NEAR is partnering with Ontology to develop a Decentralized Identifier (DID) solution to improve data privacy and develop decentralized applications (dApps).
Ontology will assist in the development and use of DIDs and be responsible for regulatory compliance. DID is a digital identifier that confirms information about individuals, organizations, objects or data models. AND
The tool meets the requirements of the World Wide Web Consortium (W3C), an international standard-setting consortium for the Internet. DID aims to mitigate the risks associated with sensitive user information that are typically found in centralized data stores.
Erick Pinos, head of the US division of Ontology, said that Ontology will provide technical assistance to the NEAR project in the use of smart contracts and advise on registration and W3C compliance. Near Foundation CEO Erik Trautman added that the collaboration with Ontology is of particular interest to him, as the company already has experience working on decentralized digital identity solutions. This is an ONT ID 2.0 tool that was developed to ensure blockchain interoperability.
NEAR raised about $ 21 million in an ICO in May. More than 40 investment firms have participated, including Andreessen Horowitz, Pantera Capital, Libertus, Blockchange, Animal Ventures, Distributed Global and Notation Capital.
As a reminder, Ontology announced a partnership with Chainlink last fall to integrate oracles to deploy smart contracts using off-grid data. Additionally, a year ago, Ontology teamed up with Opera to develop the Decentralized Finance (DeFi) and Decentralized Apps industry.