Litentry Partners With Ontology, Strengthening Its Decentralized Identity and Credit Computation Solution
Litentry’s Integration Of Ontology’s Bespoke Products Aims To Increase Adoption By 10K Users
In a bid to further common goals of bringing about greater data privacy and transparency, Litentry, the Cross-chain Idendity Aggregator based on the Polkadot network, has signed a Memorandum of Understanding (MOU) with Ontology, a high performance, public blockchain specializing in decentralized identity and data.
As part of the agreement, the two pioneers in decentralized identity and data management solutions will collaborate to integrate Ontology’s bespoke decentralized identity solution, DeID, and DDXF, Ontology’s decentralized data exchange and collaboration framework, into Litentry’s identity aggregation and computation system.
In line with this, Ontology will make its DeID solution, as well as OScore, the company’s proprietary decentralized credit-rating system, available to Litentry for the integration with its DID aggregation technology to generate new use cases. In time, the partnership will see Litentry build a cross-chain identity aggregator based on Polkadot, which includes an unique decentralized Web3.0 identity computation network and related tools. In joining forces, Ontology and Litentry are aiming to onboard 10,000 users to the DeID and OScore solutions, enriching aggregated Identities and targeting potential customers based in Europe, USA, Latin America and South East Asia.
Li Jun, Founder of Ontology, said, “The great synergy between Ontology and Litentry makes this partnership an obvious one. The need to bring about greater fairness, privacy and transparency when it comes to data is extremely important to both parties and our shared missions. Our team is really excited to see this partnership come to fruition and to leverage our commonalities to accelerate the growth of both Ontology and Litentry. In particular, we are really happy to be furthering our relationship with the Polkadot ecosystem, having partnered with Patract Labs and Parity Technologies just last month.”
Fei Liu, CTO of Litentry said, “Ontology has made a great achievement in the development of decentralized identity solutions, and in particular decentralized credit scoring solutions — a timely solution in high demand given the industry’s current focus on DeFi. We are delighted to collaborate with Ontology to integrate these solutions and to work to increase user adoption of our products and services to create a fairer world when it comes to individuals and their data.”
Ontology is a high performance, public blockchain specializing in decentralized identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.
Litentry is a decentralized identity aggregator featuring a Substrate built blockchain and a distributed DID validation network that provides decentralized, verifiable identity aggregation service for DID applications on any blockchain. It enables a trustable way for dApps to obtain real time DID data bound to one controller from multiple service endpoints that undertakes the redundant handling, code, and hassle involved in resolving agnostic DID mechanisms and serves as an identity data management layer for decentralized credit computation and Web 3.0 identity generation.