiple pieces so that the computation is done in parallel. Parallelism radically increases throughput and allows the network to scale up as the number of nodes on it increases. With NEAR, there isn’t a theoretical limit on the network’s capacity.

NEAR core contributors have won multiple world championships in competitive programming and worked at major tech companies such as Google, Facebook, and Niantic. To learn more about the NEAR Protocol, please visit near.org, and for the press kit visit near.org/press.



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