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Ontology and bloXmove to bring decentralized identity to urban transport apps

The move seeks to enable the development of complex decentralized applications.

Ontology, a developer of self-sovereign identification systems on the blockchain, announced a partnership with decentralized mobility platform bloXmove on Tuesday morning in a bid to accelerate the development of its decentralized credentials. The decentralized digital identity protocol, or DID, will enable blockchain participants to share their personal information, such as a driver's license, in a private, secured, and encrypted manner.

DIDs may one day be required for complex decentralized finance applications, such as urban transport apps, decentralized health insurance, or decentralized car insurance. Simple smart contracts would not suffice in processing, for example, where a decentralized insurance underwriter covers a user's claim for medical costs at a hospital.

Ontology would be able to automate and secure settlements via bloXmove's BLMX token. At the same time, bloXmove can achieve better efficiency, lower cost, and interoperability with other networks by utilizing Ontology's blockchain.

Li Jun, the founder of Ontology, issued the following comment regarding the partnership:

By integrating Ontology’s DID and data solutions, the whole [bloXmove] ecosystem will be made easier to navigate, more private, and more secure.

Meanwhile, Dr. Harry Behrens, CTO and co-Founder of bloXmove, said:

"We are honored to partner with Ontology to combine bloXmove Mobility Blockchain Platform with their state-of-the-art DID Technology. Decentralized Identifiers are the crucial addition to Blockchain to create real-world business applications."

Worldcoin (WLD), SPX6900 (SPX) and Three Under-the-Radar Altcoins Flashing Bearish Signal: Santiment

Flamingo (FLM) TVL rises as Ethereum gas solutions remain elusive

Flamingo’s total value locked continues to rise as DeFi investors are attracted to the platform's zero-fee transactions and high-yield liquidity pools.

Yield farming has grown in popularity over the past year alongside the rise of decentralized finance, but recently the ability to earn a good return has been limited by the high transaction costs on the Ethereum (ETH) network. 

As a result, yield farmers have begun exploring options outside the Ethereum network for more accessible opportunities in a low fee environment.

One option that has shown steady growth in liquidity since launching is Flamingo Finance (FLM), a DeFi platform based on the Neo (NEO) blockchain and the Poly Network interoperability protocol.

Flamingo finance total liquidity and 24-hour volume. Source: Flamingo Finance

Flamingo aims to become a full-service DeFi platform and the protocol currently has a cross-blockchain asset gateway (wrapper), an on-blockchain liquidity pool (swap), a blockchain asset vault, a perpetual contract trading platform (perp) and a decentralized governance organization (DAO).

The cross-blockchain asset gateway is currently capable of wrapping ERC-20 tokens including Wrapped Ether (WETH) and Wrapped Bitcoin (WBTC), as well as Ontology-based (ONT) tokens.

Interaction with the protocol is done using the NeoLine or O3 wallet browser extensions for Neo tokens, the Cyano wallet browser extension for Ontology-based assets, and the MetaMask browser extension for transactions requiring the Ethereum network.

While the platform is not really a contender with Etheruem, the low fees have been attracting users, as shown by the rising TVL. Once all collateral has been wrapped and deposited on the Neo blockchain, all transactions on the Flamingo protocol have a fixed cost of 0.011 GAS and there is a option to choose a feeless transaction if the user is willing to wait a little longer for the transaction to process.

Competitive yields boost liquidity

When Flamingo originally launched, it offered simple staking and high yields to attract the initial pool of liquidity that helped get the ecosystem established. It has since shifted into offering yield opportunities for liquidity pool providers, especially on pools where there is a greater need for liquidity.

Liquidity pool staking rates on Flamingo Finance. Source: Flamingo Finance

As seen in the graphic above, all of the pools are paired with Neo and rewards are paid out in FLM token.  

According to Flamingo’s Twitter feed, the protocol is now gearing up for the release of Neo 3.0, which began its Testnet launch on March 25. Once fully implemented, Neo 3.0 could see increased activity on the network and spark a rise in value for FLM as it's the base pair for all of the liquidity pools.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Worldcoin (WLD), SPX6900 (SPX) and Three Under-the-Radar Altcoins Flashing Bearish Signal: Santiment