Vana is the 62nd Launchpool project on Binance, developed as a Layer-1 blockchain in 2018, designed to leverage user-provided data and transform it into data for training AI.
1. What is Vana?
Vana is an EVM-compatible Layer 1 blockchain stemming from research conducted at MIT in 2018. The platform focuses on developing a decentralized data sharing network that allows users to share personal data in exchange for passive income. This data is subsequently used to train AI models, promoting the growth of the AI industry.
Vana aims to address two major challenges in the field of artificial intelligence:
Ownership of personal data: Empower users with complete control over their data.
Shortage of high-quality data: Provide reliable data to AI developers while reducing processing and computation costs.
Through its decentralized data sharing network, Vana not only creates a transparent and fair environment but also generates significant value for users and technology developers.
On December 13, 2024, Binance officially announced that Vana would become the 62nd Launchpool project on its platform. Vana plans to list and open trading on December 16, 2024, at 10:00 AM (UTC).
2. How Vana Works
The Vana ecosystem operates through three key components, each playing a crucial role in building and maintaining a decentralized data sharing network:
Data Liquidity Layer
Data Portability Layer
Connectome
2.1. Data Liquidity Layer
The Data Liquidity Layer is the foundation for collecting, validating, and storing data in the form of Data Liquidity Pools (DLP).
How it Works:
DLP creators deploy smart contracts, defining use cases, validation methods, and data contribution parameters.
Data contributors and validators submit data to DLP for validation.
Once validated, they will gain governance rights and rewards according to predefined processes and parameters.
Purpose:
Bringing data transparently onto the blockchain.
Facilitate data transactions among contributors, validators, and verifiers.
Ensure efficient data collection and management, enabling users and developers across the Vana ecosystem to easily access.
2.2. Data Portability Layer (Application Layer)
The Data Portability Layer, also known as the Application Layer, is an open data marketplace for contributors and developers.
How it Works:
After the data is validated and uploaded from the Data Liquidity Layer, the Application Layer provides infrastructure to:
Train AI models owned by users.
Develop new AI dApps.
It is a dynamic data center where the community and developers can collaborate to create economic value from data.
Benefits:
Facilitate an interactive data ecosystem that optimizes data value.
Data contributors benefit from network effects and the economic value generated by their data.
2.3. Connectome
Connectome is a distributed ledger used to manage real-time data transactions across the Vana ecosystem.
How it Works:
Utilizing a proof-of-stake consensus mechanism, the Connectome propagator facilitates the transmission of effective data transactions across the network.
Connectome ensures the transparent circulation of DLP tokens and allows applications to access data from various DLPs.
Key Features:
Real-time monitoring and supervision of data transactions throughout the system.
EVM compatibility for seamless scaling and integration with applications.
3. Vana Statistics
3.1. User Statistics (as of December 15, 2024):
2 million users have joined the ecosystem.
Contributed 6.5 million data points to AI.
111,000 active members on Discord.
300,000 followers on Twitter.
3.2. Network Statistics (as of December 15, 2024):
More than 300 DataDAO developers are building data applications.
Over 20 user-owned data applications.
More than 2,500 smart contracts have been deployed and validated.
4. Team
Arthur Abal (Co-founder and Chief Operating Officer):
Experienced in consulting and social impact management.
Former Supply Chain Manager at Appen.
Former Senior Advisor to the Timor-Leste government, specializing in legal and operational issues.
Anna Kazlauskas (Founder and CEO):
Former Celo engineer, Celo is a pioneer in Layer 1 blockchain for mobile development.
Co-founder of Iambiq, a startup that applies machine learning to optimize document organization.
5. Investors
Vana successfully raised a total of $25 million across three funding rounds:
Seed Round (December 1, 2021): Raised $2 million from Polychain Capital and MH Ventures.
Series A (December 1, 2022): Raised $18 million from Paradigm and Polychain Capital.
Strategic Funding Round (September 18, 2024): Raised $5 million from Coinbase Ventures.
6. Vana Airdrop
Vana previously launched the Tap-to-Earn program and testnet tasks, allowing users to increase their chances of receiving VANA token airdrops by earning points. This program has now ended, and the project team is preparing to announce details regarding the official airdrop.
7. Roadmap
7.1. Key Milestones
Testnet Launch (June 11, 2024)
DataDAO Pre-mining (July 30, 2024)
Aurora Queue Announcement (August 29, 2024)
Completion of Strategic Funding Round (September 18, 2024)
Establishment of Vana Foundation (November 21, 2024)
DataHub Launch (November 30, 2024)
White Paper and $VANA Token Announcement (December 4, 2024)
7.2. Future Plans
Q4 2024: Phase 1 - Data Liquidity Development
Mainnet launch.
Focus on data collection and contribution.
Implement early adopter incentives.
Q1 to Q2 2025: Phase 2 - AI Innovation and Practical Applications
Expand the ecosystem.
Launch initial AI applications.
Upgrade the platform to optimize user experience.
Integrate revenue-generating mechanisms within the ecosystem.
Q3 to Q4 2025: Phase 3 - Decentralization and Community Governance
Deploy community-led governance models.
Adjust and slow down the token release schedule.
Q1 to Q2 2026: Phase 4 - Network Expansion
Support integration between decentralized data pools (DLP).
Enhance cross-chain compatibility.
8. Similar Projects
Vana operates in the fields of artificial intelligence and big data, sharing similarities with notable projects like Bittensor (TAO) and the Fetch.ai (FET) Superintelligence Alliance.
9. Overview of the VANA Token
9.1. Key Information
Token Name: Vana
Token Code: VANA
Blockchain: Vana
Listing Date: December 16, 2024
Total Supply: 120,000,000 $VANA
Initial Circulating Supply: 30,084,000 $VANA (25.07% of total supply)
9.2. Token Distribution and Release Schedule
4% allocated to the community will be distributed through the Binance New Token Pool. All VANA tokens are expected to be fully unlocked within 60 months (5 years) after TGE (December 16, 2024).
9.3. Use Cases for $VANA
Transaction Fees.
DataDAO Staking.
Default currency for data access.
Governance.
10. Potential Assessment
Vana demonstrates strong potential in the blockchain and AI fields, especially with its goal of establishing a decentralized data network. Key factors include:
Innovative models and high applicability: Vana enables users to contribute data for AI model training while providing passive income opportunities and improving the AI industry.
Growth of the AI industry: With the rapid development of AI, Vana can leverage this growth advantage by providing developers with a reliable and cost-effective data sharing platform.
Robust token economics: VANA's clear and balanced token economics make it attractive to investors, supporting network governance, staking, and ecosystem activities.
11. Conclusion
This article presents Vana, a promising project that integrates blockchain, artificial intelligence, and decentralized data sharing. With its innovative approach, Vana has the potential to become a leader in the data and AI industry. However, the project must continue to strengthen its community, improve user interaction, and expand its ecosystem to achieve sustainable success.
