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 accredited issuers bind off-chain credentials, resembling know-your-customer outcomes, geographic eligibility, or accreditation standing, to a consumer’s pockets deal with with out exposing private information on-chain.
Attestations dwell contained in the pockets, journey throughout functions, and are verified with a software program improvement equipment name.
In keeping with the announcement, the design removes repetitive onboarding checks and eliminates the necessity for every mission to retailer delicate id information.
Moveable credentials purpose to streamline compliance
The Basis stated builders can deploy Solana Attestation Service to satisfy regulatory obligations, gate region-specific choices, or construct popularity methods that deter Sybil assaults.
Buyers can maintain “KYC passports” as soon as and reuse them for future token gross sales, gaming studios can difficulty badges linked to provable participant histories, and real-world asset platforms can affirm that patrons meet accreditation thresholds earlier than releasing digitally wrapped securities.
Identification suppliers in Solana’s ecosystem have already built-in the brand new service. Moreover, infrastructure companies plan to ingest attestation information for danger scoring and transaction monitoring.
The Solana Identification Group developed the protocol. Group members stated they might publish extra id requirements and invite different groups to contribute by 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 tokens. These tokens act as equities for the builder’s product, granting the correct to obtain returns.
The principle venue for this new narrative is the Consider app, which lets builders current their ventures and search funding by posts on X. Australian expertise entrepreneur Benjamin Pasternak and TBH app founder Nikita Bier not too long ago 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 functions affirm authorized eligibility with out re-creating legacy databases.
Talked about on this article
