EVM-Compatible Vana Blockchain Introduces New Token Standard for Data-Backed Digital Assets
Crypto fans might need heard of the ERC-20 token normal, which supplies tips to make sure that tokens created on the Ethereum sensible contract blockchain are suitable and might work together with different tokens and purposes throughout the community.
An analogous normal for>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 normal early this week to spice up belief and transparency available in the market for data-backed digital belongings.
“For information markets to work, tokens have to be dependable, safe, and helpful. As a common normal for data-backed tokens, VRC-20 delivers this by making certain honest and clear information token buying and selling,” Vana introduced on X.
The VRC-20 normal design consists of particular standards reminiscent of mounted provide, governance, and liquidity guidelines whereas making certain actual information entry by tying tokens to precise information utility. Moreover, it promotes steady liquidity via rewards that guarantee market stability.
“This isn’t hypothesis. That is actual financialization of knowledge,” 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 via a number of DataDAOs, reflecting robust demand for user-owned information.
DataDAOs or information liquidity swimming pools are decentralized marketplaces that convey 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 characteristic that requires DAOs to concern 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 an alternative of particular person DataDAOs.
“Rewards are primarily based on community safety and utilization. Stakers earn proportionally to their contribution to community uptime and information availability. No extra idle staking. Earnings are tied to actual community utility and reliability,” Vana stated.
The VANA token modified palms at $5.58 at press time, the bottom in over two weeks, extending the decline from the current value excessive of $8.78 on Binance, in accordance with information supply TradingView.
