Bucharest, Romania, June 14, 2022 – Romania’s Research and Development Institute for Information Technology – ICI Bucharest (ICI) announces that work is underway to build an institutional NFT market and a distributed domain name system (DNS / TLD) based on the highly scaled and carbon-negative Elrond Network blockchain.
Both initiatives are the first of their kind in the European Union and are being developed in parallel by experts from Romania ICI Bucharest in collaboration with the Elrond Network developer.
“The aim is to develop cooperation between citizens and institutions using a modern digital framework. Web3 technology can transform public administration and help its institutions and processes leap forward in terms of efficiency and speed, while reducing costs, inconveniences and excessive bureaucracy. said Adrian Victor Vevera, Executive Director of ICI Bucharest.
National system of issuers and digital assets will be the first of its kind in Romania and probably the European Union. It is being created as a public institutional market for digital assets that will use blockchain-based Decentralized Identity and Non-Fungible Token (NFT) technology to digitize, access, transfer and store public documents, property documents or various certificates.
In their crypto-secure format, the documents will retain their value and usability, but spread over higher speeds, lower costs and increased security. This standard format will simplify integration with new systems and act as a guideline for the full digital transformation of public administration and governance.
ICI is also looking to leverage the scalable Elrond network to build distributed domain name systems (DNS) and top-level domains (TLDs).
By deploying this essential digital communications layer on top of Elrond’s 3200 certification network, ICI seeks to strengthen the security and accessibility of critical public resources by overcoming the limitations of older DNS and TLD systems, as well as potential current vulnerabilities in virtual centralized architecture.
“The intersection of administration and technology creates a global opportunity to strengthen society. It is the right time to take the initiative together with our partners from ICI and incorporate Elrond Web3 innovations into the next generation of national and institutional frameworks. said Beniamin Mincu, CEO of Elrond Network.
About the National Institute for Research and Development in Informatics – ICI Bucharest
Founded in 1970, ICI Bucharest is the most important research, development and innovation technology in ICT in Romania, which oversees the Romanian national domain name registry – RoTLD – the official authority in charge. RO top-level domains by creating, implementing, and maintaining the software systems, databases, and infrastructure necessary for .ro to exist online.
ICI’s long-standing activities are represented by the implementation of research and development projects in the field of information technology and information technology, which support the development of the national information society. ICI Bucharest’s role is to bring together excellence in research and innovation, for the development of the knowledge economy in Romania and for better integration into European and international research spaces.
Elrond is a new blockchain architecture, designed from the ground up to bring a 1000-fold cumulative improvement in performance and execution speed. To achieve this, Elrond introduces two key innovations: a new state-of-the-art adaptation tool and secure proof of object (PoS) algorithm, enabling linear flexibility with a fast, efficient and secure solidarity system. Thus, Elrond can process up to 15,000 transactions per second (TPS), with 6 seconds of secrecy and negligible costs, and try to become the backbone of an unlicensed, borderless, accessible online economy worldwide.
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