Leading smart contracts platform Ontology is to offer a blockchain project focused on dapps [decentralized apps] with technical help building its digital identity solution.
Announced earlier on Friday, Ontology will support the event and deployment of NEAR’s Decentralized Identifier [DID] solution with an eye fixed on regulatory compliance.
A DID is a new type identifier for digital identities which can be scanned to verify any subject including an individual, an object, a corporation or a data model, and is being standardized under the W3C [World Wide Web Consortium].
The technology is aimed to stop the privacy risks which can arise from centralized silos of user data.
As a part of this new collaboration, Ontology will also assist NEAR’s deployment of smart contracts and offer further assistance with W3C registration.
Ontology’s ecosystem lead for Americas, Erick Pinos, said that the two firms shared the aim of creating digital identity solutions more widely accessible.
NEAR said it chose to work with Ontology due to its technical expertise and especially has an interest in its decentralized identity solution ONT ID 2.0, which is meant for cross-chain interoperability, Near Foundation CEO Erik Trautman added.
NEAR recently raised $21 Mln within its recent token sale led by venture capital firm Andreessen Horowitz [a16z].
The funding was joined by over 40 other investment firms including Pantera Capital, Libertus, Blockchange, Animal Ventures, Distributed Global and Notation Capital.
Trautman said following on from NEAR Protocol’s mainnet launch on 4th May, the project is now keen to create its partner network.
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