- June 28, 2024
- Posted by: Jackson Bennett
- Category: News
Wormhole secures grant to integrate World ID on Solana increasing the blockchain’s identity verification and thus raising WLD and SOL prices.
HIGHLIGHTS
- Solana development is enhanced by Wormhole’s integration of World ID, making it possible for thousands to find their ways with reliable user authentication.
- ZKPs among other privacy features are added by Worldcoin in a bid to give users control as regulatory concerns loom larger.
- While Solana rose 9.11% after ETF news, the price of WLD shot up to $2.83 following the announcement.
Wormhole recently received funding from the Worldcoin Foundation which allowed it to take World ID onto the Solana blockchain. This integration intends to better user identification processes within blockchain networks using Worldcoin’s decentralized identity solution.
Wormhole Integrates Word ID on Solana
Worldcoin will integrate its Word ID into the Solana ecosystem through Wormhole, a platform for transferring data and assets across different blockchains. Consequently, thousands of developers can incorporate Word ID into their applications for authenticating users in the Solana system.
The Worldcoin Foundation recently announced that it will use the Ethereum to Solana State Bridge Service for integration, ensuring that it does not compromise security and performance while enabling verification functions on the Solana Blockchain for World ID operations.
This will improve the identity verification process making it easier and safer across different blockchains. This entails using Wormhole to broadcast World ID state roots from Ethereum to Solana, where a separate contract on Solana will confirm and store these roots for the use of Solanabased applications in easily verifying people’s identities.
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Technicalities and perspectives
As a result, the technical details of this merger include the following features which make it efficient and safe. This implies that The new smart contract on Solana called SolanaWorldIDProgram would be responsible for examining and retaining all the world ID state roots.
Solana uses Wormhole Queries to verify inclusion proofs, protecting data from other chains before implementing the bn254 syscall.
Through this integration, digital identity verification is enhanced for security and interoperability, enabling developers to innovate authentication for human identity. For instance, through the assistance of the Worldcoin Foundation, Wormhole intends to make inter-chain identification with more emphasis on privacy possible.
Worldcoin Introduces Enhanced Privacy Measures
However, Worldcoin has introduced privacy measures that aim to address the concerns of international regulatory authorities. Worldcoin’s new privacy features enable users to control their data without compromising network integrity.
Some of these include Personal Custody and Unverify World ID with ZKPs for secure and private transactions. Worldcoin safeguards customer privacy by taking proactive steps and utilizing technologies to prevent future privacy breaches.
Moreover, a strategic partnership between Alchemy and Worldcoin has enhanced the infrastructure for the development of Worldcoin’s World Chain project. Worldcoin will use Alchemy’s technical platform and developer tools to support the growth of its World Chain project.
Also, just after the announcement, the WLD price sprung back up to $2.83 before experiencing resistance throughout last month. As of now, investors are buying WLD at $2.79, which is 1.13% above the key level.
Solana (SOL) is showing a bullish trend, currently trading at $148.07, marking a 9.11% increase from yesterday. This rally, however, does not only come from World ID integration but also the VanEck Solana ETF.
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