The National Institute for Research and Development in Informatics - ICI Bucharest announces two strategic projects that will be implemented on the blockchain infrastructure developed by Elrond Network.
- A digital asset NFT (Non-Fungible Tokens) trading platform for state institutions, business and citizens;
- A decentralized DNS (Domain Name System) and TLD (Top-Level Domain) ecosystem based on blockchain technology which, in the architectural infrastructure developed by Elrond Network, benefits from superior scalability as well as a negative carbon footprint.
Both initiatives are a premiere at the European Union level and are developed in parallel by ICI Bucharest research experts in collaboration with engineers from Elrond Network, the startup from Sibiu, Romania, that develops high-speed blockchain technology.
“Our common goal is to evolve the relationship between citizens, the business environment and state institutions, using state-of-the-art digital innovation. Web3 technologies can help public administration and institutional processes run more efficiently, quickly and securely. We want to explore this significant potential with our Elrond Network partners.” said Adrian Victor Vevera, General Manager ICI Bucharest.
The National System of Issuers and Digital Assets will be a national and European debut. The platform developed by ICI Bucharest will use unique digital assets (NFT) and decentralized digital identity (DID), using innovative tools built on the blockchain technology of Elrond Network.
Through this platform ICI Bucharest encourages citizens, business and state institutions to collaborate in projects with common utility, having at their disposal a regulated, fast and secure environment for trading digitized, personalized and owned elements in areas such as - education, intellectual property, digital insurance, real estate records, property titles, certificates of authenticity, energy certificates, distribution and supply chains, art, fundraising and many other assets suitable for digitization.
Encrypting the digital assets by using blockchain technology will preserve the authenticity and utility of digital documents, while making them transferable and verifiable in a fast, efficient and secure way at a significantly lower cost. This standardized format will simplify interconnection with new systems and facilitate the transition to a public administration with digital governance.
ICI Bucharest also aims to implement a decentralized DNS (Domain Name System) and TLD (Top-Level Domain) system, using the vast global network of 3200 Elrond servers to overcome the limitations of the classic DNS and TLD system, as well as potential existing vulnerabilities of the actual centralized architecture.
The new system will help public institutions' websites and digital platforms increase their security and resilience to cyber-attacks. In addition, new domain names are becoming available that will expand the innovation of ecosystems, the forms of organization and presentation of professional guilds, businesses and various institutions. The native development of the system on blockchain will allow the transition of institutional platforms to Web3 technology and will facilitate the related processes between users, thus streamlining the current system both for institutions and citizens.
“The intersection of governance and technology creates a universe of opportunities for advancing society. It is the right time to take the initiative along with our partners from ICI and embed Elrond Web3 innovations into the next generation of national and institutional frameworks.” said Beniamin Mincu, Elrond Network CEO.
About the National Institute for Research and Development in Informatics - ICI Bucharest
ICI Bucharest was founded in 1970 and is the most important institute in the field of Research, Development and Innovation in Information and Communication Technology (ICT) in Romania, supervising the Romanian National Register for Domain Names - RoTLD - the official authority that manages the .RO Top Level Domains by creating, implementing and maintaining the software systems, databases and infrastructure necessary for the .ro to be existent on the Internet.
The long activity of ICI Bucharest is signified by the realization of Research and Development projects in the field of IT&C, supporting the development of the national information society. ICI Bucharest's mission is to aggregate excellence in research and innovation, for the development of the knowledge-based economy in Romania and for a better integration in the European and international research space.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.