1 day ago
Crypto enthusiasts mightiness person heard of the ERC-20 token standard, which provides guidelines to guarantee that tokens created connected the Ethereum astute declaration blockchain are compatible and tin interact with different tokens and applications wrong the network.
A akin modular for data-backed tokens, called VRC-20, has present emerged.
Vana, an EVM-compatible Layer 1 blockchain that helps users monetize idiosyncratic information by bundling it into DataDAOs for AI exemplary training, introduced the caller standard aboriginal this week to boost spot and transparency successful the marketplace for data-backed integer assets.
"For information markets to work, tokens indispensable beryllium reliable, secure, and useful. As a cosmopolitan modular for data-backed tokens, VRC-20 delivers this by ensuring just and transparent information token trading," Vana announced connected X.
The VRC-20 modular plan includes circumstantial criteria specified arsenic fixed supply, governance, and liquidity rules portion ensuring existent information entree by tying tokens to existent information utility. Additionally, it promotes continuous liquidity done rewards that guarantee marketplace stability.
"This isn’t speculation. This is existent financialization of data," Vana noted.
Vana launched its mainnet successful December, with VANA arsenic its autochthonal cryptocurrency. Since then, the web has onboarded implicit 12 cardinal information points done aggregate DataDAOs, reflecting beardown request for user-owned data.
DataDAOs oregon information liquidity pools are decentralized marketplaces that bring information onchain arsenic transferable integer tokens. DLPs are wherever information is contributed, tokenized and made acceptable for usage successful applications specified arsenic AI exemplary training.
Monday's announcement replaced VANA emissions arsenic DataDAO inventive with a caller diagnostic that calls for DAOs to contented VRC-20-compliant tokens to person liquidity support.
Additionally, the protocol introduced data validator staking, wherever VANA holders tin fastener their coins successful information validators alternatively of idiosyncratic DataDAOs.
"Rewards are based connected web information and usage. Stakers gain proportionally to their publication to web uptime and information availability. No much idle staking. Earnings are tied to existent web inferior and reliability," Vana said.
The VANA token changed hands astatine $5.58 astatine property time, the lowest successful implicit 2 weeks, extending the diminution from the caller terms precocious of $8.78 connected Binance, according to information root TradingView.
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