Ontology Completes DID Smart Contract Development on Ethereum to Boost the Decentralized Identity Ecosystem
This week, Ontology successfully completed the development of the next stage of its open-source DID smart contract on the Ethereum network, significantly expanding the purview of the platform’s decentralized identity ecosystem. Having defined the DID specification, submitted the required W3C registration, and concluded the DID smart contract development, Ontology’s bespoke Decentralized Identity Solutions now boast even greater chain interoperability and heightened technological capabilities.
The announcement means that Ontology’s Decentralized Identity Solutions, defined in this instance by the addition of a new smart contract method did:etho:, can now be used not only across the expansive Ethereum network, including a range of popular DeFi applications, but also most chains that run EVM virtual machines. Ontology aims to make its Decentralized Identity solutions available across any chain, as part of its ongoing effort to achieve full cross-chain functionality.
LI JUN, Founder of Ontology, said, “In line with Ontology’s defined objective to transform key processes pertaining to the management of individuals’ data, we are delighted to build on the significant progress that has been made with respect to our ever-expanding decentralized identity ecosystem. Successfully completing the open-source decentralized identifier smart contract development on the caliber of Ethereum is another milestone in what has been an incredibly successful Q3 for our platform.”
This completion is the latest in a string of high-profile announcements for the company that specializes in digital identity and data. It follows the recent launch of ‘Ontology Mercury’, a trusted, Decentralized Identifier (DID) based peer-to-peer communication framework; the official release of Ontology’s new Decentralized Identity Solutions, designed to help crypto holders and traders manage and exchange digital assets in a more secure and streamlined manner; and a recent collaboration with NEAR Protocol, Elrond Network, and Waves Platform among others to advance the development of secure decentralized identity solutions.