Civic, a pioneer in digital identity solutions, has announced a technology partnership with Solana, a project that is developing a new, permissionless blockchain. The partnership will allow for enhanced privacy, regulatory enforcement and ease-of-use as digital identity takes centre stage as the cornerstone of the new wave of consumer-first blockchain infrastructure.
“Early blockchains were good testing grounds,” said Vinny Lingham, co-founder and CEO of Civic. “However, with high fees and sluggish transactions, many users and applications are simply priced out of the ecosystem.”. “Now, with Solana, we're putting identity at the heart of a blockchain and wider ecosystem that's ready for the future and scaled for mass adoption.”
Strong ETH transaction fees are currently preventing DeFi from being widely adopted. These high rates effectively wipe out any returns for the average investor, rendering ecosystem investment unattractive and unsustainable. Solana’s low fees scale as the ecosystem grows, and with Civic’s identity-based key management, key recovery and practical experience, Civic will help make financial tools more accessible to mainstream consumers.
Solana's history-
Solana is a high-performance Proof of Stake (PoS) blockchain that prioritises scalability over decentralisation and protection.
Until now, blockchains were single-threaded machines, ensuring that no two transactions executed in parallel would conflict. Solana uses Proof of History (PoH), a clock before consensus, to allow concurrent GPU-parallelization for the first time, providing high speed, low latency, and low-cost transactions at layer 1 without sharding.
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