Crypto enthusiasts may have heard of the ERC-20 token standard, which provides guidelines to ensure that the tokens created on the Blockchain of the Ethereum Intelligent Contract are compatible and can interact with other tokens and applications in the network.
A similar standard for tokens supported by the data, called VRC-20, has now emerged.
Vana, a layer 1 blockchain compatible with EVM which helps users to monetize personal data by bringing it together in Datadaos for the formation of the AI model, introduced the new standard at the start of this week to stimulate confidence and transparency on the digital asset market to support data.
“For the data markets to work, the tokens must be reliable, secure and useful. As a universal standard for tokens backed by data, VRC-20 provides it by guaranteeing the right and transparent data tokens,” announced Vana on X.
The standard design of the VRC-20 includes specific criteria such as fixed rules of the offer, governance and liquidity while ensuring real access to data by linking tokens to the real use of data. In addition, it promotes continuous liquidity with awards that ensure market stability.
“It is not speculation. It is a real financial data,” noted Vana.
Vana launched her Mainnet in December, with Vana as a native cryptocurrency. Since then, the network has integrated more than 12 million data points via several dataadaos, reflecting a high demand for data belonging to users.
Datadaos or data liquidity pools are decentralized markets that provide data as transferable digital tokens. DLPs are the place where the data is provided, tokenized and prepared for employment in applications such as the formation of the AI model.
Monday’s announcement replaced Vana’s emissions as a datadao inventive with a new feature that calls for DAOs to issue tokens in accordance with VRC-20 to receive liquidity support.
In addition, the protocol introduced the features of data validators, where Vana holders can lock their parts in data validators instead of individual datadaos.
“The rewards are based on the security and use of the network. Stakers are in proportion to their contribution to the availability of the network and to the availability of data. No more inactive. The income is linked to a real usefulness and the reliability of the network,” said Vana.
The Vana token has changed hands at $ 5.58 at the time of the press, the lowest in more than two weeks, extending the decrease in the recent price of $ 8.78 on Binance, according to Data Source TradingView.
