ICI Bucharest to use Elrond blockchain to develop decentralized domains and an institutional NFT marketplace

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On Tues­day, Roma­ni­a’s Nation­al Insti­tute for Research and Devel­op­ment In Infor­mat­ics, also known as ICI Bucharest (ICI), announced that it would be build­ing an insti­tu­tion­al non­fun­gi­ble tokens, or NFTs, mar­ket­place and a decen­tral­ized Domain Name System.

Both ser­vices will be built on the Elrond (EGLD) blockchain, which is known for its abil­i­ty to speed up trans­ac­tions via shard­ing. ICI was found­ed in 1970 and is cur­rent­ly the most insti­tu­tion for gov­ern­ment-spon­sored research in the field of infor­ma­tion tech­nol­o­gy in Roma­nia. It cur­rent­ly super­vis­es the Roman­ian Nation­al Reg­is­ter for Domain Names. 

As told by Elrond, the ini­tia­tives would be the first of their kind with­in the Euro­pean Union. One use for the NFT mar­ket­place would poten­tial­ly be to dig­i­tize, access, trans­fer and store offi­cial doc­u­ments, prop­er­ty deeds, or var­i­ous cer­tifi­cates via a decen­tral­ized blockchain identity.

Mean­while, ICI seeks to lever­age Elrond’s 3,200 strong net­work val­ida­tors to over­come the secu­ri­ty vul­ner­a­bil­i­ties of lega­cy DNS and TLD sys­tems. Adri­an Vic­tor Vev­era, gen­er­al direc­tor of ICI Bucharest, commented:

“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.”

Elrond claims its blockchain can process up to 15,000 trans­ac­tions per sec­ond with six-sec­ond laten­cy, is car­bon-neg­a­tive, and has neg­li­gi­ble trans­ac­tion costs. This was not Elrond’s first ven­ture in Roma­nia. Three months pri­or, the Nation­al Bank of Roma­nia approved Elrond’s pro­pos­al to pur­chase Roman­ian fin­tech Cap­i­tal Finan­cial Ser­vices, also known as Twispay. 

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