Ontology has recently presented itself as one of the main builders of an infrastructure for a peer-to-peer trust network with a decentralised identity that allows users to have full control over their data for real-world use cases.
Data owners largely lack control over their personal information, hindering exchange, security, and collaboration and decentralised identity (DID).
Coin Rivet spoke with Humpty Caledron, Head of Community at Ontology, the project bringing trust, privacy, and security to Web3.
Mechanisms on current blockchains are often time-consuming, costly, and can put data at risk, but it seems Ontology has an idea to build an infrastructure for a peer-to-peer trust network with a decentralised identity that allows users to have full control over their online data.
Looking to remedy this situation, ONT ID – Ontology’s decentralised digital identity application – wants to break down barriers to decentralised adoption by offering an easy-to-use app that helps users manage and secure their data.
“In the midst of ongoing data breaches, hacker scandals and misuses of digital information, users are increasingly looking to decentralised solutions to safeguard their data and ultimately create a more secure internet in Web3,” Caledron said.
“As such, Ontology has worked to create a new trust candidate for privacy and security in the form of decentralised identity and data solutions.”
He also added that, nowadays, websites and other online applications provide services to people mostly for free, empowering themselves by becoming custodians of our data and digital identities.
“This allows them to sell this information to the highest bidder through advertising, reaping the rewards, and keeping the value of that information to themselves,” he said.
“Many of these organisations also fall victim to data hacks, which puts our information at risk. Ontology is building the technology that can change this.
“The comprehensive and robust ecosystem includes trustless identities and self-sovereign reputation scores that work across any blockchain and allow users to own their identity and reputation, and control and monetise their data too.”
Ontology, says Caledron, is a project bringing trust, privacy, and security to Web3 through decentralised identity and data solutions.
“We have developed a comprehensive decentralised identity and data ecosystem that enables anyone to easily create their digital identity and build their trustless, decentralised, and portable reputation,” he explained.
“We have also created a credit-based, cross-chain DeFi platform that rewards users for developing good credit on the blockchain.
“ONTO Wallet, our decentralised identity wallet allows users to create their digital identity by simply creating a wallet. It is through these accessible onramps and products that we can empower people in Web3.”
Ontology ID gives back control of private data
Caledron also explained that ID is the company’s decentralised digital identity application that allows users to manage their identity, data and assets.
“As we move into the new era of the internet, Web3, the metaverse, an all-encompassing digital landscape populated by separate virtual worlds that will eventually all interlink and overlap the real world, is going to become more prominent in our everyday lives,” he added.
“We foresee technologies like ONT ID playing a massive part in this space. For the true metaverse to exist, interoperable frameworks that allow users to traverse various virtual worlds with one seamless identity will be needed and ONT ID is just the solution to fulfil this need.”
Caledron also said that mainstream adoption of any technology has always relied upon ease of use and accessibility.
“When you look at Apple – they made computers and complicated software aesthetically pleasing and simple to use in the 1980s and, as such, accelerated mainstream adoption of computers.
“The same is true when it comes to digital identity, in order for the masses to adopt decentralised solutions and facilitate a safer and more secure web, companies like Ontology have to work to make them easy to use.
“That is what we have done with ONT ID – made an intuitive application that people can easily download.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.