Ontology and Parity Technologies announced the beginning of cooperation on 23 October. As part of the joint project, Decentralised Identifiers (DeIDs) of the former will be integrated with the Polkadot system, making them available in multiple blockades. Parity is actively involved in the development of the Polkadot ecosystem.
Today's announcement is part of Ontology's plan to create a parachute or its own Polkadot-based chain to distribute the services developed by the project, including crypto lending within the OScore product. OScore allows users to be assigned credit ratings based on their transaction history and asset management.
It will also make it possible to add crosscheck liquidity to the Polkadot network and, in the future, to speed up the development of the Decentralised Finance Sector (DeFi) and simplify the work of developers. In addition, Ontology plans to hold one of the first "Initial Parachin Placement" (IPO).
Parity Technologies, for its part, will provide a technological solution for DeID integration. The company noted that Ontology's support will enable DeFi projects to take advantage of digital identifiers and privacy.
"This cooperation will help to increase user confidence, privacy and data sovereignty, and support the development of a wider DeFi space. Ontology intends to join forces with other allies to connect the missing elements of the decentralized finance ecosystem," the publication says.