The developers of Ontology (ONT), a “high-performance” blockchain network, have noted that they’ve successfully completed the development of an open-source decentralized identity (DID) smart contract, which was launched on the Ethereum (ETH) network.
The Ontology team confirmed on September 4, 2020, that both its native tokens, ONT and ONG, may now be swapped or exchanged/converted to eONT and eONG on the Ethereum blockchain, as “cross-chain liquidities on Ethereum.” eONT and eONG have also been listed on the Uniswap trading platform, which is now a leading non-custodial exchange for Ethereum tokens.
The introduction of eONT and eONG aims to support all types of decentralized finance (DeFi) products in the Ethereum ecosystem.
As mentioned in a blog post by Ontology:
“This move marks Ontology [as] the first mainstream public blockchain that has completed cross-chain communication for Ethereum. Digital assets on the Ethereum blockchain can now be swapped to the Ontology blockchain. Bi-directional cross-chain communications are enabled between Ontology and Ethereum.”
The Ontology team adds that their DID smart contract development on Ethereum can be used across widely-used DeFi apps. It may also be used or supported by most chains that are running the Ethereum Virtual Machine (EVM). Ontology says that it plans to make its Decentralized Identity (DeID) solutions available “across any chain, as part of its ongoing effort to achieve full cross-chain functionality.”
The Ontology developers also mentioned that they’ve successfully completed the cross-chain communication of digital identity and digital assets on Ethereum. These developments have come after the launch of Ontology Mercury, a “trusted,” Decentralized Identifier (DID) based peer-to-peer communication framework.
The blockchain development team has also introduced Decentralized Identity Solutions, developed to assist cryptocurrency holders and traders with easily managing and exchanging digital assets in “a more secure and streamlined manner.” Ontology has also been working with the developers of the NEAR Protocol, Elrond Network, and Waves Platform in order to “advance the development of secure decentralized identity solutions.”
