On Tuesday, the Romanian National Institute for Research and Development in Informatics, also known as ICI Bucharest (ICI), announced that it would build an institutional market for non-fungible tokens, or NFTs, and a decentralized domain name system.
Both services will be based on the Elrond (EGLD) network, known for its ability to speed up transactions through sharding. ICI was founded in 1970 and is currently the government-sponsored research institution in the field of information technology in Romania. He currently oversees the Romanian National Registry of Domain Names.
According to Elrond, the initiatives would be the first of their kind in the European Union. One of the market uses of NFTs would potentially be the digitization, access, transfer and storage of official documents, property titles or various certificates through a decentralized blockchain identity.
For its part, ICI intends to leverage Elrond’s 3,200 network validators to overcome security vulnerabilities in legacy DNS and TLD systems. Adrian Victor Vevera, CEO of ICI Bucharest, commented:
“Web 3.0 technologies can transform public administration and help its institutions and processes take a leap forward in terms of efficiency and speed, while reducing costs, overhead and excessive bureaucratic activities.”
Elrond claims that its blockchain can process up to 15,000 transactions per second with a latency of six seconds, is carbon-negative, and has negligible transaction costs. This was not Elrond’s first adventure in Romania. Three months earlier, the National Bank of Romania approved Elrond’s proposal to acquire Romanian fintech company Capital Financial Services, also known as Twispay.
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