We’re thrilled to announce that Elastos is partnering with Web3 security tool Opolo who will deploy Elastos’ open-source Web3 solutions to develop enhanced security and identity mechanisms for the Opolo ecosystem. With the only blockchain dedicated to secure, interoperable, self-sovereign identities and credentials, Elastos will provide Opolo with W3C compliant decentralized identifier (DID) solutions, decentralized storage and credibility scoring while dApps and other services will be made available through Elastos’ Essentials Web3 pass.  As web3 transforms social interaction it becomes clear that a solution to digital identity is at the heart of shaping truly secure crypto payment and identity solutions.

The partnership will allow users to store, transfer and manage Elastos native tokens and assets such as NFTs while also providing access and use of the Opolo Cold wallet and other services directly from the Essentials dApp browser with the opportunity to create custom widgets for use in the Web3 pass. The programme will also integrate the CreDA credit identity and scoring mechanism into the Opolo offer to allow next generation credit scoring and access to better interest rates and lower levels of collateralisation for Opolo users. 

Some of the key benefits of the partnership will be that Opolo users can automatically create and manage self-sovereign DIDs, with support for KYC, verifiable credentials and contact lists. Through Essentials, users will also be granted access to free de-centralized cloud storage. As a native wallet and Web3 pass, Essentials fits well within Opolo’s strategy to become the security tool for web3 and crypto usage.

Fakhul Miah, Elastos’ head of growth added: “In many ways, we share a similar journey having engaged with the need for decentralized security it has become clear that identity and management of DID sits at the heart of a security solution.  Elastos has been quietly building a full suite of open source, decentralized technologies for identity, however, security and keeping ahead of threats is our number one priority in evolving the platform. Making sure communication, data storage and commerce are fully secure means the next generation of creative platforms, financial services and business processes enables users to safely and securely forge their digital destinies.”

Dr Fahad Fazal, Opolo Founder says, “With the advent of advanced hacker tools, malwares, viruses, it’s pretty easy to steal digital assets such as NFT or digital identities, so there is a huge need to secure digital assets and digital identities in this era. Thanks to Opolo cold storage technology we can achieve it with a single touch. We are happy to collaborate with Elastos and build together an infrastructure that can achieve this common goal of secure digital identities.”

It was this shared vision for a more inclusive and equitable Web3 financial system that brought Opolo and Elastos to partner together.  Moving forward the ability to integrate with Elastos projects such as CreDA’s  alternative web3 credit rating and Elacity’s Digital rights management approach to NFTs and other content stored on the Wallet creates a host of new Web3 tools.

About Opolo

Opolo is a leading provider of cold wallet and security solutions to businesses and consumers in the field of Web3 cyber safety. By really getting to know our customers, our talented team is able to offer unique and customized Web3 security solutions backed by data driven analysis and broad research.

Opolo is making the most secure products in the field of data security. Our vision is to create products that can help solve big problems and challenges in the field of security. One of the major challenges of Web3 era is protecting digital assets against exterior threats. While solving this challenge our aim Is to achieve the products that are very smooth and very easy to use for our customers. 

[UPDATE] Alibaba Cloud and Elastos have announced their joint webinar exploring how the partnership can unlock new opportunities for developers looking to build the next generation of decentralized applications. Join us on Tuesday, May 30! Register here.

Alibaba Cloud and Elastos have entered into a strategic partnership that will see both organizations build and deploy next generation solutions for a more inclusive and secure internet–including innovations like Elastic Consensus that brings together proof of work, proof of stake and proof of integrity mechanisms, as well as Elastos’ open-sourced Digital Rights Management technology.

The partnership with Alibaba will include the development of one-click tools that allow users to seamlessly launch validator nodes on Elastos’ blockchain platforms, including the Elastos Mainchain, one of the most secure blockchains in Web3 powered by Bitcoin, the Ethereum-compatible Elastos Smart Chain (ESC) and Elastos’ unique Elastos Identity Chain (EID), which is the only public blockchain dedicated to secure, interoperable, self-sovereign identities and credentials.

This integration will not only allow Elastos developers to use Alibaba Cloud’s node-as-a-service offering, but will also allow Alibaba Cloud to offer its 2.3 million customers one-click deployment solutions and a backend AppStore using Elastos’ open-source Web3 technologies, including decentralized identity (DID), storage (Hive) and peer-to-peer communications solutions (Carrier).

“We’re excited to be partnering with Elastos to provide a more safe and secure web experience. We share Elastos’ values to further spur the adoption of open-source technologies and create new web experiences that give users the ability to manage their own data and privacy. Elastos has an impressive Web3 tech stack and through this strategic partnership, it will be easier for Alibaba Cloud customers to expand their products and services in the decentralized web, while ensuring the security and flexibility of their data that they’ve come to expect from Alibaba Cloud solutions.” – Michel Cui, Head of Web3 Business at Alibaba Cloud

Together, Elastos and Alibaba Cloud are working to create a new digital landscape that is secure, scalable, and user-centric. By combining the power of blockchain with the cloud capabilities of Alibaba, Elastos is paving the way for a more innovative and decentralized future. 

This partnership aims to create a more secure digital space while addressing challenges of scalability and interoperability. Innovation is at the core of both companies’ work, and bridging the gap between our industries is just the tip of the iceberg of what we can achieve. Though collaboration between centralized cloud computing and a decentralized blockchain may seem counterintuitive, a hybrid approach to storage can provide the best of both worlds, allowing Elastos to maintain control over its data while also benefiting from the advantages of Alibaba’s infrastructure.

Below, we will explore the potential of this partnership and examine how it could revolutionize the way we think about digital assets, data security, and the future of web3.

Combining Cloud with Decentralization

While decentralization and cloud storage offers different benefits and drawbacks, Elastos’ partnership with Alibaba Cloud has raised questions on whether it is possible to use a cloud storage provider without sacrificing decentralization. Concerns about decentralization are a common issue among a number of blockchains, especially those that partner with large, centralized companies like Alibaba to host their networks. 

Decentralized vs. Cloud 

Decentralized storage offers a distributed network of nodes that store data, providing increased security and privacy over data. With no central point of failure, decentralized storage, such as is offered by Elastos through it’s Hive solution, can be more resilient to cyber-attacks and data breaches, and it is not owned or controlled by a single entity. It also allows for greater accessibility, as users can access their data from any node in the network, eliminating the need for a centralized server or storage device. 

On the other hand, cloud storage uses remote servers and centers to store data, which can be accessed from anywhere with an internet connection. Cloud storage offers scalability and cost-effectiveness by allowing users to pay for only the storage they need and easily scale up or down as their data needs change. However, because of its centralized nature, cloud storage can be vulnerable to attacks if not properly secured. Additionally, data stored in the cloud can be subject to data privacy regulations and may be subject to government surveillance or other forms of monitoring.

Meeting in the Middle

A hybrid approach must be taken to achieve decentralization while also leveraging the benefits of cold storage. By using a decentralized network to store and manage data while utilizing cloud storage for backup or additional capacity, Elastos can maintain the benefits of a decentralized approach and tap into Alibaba’s resources simultaneously. 

Ultimately, a hybrid approach provides the best of both worlds, allowing Elastos to maintain control and privacy over its data while also benefiting from the advantages of cloud storage.

What Alibaba Means to Elastos

Alibaba Cloud and Elastos have entered into a strategic partnership to improve scalability, security, and innovation, enabling Elastos to access the computing resources required to run its network. Without sacrificing decentralization, this collaboration marks an important time in both web3 and Elastos’ history by forging an alliance with one of the top cloud providers in the world to expand the mission. 

Scalability

By partnering with Alibaba, Elastos can access the computing resources needed to run its network, reducing the load on individual nodes and increasing the processing speed of transactions. It can also provide a more reliable and efficient network that can handle a high volume of transactions, making it easier for businesses and individuals to adopt.

Moreover, the partnership could lead to the development of new products and services that can leverage this newfound scalability. For example, the work could enable the creation of new decentralized applications (dApps) that require high processing power and computing resources. This partnership opens up  new opportunities for businesses and entrepreneurs to build their own decentralized applications on the Elastos network, leveraging the scalability and reliability of the Alibaba infrastructure. 

Security

Partnering with Alibaba Cloud can improve security for Elastos in several ways:

• Robust Infrastructure: Alibaba is a leading provider of cloud computing services and has developed a robust security infrastructure that includes features such as DDoS protection, data encryption, and network isolation. 
• Compliance with Regulations: Alibaba is compliant with various industry standards and regulations. This relationship can help ensure that Elastos complies with regulatory requirements, which is crucial to operating.
• Global Network: Alibaba has a global network of data centers and provides access to a range of cloud services, allowing Elastos to scale and expand its operations globally while confirming that its data remains protected.

Innovation

This partnership opens up the door for new chances to innovate in the web3 space in a number of opportunities:

• Access to Advanced Technologies: Alibaba invests heavily in research and development of cutting-edge technologies, such as artificial intelligence, machine learning, and Internet of Things. Partnering with them can provide Elastos with access to these resources and develop new use cases and applications.
• Leveraging the Ecosystem: Alibaba has a vast ecosystem of partners, developers, and customers. These connections and resources can help expand Elastos’ network and reach, potentially leading to new business opportunities and collaborations.
• Cost-Effective: Alibaba provides cost-effective and scalable cloud solutions, which can help Elastos reduce its infrastructure costs and scale its operations. These cloud capabilities can enable Elastos to focus more on new developments rather than worrying about managing its infrastructure.

“We’re proud to be partnering with Asia’s largest cloud provider. For five years, Elastos has been quietly building the foundations of Web3 and a more modern internet. With a full suite of open source, decentralized technologies for identity, security, communication, data storage and commerce, the Elastos ecosystem is fostering the next generation of GameFi, NFTs, and other assets and records onchain. With this strategic partnership, Elastos will be able to grow its ability to advance people’s right to forge and control their digital destiny.” – Fakhul Miah, Elastos Growth Lead

Conclusion

The strategic partnership between Alibaba Cloud and Elastos represents a significant step forward in the quest for a more secure, scalable, and user-centric digital ecosystem. By combining the strengths of blockchain and cloud computing, this partnership offers a hybrid approach that allows Elastos to maintain control over data while benefiting from the advantages of cloud storage. 

The collaboration creates new opportunities to expand the mission of decentralization. With Alibaba Cloud’s expertise and Elastos’ vision, this partnership has the potential to revolutionize the way we think about digital assets, data security, and privacy, paving the way for a brighter future for all.

The article and graphics were created by the Elavation Team.