Introducing the Verida Storage Credit Token, VDA, powering the private Data Economy
With the Verida Mainnet now live, we’ll soon be launching Verida Storage Credit Token (VDA), the native token of the Verida Network.
The Verida Storage Credit Token (VDA) creates a data economy enabling secure interactions between accounts to facilitate secure data storage, trusted sharing and fast querying.
Users can utilize credits to store and exchange data across the network. Storage node operators can stake VDA to provide storage capacity to the network, secure private data and get rewarded.
VDA powers the first private data DePIN for web3.
Decentralized physical infrastructure networks (DePIN) are helping build a more crowdsourced or community led creation and operation of public infrastructure. In the same vein, the Verida Network is designed to provide a decentralized private data storage layer for the new self-sovereign data economy.
Read more about how the Verida Network optimizes for speed, authentication and encryption here.
The VDA token serves to coordinate resources in this new data-based economy. The network rewards infrastructure operators who supply storage capacity, and end users who bring their personal data onto the network.
These end user rewards can then be used to pay for storage with network storage providers. Applications built on the network may also choose to sponsor the storage needs of their users.
As users connect more data, there’s more aggregate value for both the user and network. The value of user data increases as it becomes denser.
A growing ecosystem of partners serve as private data oracles for Verida Network. Users can utilise these providers to take control and ownership of their data and store it privately under their control on the network.
Verida’s physical storage node infrastructure provides private encrypted databases, user control over where and how their data is stored, real-time synchronization, permissioned data access, and client-side encryption. This approach ensures decentralization of private data, as well as decentralized control, but without the added shortcomings of uncontrolled public distribution.
Verida’s open-source server nodes that can be operated by anyone, on their own infrastructure, to earn tokens on the Verida Network. Operators can run a node in the cloud, or on bare metal on standard, low cost hardware.
Learn more about how to run a node here: Decentralizing the Verida Network: Become a Node Operator
Verida Network keeps your private data private
One in two people have had their personal data exposed in data hacks.
Read more about how Verida encrypts and protects your private data here.
The current approach of storing personal data in multiple, centralized platforms, creates honey pots for hackers and creates huge risks for individuals, corporations and governments.
Global regulation is now forcing companies to open up access to user data.
Web2 offers an abundance of storage options for different use cases, but the data isn’t truly under our control.
Similarly web3’s unique needs will demand specific solutions. Existing web3 decentralized storage models such as Filecoin, Sia, and Arweave are robust for public data, but fall short for private personal data. They are designed for storing static content like images and documents, rather than being highly performant databases with real time syncing capabilities.
Verida is helping users “claim” their personal data and selectively open it up to the next generation of web3 applications for personalized products, services and AI powered digital assistants.
The economic stakeholders in the Verida Data Economy
The initial economic stakeholders are:
Network Economic Model
The Verida Network is a self-sovereign “user-pays” model, whereby users pay for their own storage needs. In this way, “access to user data” is not the product, rather the product is the “security and protection” of user data.
The Verida Network has the following storage objectives:
Users pay a monthly fee to access storage on the network. There are currently no charges for bandwidth, however this will be reviewed in the future.
Storage node operators earn fees for the storage capacity they provide to the network that is utilized by users.
A small transaction fee, similar to gas fees on blockchain networks, is intended to be retained by the Verida Network to support its ongoing development and growth.
Verida enables a “self-sovereign” data network, so it’s essential that all stakeholders have control and choice. Users can select which storage nodes they want to use for storing their data (or operate their own node(s)), while storage node operators have the choice to not provide their service to a particular user.
This creates a free market that can evolve as the Verida protocol matures and the network grows. Storage node operators will eventually be able to differentiate themselves by offering various options and features to users, including different pricing and service level agreements.
Community Pre-Sale: Get On The Whitelist
Verida will be enabling whitelisted community members to purchase Verida Storage Credits ahead of the public sale. This marks the first stage of the launch of the Verida Storage Credit token (VDA).
The exclusive Verida Whitelist is now open and will provide users with priority access to the Verida Storage Credit Pre-sale and further benefits over the coming months.
A snapshot will be taken closer to the pre-sale date. Limited whitelist spots are available. If you haven’t registered for the whitelist, head to Verida Missions.
Read our Whitelist article for more information on how to get started.
About Verida
Verida is a pioneering decentralized data network and self-custody wallet that empowers users with control over their digital identity and data. With cutting-edge technology such as zero-knowledge proofs and verifiable credentials, Verida offers secure, self-sovereign storage solutions and innovative applications for a wide range of industries. With a thriving community and a commitment to transparency and security, Verida is leading the charge towards a more decentralized and user-centric digital future.
Nice update Verida team! Wishing you guys the best of luck for the token launch! Have you guys considered hosting an interactive session or webinar to provide more in-depth insights into Verida's unique solutions? Would be very keen to plug in if its on the cards!