- ICI Bucharest announces that it is working on an institutional NFT marketplace.
- The institute is also creating a decentralized Domain Name System (DNS/TLD).
- The National System for Issuers and Digital Assets will be the first of its kind in Romania.
Romania’s National Institute for Research and Development In Informatics — ICI Bucharest (ICI) — announces that it is currently working on building an institutional NFT marketplace and a decentralized Domain Name System (DNS/TLD). These will be based on the highly scalable and carbon-negative Elrond Network blockchain.
The team behind the projects claims that both initiatives are the first of their kind in the European Union. Notably, they are being developed in parallel by experts from Romania’s ICI Bucharest in collaboration with Elrond Network developers.
Sharing his opinions with CoinQuora, Adrian Victor Vevera, general director of ICI Bucharest, said:
The goal is to evolve the collaboration between citizens and institutions using a modern digital framework. Web3 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 National System for Issuers and Digital Assets will be the first of its kind in Romania and likely the European Union. It is being created as a public institutional marketplace for digital assets that will use blockchain-based Decentralized Identity and non-fungible token (NFT) technology to digitize, access, transfer and store official documents, property deeds or various certificates.
In their cryptographically secured format, the documents will retain their validity and utility, while circulating at higher speeds, reduced costs and increased security. This standardized format will simplify the integration with new systems and act as a facilitator for the full digital transformation of public administration and governance.
ICI is also looking to leverage the scalable Elrond Network to build a decentralized Domain Name System (DNS) and Top-Level Domains (TLD).
By deploying this essential layer to digital communication on top of Elrond’s 3200 validators network, ICI is looking to strengthen the security and availability of critical public resources by overcoming the limitations of the legacy DNS and TLD systems, as well as the potential existing vulnerabilities of the actual centralized architecture.
“The intersection of governance and technology creates a universe of opportunities for advancing society,” said Beniamin Mincu, Elrond Network CEO. He added: “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.”