ICI Bucharest Takes Advantage of Elrond Network to Build NFT Marketplace and DNS

ICI Bucharest Takes Advantage of Elrond Network to Build NFT Marketplace and DNS

ICI is expected to utilize Elrond's 3200 validators to enhance security and provide more access to a number of important public resources.

On June 14, Romania’s National Institute for Research and Development In Informatics, dubbed ICI Bucharest (ICI), stated that it would be constructing a decentralized Domain Name System (DNS/TLD) and an institutional non-fungible tokens (NFTs) marketplace.

According to the official announcement, the initiatives will be based on the Elrond (EGLD) Network Blockchain, a highly scalable, safe, and fast blockchain platform for distributed applications. On top of that, the NFT marketplace is expected to be utilized for digitizing, transferring, accessing, and storing various official papers, as well as property deeds and certificates through a blockchain-oriented decentralized identity.

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Moreover, the official papers will reportedly maintain their validity, have better security, and will be able to function at better speeds, as well as significantly lower costs.

Adrian Victor Vevera, the General Director and member of the Scientific Council of the National Institute for Research and Development in Informatics, stated that the primary aim is to boost the partnership between institutions and residents “using a modern digital framework.” He added:

"Web 3.0 technologies can transform public administration and help its institutions and processes leap forward in terms of efficiency and speed while decreasing costs, overhead, and excessive bureaucratic activities."

The services are the first of their kind in Romania, as well as the European Union.

ICI is seeking to take advantage of Elrond's 3200 validators in order to boost the security and access to various important public resources, while also putting the focus on dealing with the restrictions imposed by DNS and TLD systems. Elrond Network CEO Beniamin Mincu added:

"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."

ICI Bucharest, founded in 1970, is the most significant institution in the field of Research, Development, and Innovation in Information and Communication Technology in Romania. At this time, it manages the Romanian National Register for Domain Names.

Elron is a brand new blockchain architecture that has an adaptive state sharding mechanism and a secure Proof-of-Stake (PoS) algorithm in its possession. On top of that, the blockchain can reportedly process up to 15k transactions per second (TPS) with six-second latency.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree