Solana ID raises $250K in pre-seed sale to drive rewards-based digital ID

Solana ID has announced the successful completion of its pre-seed token sale for its native token, $SOLID, and outlined plans for its cryptographic digital identity and proof-of-personhood layer, Solana ID. A notice posted on Medium says the token sale raised $250,000, paving the way for an upcoming projected $2 million seed and public sale.

Solana ID “enables users to securely link their digital footprints to crypto wallets, creating secure and portable ‘data backpacks’.” According to an introductory post from April 2024, users “carry around their data-backpacks as secure accounts through the internet instead of opening a new account with every application they intend to use.”

The stated mission of the nonprofit Solana Foundation, based in Zug, Switzerland, is to “help build the Solana protocol into the most censorship resistant network in the world.” Solana ID is supported by a Solana Foundation Instantgrant. The Foundation decries the unfair advantages big tech firms have in collecting and selling personal data, and claims it wants to break the status quo by “empowering users with more control and monetization models for their data.”

Practically, this means an exchange system in which Solana ID users can earn $SOLID cryptocurrency and other rewards for sharing their data. Solana says the decentralized transactions preserve user privacy, while allowing Web3 builders to include targeted marketing in their user acquisition strategies.

“With their new-found identity linked to their wallet accounts,” says Solana ID, its crypto and digital ID product “turns targeted ads into personal perks” by letting “apps identify users as their target audience and send them tailored offers, discounts and other rewards to gain their attention.”

Other benefits to be earned include airdrops, whitelisting opportunities, discounts, on top of promises of increased customer traction and key strategic partnerships as the product develops.

“Solana ID is not just an identity management solution; it is a movement towards a more equitable and user-centric digital future,” says the conclusion to the Medium post. “With the successful pre-seed token sale and the upcoming seed raising and public sale events, Solana ID is poised to make significant strides in the digital identity space.”

The Solana ID Beta is scheduled for release in the third quarter of 2024, and has been selected as a candidate to launch on Jupiter’s LFG Launchpad, with ​​Orca and Flash Trade also on the waiting list for integration.

This week, RNS.ID announced that Palau’s Palau ID digital residency program is available on the Solana blockchain to citizens of 138 countries, including the U.S.

Article Topics

blockchain  |  cryptocurrency  |  digital ID  |  funding  |  Solana  |  Solana ID