Singapore, June 13, 2023 – Today, Elastos, a decentralized Web3 infrastructure leader, announced that it will provide its decentralized identity solutions on the carbon-negative, layer-1 blockchain Celo.
Elastos’ open-source Web3 solutions will be available to Celo’s mission-aligned ecosystem of 1,000+ projects in over 150 countries. Dedicated to secure, interoperable, self-sovereign identities and credentials, Elastos will provide projects on Celo with W3C compliant decentralized identifier (DID) solutions, decentralized storage, and credibility scoring while dApps on Celo’s network will be made available through Elastos’ Essentials Super-Wallet.
Essentials has recently upgraded to provide native support for the Celo network allowing users to store, transfer, and manage CELO and Mento stable assets, and NFTs, while also providing access and use of dApps on Celo directly from the Essentials app browser with the ability to create custom widgets for use in the super dApp.
Some of the key benefits of this deployment will enable users on Celo to automatically create and manage self-sovereign DIDs with support for KYC, verifiable credentials, and personalized contact lists. Through Essentials, users will also be granted access to free decentralized cloud storage. As a native mobile super dApp, Essentials fits well with Celo’s mobile-first infrastructure and tech stack.
“For years, Celo has been leading Web3’s adoption in emerging markets through a platform that truly believes in the power of Web3 to provide greater global equity and inclusion,” says Fakhul Miah, Elastos’ global head of growth. “In many ways, we share a similar vision. For five years, Elastos has been quietly building a full suite of open source, decentralized technologies for identity, security, communication, data storage, and commerce to help foster the next generation of creative platforms, financial services, and business processes that allow true self-sovereignty and lets users forge their own digital destinies.”
Forthcoming applications of Elastos in the Celo ecosystem will also include bespoke DeFi solutions for individuals, enhanced DAO governance tooling, and will reward users for participating in circular economy models and climate action, such as carbon offsetting in a compliant and transparent manner.
“We look forward to continued collaboration with Elastos on decentralized identity solutions,” says Isha Varshney, Head of DeFi at the Celo Foundation. “A Web3 user’s identity is a key component of their overall experience and allows us to enable positive engagement throughout the Celo ecosystem.”
Celo is a carbon-negative, permissionless, layer-1 blockchain with a rich ecosystem of global partners building innovative Web3 applications within the DeFi, ReFi, and NFT sectors on Celo. Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack (the Celo Platform), the CELO native asset, and Mento stable assets (cUSD, cEUR, cREAL). Launched on Earth Day in 2020, the open source Celo mainnet supports 1,000+ projects by developers and creators located around the world.
Elastos is a Web3 ecosystem powered by a suite of open-source, decentralized technologies for identity, security, communication, data storage, and commerce that give developers the hardware and software tools to build decentralized applications from games, to social platforms, DeFi, and marketplaces.
As the only Web3 ecosystem with a blockchain dedicated to DIF and W3C compliant decentralized identities (DIDs), a unique, secure dual-chain architecture and a hybrid consensus, Elastos champions self sovereignty, providing unlimited control, security and interoperability as well as grants and guidance for those who wish to build a truly decentralized web and forge their digital destiny.
Learn more: https://www.elastos.info
The article and graphics were created by the Elavation Team.
Witnet, a layer 1 decentralized oracle network and Elastos are partnering in an effort to build on Elastos’ transparent and secure financial suite for true decentralized trading, staking, lending and bridging on and off-chain through technology exchange and the extension of Witnet Foundation’s grant program.
Witnet‘s oracle will add a crucial component for developers looking to build the next generation of decentralized financial products with fast, affordable and efficient transactions, leveraging Elastos’ dual-chain architecture, identity solutions, Essentials super wallet and unique Elastic Consensus.
Elastos Smart Chain (ESC) is already receiving the ELA/USDT price feed from the Witnet oracle and through the partnership, developers can also easily receive other feeds in a permissionless way, utilizing different internet protocols like HTTP GET and POST to receive any publicly available API fed into their contract. These tools give developers building on Elastos immense power to both improve upon their protocols and build additional ones for new use cases.
And to encourage developers to build the next DeFi platforms on Elastos, the Witnet Foundation is extending its grant program to developers building within the ecosystem.
“Elastos is a very exciting and unique ecosystem in the web3 world and this collaboration allows developers to expand their protocols beyond typical EVM chains and gain true security from Bitcoin’s incredible hashrate and Elastos’s unique utilization of it,” says Ben, community manager for Witnet. “With cryptoeconomic security at the forefront of this partnership, Elastos developers can be sure they are getting security from the Elastos chain, and secure data into their contracts from a separate layer 1 that is Witnet.”
Take Control of your Financial Destiny
Powered and secured by the cryptoeconomic incentive of the $WIT coin, the Witnet network was purpose built to tackle the lack of authentic, truthful, and secure data available within closed systems like in blockchain. Witnet tackles this problem with its sophisticated consensus algorithm called Proof of Random Eligibility. This means that nodes are essentially anonymously and randomly selected based on their previous performance within the network and how honest they are. This prevents node collusion and front-running and negates common exploits in DeFi protocols caused by oracle attacks.
According to Witnet, it is the most secure oracle network in Web3 because of its advanced measures to protect DeFi protocols that rely on secure, immutable data feeds in their smart contracts. This is why the Witnet oracle is able to secure over $300,000,000 in on-chain value.
“Witnet is a top pricing oracle with a unique consensus that ensures it is one of the most secure in the industry. That’s not unlike Elastos, with our Elastic Consensus, and our industry-leading Main Chain that uses merge-mining technology of the Bitcoin blockchain to exponentially increase security,” says Fakhul Miah, Elastos’ Growth Lead. “So with access to a top industry pricing oracle and Elastos’ full suite of decentralized technologies for DeFi, as well as Witnet’s generous grants program, this partnership will usher in new opportunities for users to forge their financial destinies.”
The article and graphics were created by the Elavation Team.