Today, we’re joined by Simon Molitor one of the visionaries behind Solana ID, a platform designed to tackle key issues in the crypto space by empowering users with control over their digital identities and data. His journey began with a desire to shape the future of Web3 and create a fairer system where users, not corporations, own their personal information. Together with his co-founder, an expert in performance marketing, they saw a unique opportunity: a decentralized identity solution that empowers users and optimizes marketing for blockchain applications.
Solana ID addresses two main challenges: it helps crypto users access exclusive perks by providing a “data backpack” that demonstrates their value, and it aids dApps in identifying high-value users, reducing marketing costs. Using a unique SOLID Score that combines on-chain and off-chain data, Solana ID enables secure, verifiable, and impactful interactions within the Web3 space.
In this interview, we’ll dive into the motivations, challenges, and insights behind Solana ID, exploring how it’s shaping a new standard for digital reputation and user-owned data in Web3.
- What motivated you to co-found Solana ID, and what key problems in the crypto space are you aiming to solve with this platform?
It all started with my strong desire to shape the next era of the internet together with all the other smart people building in the crypto industry – I HAD to be part of this. I pinged my best friend and told him what we’re going to do: we’re going to open a start-up in the blockchain sector. He jumped on my enthusiasm and joined the idea. Essentially, it was him influencing our decision to build what we’re building today: as a performance marketer, he saw what data on consumers Facebook and others had and what you could do with it – it seemed unfair to him, to take most of the control of this data treasure from the users plus not paying a dime to them for their data. This is how we ended up building a decentralized identity solution that is poised to disrupt the way we do advertisement and data control on the internet.
Today, we’re solving two main problems: crypto users always want early deals and perks. We make it easy for them to get more perks on-chain by equipping them with a data-backpack that proves their worthiness of high-value customers to dApps. These dApps on the other side are facing the problem of not being able to identify what wallets could be potential high-value customers, hindering their marketing efficiency and increasing customer acquisition costs to up to 6x more than what we’re used to from web2.
- Can you explain how Solana ID helps make the digital reputation of wallet holders visible and why this is crucial for the Web3 ecosystem?
We can divide your reputation backpack into your on-chain and off-chain footprint. Solana ID gives users a SOLID Score which rates their wallet account(s) based on their on-chain track record, analyzing more than 100 different criteria across all kinds of on-chain activities. Besides this, users can proactively on-ramp credentials from their web2 accounts using secure zk-technology. These data points make their on-chain ID much more comprehensive. Web3 greatly benefits from a system like this as verifiable data points of on-chain profiles increase safety, the level of trust and overall user experience for all stakeholders involved. Users can leverage their unique reputation, distinguish from bots and claim better offers on-chain while dApps can target their communications more effectively or implement gated products.
- Why do you believe Solana specifically needs an ID framework, and how will it benefit from better marketing strategies?
Because there is no great solution yet – Solana ID is the flagship ID protocol for the Solana ecosystem with a strong use case built-in: targeted marketing. There are several reasons why Solana benefits from our solution: apps save money on marketing by deploying data-driven advertising strategies, users receive more tailored offers that increase their user experience on-chain. Additionally, Solana ID brings apps throughout the entire ecosystem closer together by integrating targeted ads from dApp A into the front-end of dApp B which allows the former to reach more of the right users and the latter to make additional ad revenue besides their core business. Pretty cool.
- What advice would you give to crypto entrepreneurs on how to stay resilient and not give up during challenging bear market times?
Just stay alive and believe in something. Easier said than done. But ask yourself: what’s the worst thing that could happen if you keep pushing forward? Is your end goal motivating you enough to take a bit of suffering? Stay optimistic that if you put energy into something, energy will return to you in some sort. It’s a law of nature.
- In your experience, what are the most effective strategies for raising a token round in 2024, especially in the current market environment?
Talk to AS MANY people as you can. It’s always a numbers game. You can get lucky and find capital by asking a handful of people only. But the chances get higher, the more people you ask. It is as simple as that. Consider alternative routes besides VCs: find people managing private investment and trading communities and offer them and their community an early entry into your project. Sign many small checks instead of a few big ones. Lastly, don’t hide yourself or your start-up. Go out to conferences and events, be seen. Offline AND online.
- How does Solana ID ensure the trustworthiness and security of the digital reputations it builds for users and companies?
Data doesn’t lie. We are relying on on-chain data that is verifiably true – no way around it. All off-chain data is on-ramped using zk-TLS technology that verifiably takes data points from any web2 user interface and sends them as zk-proof to our system. You can’t game it.
- What are the biggest challenges you’ve faced while developing Solana ID, and how did you overcome them?
I would just highlight one challenge which is all sorts of tensions within the core team of your start-up. We had several moments where we as a core team didn’t agree on some things or weren’t happy with the commitment of others in the team. This will be an ongoing challenge as it can happen during all times of your start-up journey. The solution: open conversations as soon as possible. Don’t drag tensions and people-problems with you day by day. Solve them by talking them through and finding solutions.
- Living a nomadic lifestyle with no home or possessions is unique. How has this lifestyle choice influenced your approach to business and leadership?
It does to an extent prove my commitment to Solana ID – because I will leave everything behind and travel wherever I am needed if it will move the needle for our company. It gives a) a lot of flexibility and b) less things I have to worry about since I don’t own shit. The most expensive thing I own is literally my MacBook.
- What are your top tips for maintaining productivity and work-life balance while living a minimalist, nomadic lifestyle?
Have some routines that you can follow wherever you are. I get up in the morning, find a gym and workout. Almost every day. Wherever I am. For more than a decade. It’s not just the only time of my day, where I am not online, but also adds consistency to my otherwise quite dynamic and at times unpredictable lifestyle.
- Looking ahead, where do you see the role of digital reputation in Web3 evolving over the next five years, and how do you envision Solana ID contributing to that future?
Your reputation data fuels the next era of digital advertisement. We don’t need to donate all our data in return for a free social media application to suck us into their attention algorithms to sell more valuable ad space to big companies – we can make those companies pay us users directly for our valuable and scarce attention.
