Polkadot Decoded Recap — Li Jun’s Keynote
A quick recap of our Founder’s keynote speech on DeID, DeFi, and OScore
With Covid-19 keeping more and more of us indoors, we are turning to digital means as a method to keep us closer and to host tech conferences as we would’ve back in the days when the gathering was permitted. Nonetheless, the Polkadot Decoded event was a smashing success, regardless of it being held virtually. For this year’s event, our Founder Li Jun was cordially invited to give a keynote speech on Ontology’s current developments, specifically centered around DeID, DeFi & OScore. Here’s a recap:
Li Jun opened, by stating how Ontology’s decentralized identity protocol & decentralized data protocol will help build new trust collaboration between Ontology and the Polkadot Network before diving into ONT ID. Our decentralized identity protocol works for other blockchains such as Ethereum as well. This cross-chain feature allows users to control their accounts, wallet & digital assets address — as well as traditional information like bank accounts and social media.
According to Li Jun, since you already manage your own identity, it is easier to perform data collaboration based on DDXF— so that no single platform controls your data. All personal data, value, and privacy will be controlled by yourself.
This includes our OScore, the first on-chain credit score based on Ontology’s data protocols. It accumulates different on-chain data points and information based on different blockchains, including Polkadot in the near future. The integration with different chains for both OScore and decentralized identity is the next phase, as we will build on our current collection of partners including Binance Smart Chain, Ethereum, TRON, and Polkadot.
Succeeding the outline of cross-chain integration, Li Jun introduced a real use case for how DeID could work with Daimler Mobility’s “Welcome Home” feature.
When users use the car, they have control over any kind of data during usage. This data can then be used to buy insurance at a discount, for example, while being completely controlled by the user. It is important to note that no centralized party controls the data. While Daimler is in the auto sector, Li Jun highlighted that this can be used for other industries as well. In addition, other sets of data can be digitalized and rebuilt in a decentralized form as well, allowing every user to manage and own their data.
A short break was granted while a feature video of “Drive With Ontology” played next.
Credit Components & DeFi
After the video, Li Jun shifted his attention to how staking is currently done in decentralized finance, which is based on how much you stake, rather than your reputation or your credit. This is not like traditional finance. In addition, a key point of highlight from Li Jun is that credit can accelerate the asset digitalization in blockchain — such as equity, real estate, and other physical goods. But by doing so, how can we confirm these assets are real, in addition to their ownership? Well, this would be something that decentralized identity would be able to solve with its flexible protocol to link to many different rules, laws, and offline requirements in order to verify the digitization of assets.
The final part of the keynote posed the question of how to create a link between traditional finance and DeFi. In reality, everything that we do online in the DeFi space can be also done with offline, traditional financial systems. According to Li Jun, Financial institutions shouldn’t have control over building your data, your credit, or any other part of your identity — rather, they should merely only have access to it when you grant it. The identity should be built by yourself, in a decentralized format.
To round off the keynote, Li Jun introduced the Wing Platform — a decentralized lending platform that is built based on the vision we’ve highlighted above. With a combination of decentralized identity and credit lending, Wing has an opportunity to be an industry leader in the DeFi space.
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