On Tuesday, Romania’s National Institute for Research and Development in Informatics, also known as ICI Bucharest (ICI), announced that it is building an institutional non-fungible token, or NFT, marketplace and a decentralized domain name system. Will do
Both services will be built on the Elrond (EGLD) blockchain, which is known for its ability to speed up transactions through sharding. ICI was founded in 1970 and is currently the largest institution for government-sponsored research in information technology in Romania. It currently oversees the Romanian National Register for Domain Names.
As Elrond pointed out, this initiative will be the first of its 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 of validators to address 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 advance 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 six-second latency, is carbon-negative, and has negligible transaction fees. This was not Elrond’s first venture in Romania. Three months ago, the National Bank of Romania approved Elrond’s proposal to buy Romanian fintech Capital Financial Services, also known as Twipay.