Crypto fans may need heard of the ERC-20 token customary, which offers tips to make sure that tokens created on the Ethereum good contract blockchain are suitable and might work together with different tokens and purposes inside the community.
An identical customary for data-backed tokens, known as VRC-20, has now emerged.
Vana, an EVM-compatible Layer 1 blockchain that helps customers monetize private information by bundling it into DataDAOs for AI mannequin coaching, launched the brand new customary early this week to spice up belief and transparency available in the market for data-backed digital property.
“For data markets to work, tokens must be reliable, secure, and useful. As a universal standard for data-backed tokens, VRC-20 delivers this by ensuring fair and transparent data token trading,” Vana introduced on X.
The VRC-20 customary design contains particular standards reminiscent of fastened provide, governance, and liquidity guidelines whereas guaranteeing actual information entry by tying tokens to precise information utility. Moreover, it promotes steady liquidity by rewards that guarantee market stability.
“This isn’t speculation. This is real financialization of data,” Vana famous.
Vana launched its mainnet in December, with VANA as its native cryptocurrency. Since then, the community has onboarded over 12 million information factors by a number of DataDAOs, reflecting robust demand for user-owned information.
DataDAOs or information liquidity swimming pools are decentralized marketplaces that deliver information onchain as transferable digital tokens. DLPs are the place information is contributed, tokenized and made prepared to be used in purposes reminiscent of AI mannequin coaching.
Monday’s announcement changed VANA emissions as DataDAO ingenious with a brand new function that requires DAOs to subject VRC-20-compliant tokens to obtain liquidity assist.
Moreover, the protocol launched information validator staking, the place VANA holders can lock their cash in information validators as a substitute of particular person DataDAOs.
“Rewards are based on network security and usage. Stakers earn proportionally to their contribution to network uptime and data availability. No more idle staking. Earnings are tied to real network utility and reliability,” Vana stated.
The VANA token modified arms at $5.58 at press time, the bottom in over two weeks, extending the decline from the latest worth excessive of $8.78 on Binance, in accordance with information supply TradingView.
