ICI Bucharest announces Elrond blockchain based NFT marketplace and Domain Service

Also known as ICI Bucharest (ICI), Romania’s National Institute for Research and Development In Informatics, on Tuesday declared that it would be developing a decentralized Domain Name System (DNS) and an institutional non-fungible token (NFT).

What technology will be used to develop the DNS services?

Both the services will be created on the Elrond blockchain, which is quite popular for its potential to speed up transactions through sharding.

What are the notable features of the Elrond blockchain?

Elrond states that its blockchain can handle up to 15,000 transactions per second with six-second latency. Additionally, it is carbon negative and has very less transaction costs.

What is ICI?

Founded in 1970, ICIC is presently the most favored institution for government-sponsored research in the IT field in Romania. ICI lately supervises the Romanian National Register for Domain Names.

Elaborate more about the services on Elrond blockchain

As per Elrond, the stances would be unique within the European Union. One use of the NFT marketplace will mainly be to access, digitize, save and transfer property deeds, official documents, or many certificates through a decentralized blockchain identity.

How will Elrond blockchain overcome the security vulnerabilities?

ICI anticipates leveraging Elrond’s 3,200 strong network validators to overcome the security vulnerabilities of TLD and DNS systems.



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