2 days ago
Solana Foundation introduced the Solana Attestation Service connected May 23, positioning the protocol arsenic a spot furniture for what the network’s backers telephone “internet superior markets.”
The open-source work lets approved issuers hindrance off-chain credentials, specified arsenic know-your-customer results, geographic eligibility, oregon accreditation status, to a user’s wallet code without exposing idiosyncratic information on-chain.
Attestations unrecorded wrong the wallet, question crossed applications, and are verified with a bundle improvement kit call.
According to the announcement, the plan removes repetitive onboarding checks and eliminates the request for each task to store delicate individuality records.
Portable credentials purpose to streamline compliance
The Foundation said developers tin deploy Solana Attestation Service to conscionable regulatory obligations, gross region-specific offerings, oregon physique estimation systems that deter Sybil attacks.
Investors tin clasp “KYC passports” erstwhile and reuse them for aboriginal token sales, gaming studios tin contented badges linked to provable subordinate histories, and real-world plus platforms tin corroborate that buyers conscionable accreditation thresholds earlier releasing digitally wrapped securities.
Identity providers successful Solana’s ecosystem person already integrated the caller service. Additionally, infrastructure firms program to ingest attestation information for hazard scoring and transaction monitoring.
The Solana Identity Group developed the protocol. Group members said they would people further individuality standards and invitation different teams to lend done open-source repositories.
Rise of net superior markets
Solana Attestation Service arrives arsenic the Foundation and autarkic builders propulsion the conception of net superior markets.
The conception comprises a exemplary wherever builders tin question backing decentralized done tokens. These tokens enactment arsenic equities for the builder’s product, granting the close to person returns.
The main venue for this caller communicative is the Believe app, which lets builders contiguous their ventures and question backing done posts connected X. Australian exertion entrepreneur Benjamin Pasternak and TBH app laminitis Nikita Bier precocious endorsed the application.
As a result, the launchpad’s autochthonal token, LAUNCHCOIN, soared 4,500% from May 11 to May 14. At the clip of writing, LAUNCHCOIN has held an upside of 2,800% since May 11.
Solana’s caller attestation work is cardinal to this caller crypto sector. It lets decentralized applications corroborate ineligible eligibility without re-creating bequest databases.
The station Solana reveals attestation work to supercharge net superior markets appeared archetypal connected CryptoSlate.
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