ICI Bucharest Plans To Develop NFTs Using Elrond Blockchain
Integrating Web 3.0 technologies into everyday use by institutions is on the rise. Accordingly, the Romanian Institute for Research and Development in Informatics, also known as ICI Bucharest, is the latest to join the move.
ICI Bucharest revealed its plans to develop institutional NFTs alongside a marketplace and a decentralized protocol for Domain Name System.
Moreover, ICI Bucharest wants to adopt the Elrond Blockchain (EGLD) technology to create both projects. The blockchain network is highly regarded due to its processing speed using sharding.
What is ICI Bucharest?
The ICI Bucharest is Romania’s foremost research development institute. Founded in 1970, the ICI is a government-funded research institute in information technology.
It is currently managing the National Register for Domain Names in the country.
As revealed by Elrond, the new partnership is the first of its kind within the European Union bloc. Romania would be the first among the EU member countries to drive such an initiative as Web3 adoption gains traction.
Moreover, insider sources say that one use case for the NFT marketplace is to digitize national and official documents in a decentralized Blockchain system.
Meanwhile, ICI Bucharest is looking to utilize Elrond’s network of large validators to avoid the security pitfalls of the TLD systems and legacy DNS.
According to the director of ICI Bucharest, Adrain Victor Vevera, adopting Web3 can accelerate the pace of operation for public institutions. He added that:
“Web3 technologies can transform public administration and provide institutions with the process to become more efficient. In addition, institutions can save costs, improve their overall efficiency, and eliminate bureaucratic bottlenecks. “
Elrond’s Large Blockchain Procession
According to the Blockchain network, its system can process close to 15,000 transactions per second. In addition, it has a six-second latency with zero carbon and low transaction fees.
However, this was not the first project that Elrond has undergone in Romania. The National Bank of Romania approved Elrond’s proposal three months ago. The company proposed to acquire a Romanian Fintech startup, Capri Financial Services (Twispay).
In addition, Elrond is staking its claim as the leading blockchain company in Romania. The southeastern European country is looking to become the latest to adopt Web 3.0 in its national and official operations.
Crypto Firms Push for Web3 Adoption in Europe
A month ago, about forty crypto service providers co-signed a letter to the EU Parliament calling for adopting Web3 technology in Europe.
According to the Cointelegraph report, the industry players want comprehensive regulations and procedures to promote the Blockchain industry’s growth. The group believes that if a holistic law exists, the industry will flourish, and Web 3.0 can accelerate Europe’s economic growth.
More specifically, the group revealed their worries regarding how the EU Parliament handles regulatory proposals. It is believed that this would make Web3 adoption a challenge to EU citizens.
The time may be right for the EU governing body to consider taking a stance as the drive for blockchain technology adoption is reaching a fever pitch.