Solana Basis launched the Solana Attestation Service on Could 23, positioning the protocol as a belief layer for what the community’s backers name “web capital markets.”
The open-source service lets authorized issuers bind off-chain credentials, reminiscent of know-your-customer outcomes, geographic eligibility, or accreditation standing, to a consumer’s pockets deal with with out exposing private knowledge on-chain.
Attestations dwell contained in the pockets, journey throughout purposes, and are verified with a software program growth package name.
In response to the announcement, the design removes repetitive onboarding checks and eliminates the necessity for every challenge to retailer delicate identification information.
Transportable credentials intention to streamline compliance
The Basis stated builders can deploy Solana Attestation Service to satisfy regulatory obligations, gate region-specific choices, or construct repute programs that deter Sybil assaults.
Traders can maintain “KYC passports” as soon as and reuse them for future token gross sales, gaming studios can concern badges linked to provable participant histories, and real-world asset platforms can verify that consumers meet accreditation thresholds earlier than releasing digitally wrapped securities.
Id suppliers in Solana’s ecosystem have already built-in the brand new service. Moreover, infrastructure companies plan to ingest attestation knowledge for threat scoring and transaction monitoring.
The Solana Id Group developed the protocol. Group members stated they might publish extra identification requirements and invite different groups to contribute by way of open-source repositories.
Rise of web capital markets
Solana Attestation Service arrives because the Basis and impartial builders push the idea of web capital markets.
The idea includes a mannequin the place builders can search funding decentralized by way of tokens. These tokens act as equities for the builder’s product, granting the precise to obtain returns.
The principle venue for this new narrative is the Imagine app, which lets builders current their ventures and search funding by way of posts on X. Australian expertise entrepreneur Benjamin Pasternak and TBH app founder Nikita Bier just lately endorsed the applying.
Consequently, the launchpad’s native token, LAUNCHCOIN, soared 4,500% from Could 11 to Could 14. On the time of writing, LAUNCHCOIN has held an upside of two,800% since Could 11.
Solana’s new attestation service is central to this new crypto sector. It lets decentralized purposes verify authorized eligibility with out re-creating legacy databases.
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