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- Elastos champions privacy-preserving decentralized identity solutions for a new internet paradigm
- Elastos powers decentralized finance, e-commerce, metaverse, and identity projects
Alibaba Cloud International has recently announced a strategic partnership with Elastos, an open-source blockchain protocol, to develop next-generation solutions for a more inclusive and secure internet. The partnership aims to support the development of Elastos' Elastic Consensus, which combines proof of work, proof of stake, and proof of integrity mechanisms, and Digital Rights Management technology.
The partnership will help both companies grow the Elastos ecosystem and decentralized web communities by supporting ecosystem projects, hackathons, and developer education programs that use Alibaba Cloud and Elastos solutions, such as identity.
One of the most important features of the partnership is the development of one-click tools that will allow users to launch validator nodes on Elastos' blockchain platforms easily. It will also enable Alibaba Cloud to offer its 2.3 million customers one-click deployment solutions using Elastos' open-source Web3 technologies, including decentralized identity, storage, and peer-to-peer communications solutions.
Elastos champions privacy-preserving decentralized identity solutions for a new internet paradigm
Elastos provides decentralized technologies for identity, security, communication, data storage, and commerce for a new internet paradigm since 2017. The partnership will enable the growth of Elastos ecosystem and decentralized web communities by supporting ecosystem projects, hackathons, and developer education programs leveraging Alibaba Cloud and Elastos solutions, such as identity.
Michel Cui, Head of Web3 Business at Alibaba Cloud, stated that the partnership with Elastos is exciting, and both companies 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.
Decentralized identifiers (DIDs) have been gaining traction as an alternative to traditional digital identity systems that are often stored on centralized platforms. Elastos has been championing solutions that enable a decentralized, secure, and privacy-preserving way for individuals to control their own digital identities.
Elastos powers decentralized finance, e-commerce, metaverse, and identity projects
Decentralized identity management is a method of controlling one's digital identity without relying on a specific service provider. Digital identities consist of various pieces of information about individuals, organizations, or electronic devices found online, such as user names and passwords, search histories, social security numbers, and purchase histories.
Having a verifiable proof of existence is crucial for accessing necessary services like healthcare, education, and banking. However, around one billion people worldwide lack an official proof of identity. Decentralized identity systems provide a solution by requiring only an internet connection and a smart device, which are increasingly accessible in developing economies.
Elastos currently powers decentralized finance, e-commerce, metaverse, and identity projects such as Elacity. Recently, Elacity launched a generative AI studio that allows creators to instantly mint and own their creations as NFTs tied to their DID and is developing an industry-leading digital rights technology for Web3. The partnership with Alibaba and the recently launched Elastic Consensus create a robust transaction execution environment and foster the next generation of GameFi, NFTs, and other assets and records on-chain.
Alibaba's Web3 strategy includes cloud-native blockchain development, 20+ serverless services, and robust private key and smart contract management tools. Elastos is proud to partner with Asia's largest cloud provider and grow its ability to advance people's right to forge and control their digital destiny, according to Fakhul Miah, who leads the ecosystem's growth.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.