Ontology partners with cBridge
Ontology partners with cBridge, the Celer Network multi-chain bridging platform. Celer Network is excited to announce the successful implementation of bridging support for Ontology EVM.
Users are now able to bridge USDT, USDC, ETH, and WBTC via the Open Canonical Token Standard between Ethereum and Ontology EVM in a fast, secure, and low-cost fashion.
DIVING INTO ONTOLOGY NETWORK INTERFACE
Ontology is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is also building the infrastructure and delivering the tools for Web3. Furthermore, Ontology’s high-speed, low-cost public blockchain is designed to increase privacy, transparency, and trust, aiming to be a public chain that puts the users’ security and privacy front and center, whilst also allowing for interoperability.
ONTOLOGY EVM
They recently launched Ontology Ethereum Virtual Machine (EVM) will increase Ontology’s functionality by adding an Ethereum account system, as well as Ethereum transaction types, and Web3 APIs to the existing Ontology blockchain.
This will reduce migration costs for developers, allowing them to enter EVM-based ecosystems on Ontology. With lower gas fees and faster block production, it promotes creating seamless connections between the Ontology chain and other EVM-based ecosystems, increasing cross-chain interoperability.
OPEN CANONICAL TOKEN STANDARD
By following the Open Canonical Token Standard, Celer’s bridging support for the Ontology EVM has begun with USDT, USDC, ETH, and WBTC. It will also extend to other tokens going forward, outlining a more secure and flexible approach. It is to facilitate interoperability between Ontology and the broader blockchain space.
Furthermore, Celer will keep working with other core interoperability contributors to promote the open standard as a default deployment model. Moreover, massive efforts have been seen from different chains and protocols like Ontology in raising the awareness of phasing out bridging practices that come with innate vendor lock-in implications. What this will mean is a future blockchain space with not only just workable interoperability but more decentralized, secure, and upgradable cross-chain potential.
ABOUT Ontology
Ontology is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3. It also allows individuals and enterprises to rest assured through regulatory-compliant digital identity solutions.
ABOUT Celer Network
Celer is a blockchain interoperability protocol. Enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, privacy solutions, and more across multiple chains. Developers can build inter-chain-native dApps. Using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logic, and shared states. Additionally, users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem. With the simplicity of a single-transaction UX, all from a single chain.
RESOURCES
Celer Network
