The Ontology (ONT) and Binance, the leading digital currency exchange platform, have a long history of collaboration and partnership which has brought many advantages for both parties – “no more likely the integration into the Binance Smart chain of Ontology Decentralized Identity Solution,” an update said.
As stated in an Ontology-blog post, Ontology and ONT ID are both symbiotic and mutually beneficial in providing a “true” decentralized identity solution as well as the “sole partner,” for the Binance Smart Chain or BSC, for the verification of KYC.
The recent “explosion” of initiatives on the Binance Smart Chain can accompany a “meteoric” increase in the number of new investors interested in STOs, the update notes. A “key variable,” which is addressed by Ontology’s partnership with BSC, is “The problem of identifying potential investors, and not only protecting but validating their identities via the Ontology Trust Anchor Gateway and the Trust Ecosystem overall,” explained the Ontology team.
The report added that ONT ID acts as a framework for “decentralized” identity solutions developed in the field of ontology (DLT). The Binance Smart Chain is integrated with these products, confirmed by Ontology.
So, every user, application developer, or STO initiative can benefit from the advantages of the ONT ID, which can be added to the platform or service, and thus to “decentralized identity.”
As the announcement explains:
“ONT ID provides an entity protected by cryptographic techniques with a digital identity which, through decentralization, is controlled by an entity. The entity concerned here can be a variety of things, including people, organizations, or objects. This simplifies tasks like authentication, authorization or audits while safeguarding the data of the authorizing entity.”
Ontology also states that their Trust Anchor Gateway (TAG), which provides access to numerous security features like KYC and global authentication solutions like Shufti Pro, IdentityMind, and CFCA, aims to act as a forum for decentralization focused on ONT ID.
While reflecting on how that would assist STOs, Ontology observed that “the most critical part of any security token offers carried out through the BSC is to be able to check the properties of potential investors with accuracy and security while introducing a layer of confidentiality and safety via decentralization to their identity.”
Four of the main enforcement issues include the failure to check eligible or qualified investors, cross-border sales of security offers, and the “time of validity between the United States and the EU.”
“In an ordinary STO process, it can be time-consuming and difficult to issue, self-compliance, collect funds and deal with technical problems. Neither of them leads to a good STO. But every STO on the Binance Smart Chain will classify potential investors even more easily, by incorporating ONT ID and implementing the ONT Name,” she added.
The announcement also noted that this is a “stable” form for investors to engage in bids while protecting their ID through Ontology-driven “decentralization,” which is the only partner that offers such a service via BSC.