Tech, Data, Blockchain, Technology The VRC-20 customary targets to boost perception and transparency on the market for data-backed digital belongings.
Crypto followers might have heard of the ERC-20 token customary, which affords tricks to make it possible for tokens created on the Ethereum good contract blockchain are acceptable and may work along with totally different tokens and functions contained in the group.
An analogous customary for data-backed tokens, generally known as VRC-20, has now emerged.
Vana, an EVM-compatible Layer 1 blockchain that helps clients monetize non-public information by bundling it into DataDAOs for AI model teaching, introduced the new standard early this week to boost perception and transparency on the market for data-backed digital belongings.
“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 launched on X.
The VRC-20 customary design comprises specific requirements similar to mounted present, governance, and liquidity pointers whereas making sure precise information entry by tying tokens to express information utility. Additionally, it promotes regular liquidity by the use of rewards that assure market stability.
“This isn’t speculation. This is real financialization of data,” Vana well-known.
Vana launched its mainnet in December, with VANA as its native cryptocurrency. Since then, the group has onboarded over 12 million information elements by the use of quite a lot of DataDAOs, reflecting strong demand for user-owned information.
DataDAOs or information liquidity swimming swimming pools are decentralized marketplaces that carry information onchain as transferable digital tokens. DLPs are the place information is contributed, tokenized and made ready for use in functions similar to AI model teaching.
Monday’s announcement modified VANA emissions as DataDAO ingenious with a model new attribute that requires DAOs to downside VRC-20-compliant tokens to acquire liquidity help.
Additionally, the protocol launched data validator staking, the place VANA holders can lock their money in information validators as an alternative of specific 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 talked about.
The VANA token modified palms at $5.58 at press time, the underside in over two weeks, extending the decline from the present worth extreme of $8.78 on Binance, in accordance with information provide TradingView.
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