Solana Foundation announces the launch of SAS, a disruptive innovation against centralized KYC

The Solana Foundation and the Solana Identity Group have officially launched the Solana Attestation Service ( SAS ), an open-source, permissionless on-chain credential protocol that has been officially deployed on the Solana mainnet. SAS links verified off-chain data: KYC, geolocation, membership identity and other information with the user's wallet, and through cryptographic signature verification, the credential can be reused across applications without repeatedly exposing personal information on the chain, and can avoid the cumbersome procedures of users repeating verification on different platforms.

SAS aims to rebuild the trust level in online capital markets

Today, each application establishes its own KYC verification process, manages sensitive user data, and relies on its own isolated systems, adding barriers to user use while facing regulatory risks and operational costs.

Solana is growing in the online capital markets, and the applications it develops must be able to verify compliance status, user unique attributes, local jurisdiction and other off-chain data at scale. The launch of SAS means that in the Web3 world, blockchain is moving towards a new type of network trust system based on compliance.

SAS' innovative approach to managing personal credentials

Credentials can be used across application platforms: Users can save credentials in their wallets and reuse them between applications, establishing a reputation system that allows publishers, development teams, and users to trust each other.

No centralized gatekeeper is needed: any development team or developer can use this infrastructure to build their own reputation system.

Programmable: Applications can access it by calling the SDK once, without having to manage a backend identity database. SAS is designed to create a private and reliable system that can be used on various blockchains.

Balancing security and privacy: Information is only disclosed when necessary to ensure that user personal data is safe and not leaked.

Who are the SAS Authentication Groups?

The Solana Identity Group brings together several teams in the Solana ecosystem. The group focuses on testing, building, and implementing new identity verification specifications, hoping that all Solana development teams can carry out new identity verification procedures.

The member groups in the Solana Identity Group include "Civic": a network identity authentication management solution that can create reusable identities on the chain and maintain privacy in a cross-chain environment; "Solid": a global standard for one-time verification of digital identities and protection of user autonomy; "Solana ID": establishing the Solana ID card and maintaining on-chain reputation; "Solana Foundation": a Swiss non-profit organization that maintains the safe development and growth of the Solana ecosystem; "Trusta Labs": using AI-driven witch attack defense, enhanced knowledge graph analysis and user positioning to match on-chain assets with suitable users; "Solid": integrating Solana's authentication service to provide users with decentralized identity and data ownership, creating a Priority Pass, users can establish a unique digital identity linked to the Solana wallet, KYC and social network information will be stored on the chain, and users can selectively share this data with third parties. It is said that this new system can integrate users in the Solana ecosystem, allowing users to maintain privacy and maintain transparent on-chain public data.

Why is decentralized trust hierarchy so important?

The Solana Foundation has proposed a new disruptive innovation concept, providing a new path for user identity authentication. Credentials are issued by trusted publishers, and users can log in to various applications independently. As blockchain applications develop from on-chain transactions to traditional finance, real-world assets (RWA), DePIN and DAO, anonymous addresses alone can no longer meet multiple needs. However, if we continue to use Web2 to manage identities and store personal information in a certain institution's database with centralized verification, it will be tantamount to self-destruction. SAS provides another option for KYC Passport. The user's identity is no longer just an asset of the platform, but truly belongs to oneself.

Cathie Wood, founder of ARK Invest, and Eric Balchunas, ETF analyst at Bloomberg, discussed topics such as Solana developers have greatly surpassed Ethereum, the relaxation of US regulations, and the opening of crypto ETFs at the "Solana Ship or Die" conference held on May 24. Wood also further revealed that ARK will not only launch the "Solana Ecosystem Venture Fund", but is also preparing the world's first "active crypto fund", which is expected to attract more traditional asset management companies to participate in the future and accelerate the integration of Web3 and traditional financial markets.

Balchunas Online Poll: Solana Wins Big Over Ethereum and XRP

Balchunas said at the beginning that although this is his first time participating in a Solana event, he has been paying close attention to the crypto industry over the past two years. Balchunas also shared the data from a poll he initiated on Twitter (X), asking netizens which one they would choose among Ethereum, Solana, and XRP. The results are as follows:

1. Solana: 46%
2. Ethereum: 38%
3. XRP: 16%

Balchunas said:

"From a consumer perspective, this makes perfect sense."

The number of Solana developers surpasses Ethereum, because the focus on "ordinary users" is the key

Wood then added that Solana has shown "anti-fragility" characteristics throughout the bull-bear cycle, and in July 2024, the number of developers surpassed Ethereum, becoming the most popular platform for developers. She emphasized:

“Ark has always advocated following the developers. Ethereum is increasingly leaning towards institutional applications, but Solana continues to attract general users with low transaction fees and rapid optimization.”

Crypto ETF staking returns may be promising, but regulatory relaxation remains the focus

Regarding whether the Solana spot ETF will be launched in the U.S. market, Wood expressed great anticipation, but whether U.S. regulators can allow crypto ETFs to support staking mechanisms remains the key. However, if the U.S. also opens up crypto ETF staking in the future, the returns will be more attractive.

She pointed out that the crypto ETF launched by Canadian asset management company 3iQ allows SOL and ETH in the ETF to be pledged. The following is the annualized rate of return of SOL and ETH in the 3iQ crypto ETF disclosed by Wood:

• SOL: 6-8%

• ETH: 2-3%

From rejection to discussion of options, the new SEC policy shifts

Balchunas mentioned that Grayscale once said that the atmosphere in the meeting with the SEC has become much more relaxed, from the past rejection to now discussing feasible solutions together. Wood also believes that "the withdrawal of the lawsuit is the first step. The entire regulatory atmosphere is changing."

Wood continued the previous topic and emphasized:

“If even BlackRock wants to launch the Solana ETF, it should mean that there is real opportunity in this market.”

Solana is expected to be included in the technology ETF, and other institutions will also deploy Solana

Wood said that although Solana is not like a stock, as a digital asset, it will be included in technology or fintech ETFs in a similar way to stocks in the future. She said:

"In the future, not only Ark will participate, but other large asset management companies may also follow suit."

Solana has low fees and good user experience, even Kraken is interested

Wood shared that in the past, when buying Bitcoin, it was very troublesome to create a wallet yourself, and the handling fee was 1.5%, which was simply unacceptable to traditional financial players.

In contrast, Solana has low handling fees and fast transactions, which makes it more attractive. Even the exchange Kraken has chosen to issue tokenized stocks of NVIDIA and Tesla on Solana, which shows that Solana has become the preferred blockchain platform for general consumers.

Ark launches Solana Ecosystem Venture Capital Fund, and may launch active crypto funds in the future

Wood announced that Ark will also build an innovation center in Florida and launch an early blockchain venture capital fund, focusing on the consumer-oriented Solana ecosystem. In the future, it will also launch an "active crypto fund" to create excess returns using on-chain analysis.

Crypto assets are insurance mechanisms, Web3 reshapes the global financial system

Wood shared: “I just talked to a friend from Pakistan, and he said that only 300,000 people there have securities accounts, but 50 million have crypto wallets.” She pointed out that this is the actual impact that blockchain is having.

She further believes that crypto ETFs will become a bridge for general users to advance to Web3, and crypto wallets are the ticket to decentralization. She said:

"If something goes wrong with traditional finance, this is your insurance."

( Is Solana ETF going public this year a sign? Chicago Board Options Exchange Cboe once again submits listing application to SEC )

Trump held a VIP dinner for 220 top Trump Coin ($Trump) buyers. The White House argued that this was Trump's private event, and the attendees were Trump's entrepreneur alter egos, not President Trump. But what really shocked people was the main course that night. After the photos were exposed, they were mocked by all parties as IKEA meals. A TikTok influencer who attended the dinner even told the media that this was the worst meal he had ever had at a golf club, and the portions were small, so he left hungry.

White House calls dinner a private gathering for Trump

Trump held a formal black-tie dinner at the Virginia Golf Club on Thursday night for the first 220 VIP buyers of Trump Memecoin. Trump arrived at the scene on Marine One and delivered a speech at a podium printed with the presidential logo. The White House said it was a private dinner and Trump was just using his personal time to attend the event. Many protesters believed that Trump was raising illegal donations into his own pocket by hyping up the memecoin, especially since it was obvious that almost half of the invited guests were "foreigners."

TikTok influencer invests $500,000 in memecoins in exchange for IKEA meals

The main dishes on the menu that night included filet mignon and flounder. Although the plate was gilded with the word Trump, the main dishes provided to the guests looked almost the same as those in IKEA stores. TikTok influencer Nick Pinto told Wired magazine that this was the worst food he had ever eaten at a Virginia golf course. He invested $500,000 to buy the Trump family's meme currency to qualify for dinner with Trump, but he said the only delicious things were bread and butter, and he left the dinner hungry. The reporter uploaded a photo of a steak provided by a participant, and netizens began to comment and laugh. CNBC reporter Steve Kovach said he had eaten similar food on a low-cost airline. There were only a few portions of food on the plate, and the plating was not aesthetically pleasing. Thin carrots were placed next to pumpkins, with a ball of mashed potatoes and a small piece of steak. The flounder looked like dry and flat chicken.

The Ringer senior writer Joel Anderson said the dinner was similar to the food served at the Fyre Festival, whose founder was jailed for hosting an unrealistic music event that disappointed fans who paid big bucks for tickets.

Guests attending Trump’s party were not there for the food, they wanted a chance to meet with world-class leaders, but after arriving at the golf course, Trump only gave a 25-minute speech, briefly mentioning cryptocurrency.

According to an analysis by the Washington Post, Trump Enterprises has received more than $300 million in Trump Coin since its launch in January this year. It is not clear how much Trump Coin buyers paid in total to attend the dinner. According to the report, the top 25 people on the Trump Enterprises Meme Coin Ranking List hold a total of $140 million worth of Trump Coin.

Taiwan’s cryptocurrency exchange chief investment officer invited to attend

Taiwanese media reported that Vincent Liu, the chief investment officer of Taiwan's cryptocurrency trading platform Kronos Research, was also invited to attend. Vincent Liu said that this dinner is an important symbol of digital assets entering the mainstream financial circle. Being invited to attend represents Taiwan's influence in the international crypto, and he also looks forward to establishing more connections with all walks of life. (TVBS)