Monday, December 16, 2024 — As a pioneering network for user-owned data, Vana announces the official launch of its mainnet and its native token $VANA. This release marks a significant step in breaking through the "data barriers" in AI development, allowing users to participate in the economic value generated by data while ensuring privacy.
Vana was developed by Open Data Labs, based in San Francisco, which originated from the MIT Media Lab. The Vana network is an EVM-compatible blockchain, allowing users to not only maintain ownership and control of their data but also to use this data for training AI models through privacy-preserving technologies.
During the testnet phase, over 1.3 million users contributed 6.5 million data points to DataDAO, processing about 1.7 million transactions daily. Anna Kazlauskas, founder of Vana and CEO of Open Data Labs, stated that the testnet proved the importance of programmable data ownership for AI development:
"Today's mainnet launch represents a fundamental change in data ownership and monetization in the AI era. Although users legally own their data, platforms have seized all the economic value—most users are even unaware that their data belongs to them!"
"Vana lays the foundation for a brand new data economy—users can benefit from the AI models they help create, and developers can gain cross-platform data necessary to build powerful AI. Just as property rights have driven the prosperity of the modern economy, data rights will drive the next generation of AI's development in the digital economy."
Core functionalities of the Vana mainnet include:
1. Secure nodes and trustless validation to ensure the credibility of data input 2. Detailed permission management for users on data usage 3. On-chain data provenance to ensure transparency in data usage 4. Data liquidity pools (DLP) for collective management and revenue distribution of data through DataDAO 5. Proof of contribution mechanism to ensure fair rewards for high-quality data contributions 6. Staking $VANA to DataDAO through Data Hub
Through a proof of contribution system, users can earn rewards by providing data to DataDAO, receiving tokens for specific datasets, which grant governance rights and maintain control over data usage. These tokens can be exchanged for $VANA, while top DataDAOs will also receive additional rewards. Besides data contributions, users can earn more tokens by running nodes, validating transactions, and staking.
$VANA has a total supply of 120 million, supporting the economic model of the network, including functionalities such as:
1. Governance of network parameters and data usage 2. Staking $VANA to secure the network and validate data contributions 3. Incentivizing high-quality data submissions 4. Revenue sharing from AI model development and data usage
Some DataDAO projects on Vana include DNA DAO, primarily addressing genetic data privacy issues, and the expansion of Reddit Data DAO, which has demonstrated the potential for community-owned data pools. Learn more about DataDAO on Vana here.
The mainnet launch coincides with the AI development facing a data shortage, and users are seeking more control over their digital footprints. Vana's solution not only allows individuals to benefit in the AI economy but also maintains ownership of their data.
As AI encounters data bottlenecks, more and more platforms are monetizing user data without sharing any benefits with users. Users should have a stake in the future of AI. Art Abal, CEO of the Vana Foundation, stated:
"In the Web2 era, the buying and selling of private data no longer makes sense. A handful of platforms and data intermediaries extract user data and monopolize its value. They set the prices for data and the resulting technologies. The future will be different—we will decide our own data value and participate in the technologies created from it. This is a data revolution!"
Users can stake $VANA on Data Hub. For more information, please visit www.vana.org, read our documentation, follow us on X, and launch a new DataDAO.
Media Contact:
media@vanafoundation.org
About Vana
Vana is the first decentralized network where users own their data, unlocking data as a new category of digital assets. The Vana network consists of an EVM-compatible blockchain, a secure personal server environment, and a set of native contracts designed for trustless and secure exchanges of user-owned data through DataDAO. This network allows users to maintain control over their data while sharing it with others and receiving rewards, all while participating in the growing AI economy.
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About the Vana Foundation
The Vana Foundation is a non-profit entity whose core mission is to ensure the sustainability and growth of the Vana ecosystem.
About Open Data Labs
Open Data Labs is an independent research company focused on accelerating the technology of user-owned data. The Open Data Labs created the Vana protocol and provides ongoing core developer services for the Vana Foundation.
Contact Information
Nick Vivion
Vana Foundation
media@vanafoundation.org
