Wing, a credit-based cross-chain DeFi platform built on Ontology, the high performance, open-source blockchain specializing in digital identity and data, has released a new whitepaper outlining its plans to bring increased trust and transparency to the financial market through decentralization.
Wing is dedicated to the digital asset lending market, supporting cross-chain collaborative interaction and decentralized governance between DeFi products. Through a decentralized governance model and risk control mechanism, Wing promotes a mutually beneficial relationship between borrowers, creditors, and guarantors.
Ontology’s decentralized identity mechanism, ONT ID, and decentralized data framework, DDXF, will support self-sovereign identity and data management verification, allowing for automated credit data verification and evaluation through smart contracts.
Wing is also planning to integrate self-sovereign credit scores into the design of its financial products unlocking the true value of financial data. Utilizing Ontology’s credit scoring system, Oscore, Wing will allow for easy verification of the full value of users’ holdings and as well as a full picture of their financial histories, without showing a full list of those assets. In this way, user data privacy will be protected, as only necessary information will be shared.
Commenting, Li Jun, Founder of Ontology said:
“Ontology is really excited to work with Wing to further our shared vision of accelerating the DeFi movement across the globe. I believe OScore in particular will prove an important tool for the design and execution of credit-based DeFi products. By using Ontology’s OScore, risk experienced by lenders utilizing Wing’s technology will be vastly reduced as transparency and trust are greatly increased, and correct due diligence can take place. Ontology would like to congratulate Wing on the release of its whitepaper, and looks forward to seeing the project come to fruition.”
Li Jun, Founder of Ontology, is available for interview.
Wing is a credit-based, cross-chain DeFi platform. Wing has designed and is building a DeFi platform dedicated to the digital asset lending market, supporting cross-chain collaborative interaction between various DeFi products. Wing's decentralized governance model and risk control mechanism intend to promote a mutually beneficial relationship between borrowers, creditors, and guarantors. In addition, Wing innovatively showcases a credit evaluation module as a strong example of credit-based DeFi.