This article was first published on Blog – Civic Technologies, Inc.
Blockchain technologies flourished at the beginning of 2021 with the price of Bitcoin reaching new heights and NFTs bursting into the world spotlight. And, while Ethereum gas fees continued to constrict the flow of business, new blockchains gained momentum. Civic made bold moves in Q1 by responding to these new market conditions through integration with the Solana blockchain and further developing our identity verification business offering.
In March, we announced our integration with the Solana blockchain, which has been unlocking new opportunities for Civic. We’re proud that Civic — and our nonprofit partner, Identity.com — are paving a better, more sustainable path by leveraging Solana’s blazing speed and low fees that scale as the ecosystem grows.
The move was prompted by soaring Ethereum transaction fees, which have blocked the mainstream adoption of DeFi and squeezed companies that depend on a functional blockchain ecosystem since last summer. With a second layer solution requiring months of development, chain-agnostic Civic has shifted resources to providing an identity gateway for the next generation of blockchain-powered products.
Now, with identity as a cornerstone of blockchain infrastructure, a safer, more sustainable financial ecosystem may develop. And, with our unique expertise in identity-based key management and recovery, Civic will help make financial tools more accessible to mainstream consumers.
We believe that identity will be a necessity for businesses in Solana’s ecosystem in order to comply with global regulations in the near future if DeFi is to truly scale for mainstream consumer adoption. Our new products will offer more privacy and a more secure experience for DeFi products and other application layer technologies.
Buzz about Civic
Our Solana integration announcement took center stage in the first quarter. Identity Review shared a thorough write-up, noting that “Through this new collaboration between Solana and Civic, ...
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Blog – Civic Technologies, Inc.