Solana ID (SOLID) is one of the most underrated and unique projects in the Solana ecosystem. This is because there are not many projects trying to solve the identity and data management issue in Web3 space. And it’s why I decided to write about this project for the #SolanaHiddenTreasures contest by Solana collective.
The goal:
To create awareness and educate users on what Solana ID is building and the problems they are solving in the Solana ecosystem and Web3 at large.
Solana ID was born over a year and a half ago, but the early stages of the project faced challenges due to a less mature and inactive blockchain ecosystem. Fast forward to this year, and Solana ID has emerged with a fresh brand and a renewed idea to become the identity layer for Solana.
The big turning point came with participation in the Colosseum hackathon and the Jupiter Launchpad, where Solana ID garnered attention and secured an impressive 4th place in the voting round.
The Problem
The decentralized and permissionless nature of Web3 is a double-edged sword. On one hand, it enables innovation and creativity by removing gatekeepers and intermediaries. On the other hand, it also opens the doors to malicious actors like spams and bots who can exploit the system for their own gain.
Without adequate control, the increase in bots and spam users hiding under the umbrella of anonymity can lead to unchecked, false users and pollute user experience. This poses a significant threat to Dapps and platforms in the Web3 space, as it makes it difficult for them to establish trust and credibility with users.
- Sybil Attacks: Bots and spammers may create multiple accounts to manipulate voting processes in decentralized governance systems, influencing the outcomes in their favor.
- Token Manipulation: spammers may artificially inflate or deflate the price of a platform’s token, creating a volatile market that discourages genuine investors and users.
- Loss of User Trust: Users may become wary of interacting with a platform that is flooded by bots and spam, leading to decreased engagement and ultimately impacting the platform’s reputation and adoption.
- Dilution of User Data: Spam and bot activity can flood a platform with meaningless data, making it difficult for the platform to gather accurate and valuable user insights that can inform product development and strategy.
SOLANA ID — Instilling trust in Web3
Solana’s low transaction fees makes it an attractive platform for bots and sybil attacks. It is designed to be a solution that instills trust in the Web3 ecosystem without compromising user privacy. It provides apps with a reliable way to verify user identities and fight bots while creating a secure and trustworthy environment for users by integrating Reclaim protocol and ZkPass.
The platform allows people to build a digital reputation that reflects their online activities, preferences, and achievements. Solana ID has evolved into a vibrant platform with a growing community of over 35,000 Priority Pass members within just two months of launch.
As a Web3 project you can leverage Solana ID to enable and verify KYC processes without collecting or revealing the identities of your users.
Of course, Solana ID (SOLID) is not the first to try and solve identity management and verification problems in web3.
Galxe, for instance, is leading the charge with their impressive partner and user numbers. But, in spite of their dominance, they may have a blind spot in their approach to credentials. Their data verification approach is primarily based on Users’ accomplishments which might not be enough to verify Personhood or accepted universally.
Solana ID on the other hand adopts a reputation score system that prioritizes quality of data over quantity which is not only efficient but also very sustainable In the long run.
How it works
Solana ID puts users in the driver’s seat when it comes to managing their sensitive data, granting them complete authority over who can access it and how it’s used. Apps and websites can then accurately identify these users as part of their target audience, serving up personalized offers, discounts, and rewards tailored to their interests and preferences.
With Solana ID the whole Solana ecosystem can benefit from safer ways to acquire the right users — Kevin R. Ricoy (solana foundation)
For apps and Web3 companies, Solana ID cleverly helps them transform targeted ads into appealing perks that users can actually get excited about. This creates a more enjoyable and engaging experience for users, while also driving increased engagement and brand loyalty for the apps and websites offering these perks.
Get Your Solana ID
To get started with SOLID, you need to mint your priority pass which gives you access to all the features and benefits Solana ID has to offer.
The wallet used to mint the priority pass will serve as your personal identity passport as you explore several blockchains and Dapps.
SOLID Score
The Solid score is like your personal brand, but tailored to your onchain persona. It is a reflection of your onchain engagement and reputation. The score is tied to a single wallet connected for the priority pass.
SOLID scores are based on important criteria like engagements, contributions, transaction histories, socials, Wallet holdings… The higher your SOLID Score the better.
One way to increase your score is to bring in your off-chain data from external apps and socials. Once you’ve verified your credentials, they’re securely stored in your personal vault, The Solid vault keeps your data private and helps to paint a more complete picture of your digital identity and reputation.
Turn your wallets into Super Accounts & earn
With Solana ID authentication, dApps can recognize you as soon as you connect your wallet. Being a Solana ID user also comes with perks - exclusive offers, discounts, and rewards tailored specifically to you.
Flashtrade has been pioneering perks for users who hold our Beast NFTs - Solana ID is bringing this idea to a whole new level. — Anas (Flash trade).
You can also connect multiple wallets from several networks to your main wallet and Solana ID helps you manage all of them as you explore the different ecosystems. This shows the interoperability of SOLID identities reputation scores.
Benefits to users and Web3 applications
- Web3 Marketing : The web3 advertising market has an impressive valuation and growth rate giving vast potential for innovative marketing solutions like Solana ID. By providing a decentralized identity protocol that enables targeted marketing, Solana ID can help dApps efficiently reach their target audience, Increase retention rates through tailored loyalty programs and enhance user experience through personalized interactions
- Successful Airdrop Campaign : Let’s take a quick example, Imagine you’re a creator who wants to whitelist a group of users to receive your exclusive NFT airdrop. Instead of just relying on limited criteria like early sign-ups or past NFT ownership, you can now use Solana ID reputation score to select wallets with a high reputation score. This helps you filter bots and ensure the airdrop gets the real and earnest users.
- Data Monetization: Rather than having your data exploited without your knowledge, you’re empowered to choose which trusted apps and enterprises can access your data. In return, you’re rewarded with incentives and real-world benefits that are tailored just for you.
Who doesn’t love free perks? DApps can reduce CAC by targeting incentives to valuable users, fully onchain! — Kash (Superteam)
$SOLID Token
$Solid is designed to fuel the business and revenue generation model for Solana ID. SOLID rewards users who share their data with trusted parties, creating a valuable incentive for participation. Holders can stake $SOLID tokens to “vouch” for their good standing in the network. This enhances the reliability of their SOLID score and can potentially lead to more opportunities and rewards.
For the revenue generation, verifiers must pay $SOLID tokens to access user data. This creates a direct monetary incentive for users to share their data, since they can earn 30% of the value generated from the data access.
There is also an ongoing Zealy quest where you stand a chance to earn $Solid rewards post TGE. the quest is open to members who have minted their SOLID priority pass.
The Team
SOLID is founded by a team of experts with backgrounds in software development, sales, venture capital and marketing. The group has been able to secure partnerships and grants from top organisations like Solana Foundation, Blockchain founders group, Superteam, Partisia Blockchain… among others.
Solana ID’s pre-seed funding success is a testament to the value and promise of their mission. With this funding, Solana ID is taking its solution to new heights. Doubling down on their vision of a fairer, more user-centric approach to data monetization, they’re now equipped to boost product development, onboard more partners, and raise awareness of their innovative approach.
I’m impressed by the potential of Solana ID’s vision and their drive to disrupt the status quo in the web3 world. Data privacy in web3 is at a critical juncture. The focus on data ownership and Incentivizing data sharing is a game-changer. If executed well, the idea of rewarding users for sharing their data with trusted parties could transform how we think about data and privacy online
The successfully raised pre-seed funding, is an impressive feat for such a young startup, especially in the web3 space. and the team has made significant progress in building their product and establishing partnerships, showcasing their commitment to bringing their vision to life.
Solana ID is a great example of a solid team that gained great publicity from the LFG process as a candidate in the voting. — Soju (jupiter)
Here’s why more dapps should consider adopting Solana ID:
- Data-driven insights: By accessing user data through Solana ID, dapps can gain deep insights into user behavior and preferences. This could help them design better products, offer more personalized experiences, and create more effective marketing campaigns.
- User acquisition: Offering rewards for sharing data through Solana ID could attract more users to a dapp, especially among those who are privacy-conscious or value rewards for their data.
- Standardization: With Solana ID’s standardization approach, dapps can rely on a consistent, widely accepted reputation scoring system. This makes it easier for them to accept user data and provide rewards or access based on reputation.
Conclusion
I have great passion for the ZK tech and Web3 identity management solutions, and I couldn’t resist the urge to spread the word about Solana ID and make it more visible.— This article is my little contribution to the conversation surrounding data ownership, privacy, and the future of identity management. Every little bit counts, and I believe we all have a part to play in shaping this new tech.
Thank you
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