iExec selected by the European Commission to build Next-Generation Internet
The European Commission unveiled a new project this week called OntoChain, with iExec as a key blockchain partner. This is part of the European movement to build the Next Generation Internet (NGI), which has already secured €6million in funding. Excitingly, iExec is one of the core 7 partners, who will primarily assist with blockchain development and confidential computing.
What is OntoChain?
OntoChain is part of the European initiative to re-shape the internet, called NGI (Next Generation Internet. The aim is to transition the Internet into a more human-centric network, one that will truly value privacy, collaboration, and diversity.
Much like how Web3 is decentralizing finance through the numerous DeFi platforms, the new initiative wants to decentralize web services.
The web is centralized… with NGI, the EU is recognizing the dangers of having so much data and information in a few widely used services. Namely, that providers can present biased information to EU citizens for their own financial gains.
- iExec is the only team in this initiative with expert blockchain experience. As a result, we could see iExec technologies reaching new international levels as teams collaborate to build with the framework.
Adoption for iExec… this is a major milestone for iExec’s decentralized cloud computing solutions. Given that core values are similar in both projects, OntoChain will enable iExec to enter new domains and markets. In fact, applicants building with the OntoChain framework will be building on top of existing software solutions provided by iExec. As a result, this is great news for all RLC holders.