On June 22, 2024, DePIN developer Verida announced the completion of a $5 million seed round of financing. The investment was led by O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital and Evan Cheng of Mysten Labs. The funds will be used to promote Verida's development of decentralized personal data storage infrastructure, aiming to provide users with comprehensive data control and encryption services.
Verida's core technology and innovation
The Verida network is known for its unique decentralized technology framework, which protects and empowers users' personal data on multiple levels. The core technologies include a decentralized network structure, a powerful Verida wallet, and multi-blockchain interoperability using zero-knowledge proof technology. Together, these technologies form the foundation of Verida, making it not only a data storage platform, but also a comprehensive data interaction ecosystem.
1. Decentralized Network:
Verida has built a decentralized network whose core function is to allow users to have full control over their data. This network operates through decentralized nodes, so that data storage is no longer concentrated in a single server or location, thereby reducing the risk of attacks or leaks that centralized data storage may suffer. In addition, the design of a decentralized network also means that there is no single point of failure or control center, which improves the stability and reliability of the network.
2. Verida Wallet:
The Verida wallet is a key component of the network, supporting zero-knowledge credentials and multi-blockchain interoperability. This means that users can manage their identities and data between different blockchain platforms without having to perform complex migrations or conversions each time. Zero-knowledge credential technology enables users to verify their identity or provide necessary information without revealing any additional personal information, which greatly enhances privacy protection.
3. Zero-knowledge proof technology:
Verida introduces zero-knowledge proof technology, which allows users of data to verify certain information without actually having access to the information. In AI applications, this means that the authenticity and integrity of data can be verified without exposing the data itself, thereby protecting the privacy of users. For example, an AI health monitoring application can verify whether a user meets a certain medical condition without accessing the user's detailed health records.
Verida's Market Role and User Empowerment
Data privacy has become an increasingly prominent issue in the development of artificial intelligence (AI). Traditional AI systems rely on centralized data storage and processing, which is not only vulnerable to data leakage and abuse, but also may cause user distrust due to lack of transparency. Verida provides innovative countermeasures to data privacy issues in the AI era through its decentralized data management solutions.
1. User-controlled data access and sharing:
Verida enables users to precisely control who can access their data and under what conditions through its blockchain network. Users can set rules for data access through smart contracts, for example, only allowing verified AI applications to access specific data with the user's consent. This approach not only strengthens data security, but also enhances users' sovereignty over their own data.
2. Security and Privacy:
Verida's security architecture is based on full control of the user's private key. All data encryption is performed on the client side, and no node in the network can access unencrypted user data. In addition, Verida has implemented a strict access control mechanism to ensure that data can only be shared or accessed with explicit authorization from the user.
3. Cross-chain interoperability and development:
The Verida network is designed to operate seamlessly across a variety of blockchain platforms by building on top of multiple existing blockchain technologies and integrating their core functionality. For example, Verida can integrate with blockchains such as Ethereum, Polygon, NEAR, etc., allowing users and developers to take advantage of the specific strengths of these platforms while maintaining data consistency and security. This interoperability is particularly critical for building a wide range of distributed applications (DApps) because it enables developers to provide richer and more flexible services to their users.
4. Developer support and ecosystem expansion:
Verida provides a comprehensive set of developer tools and APIs that enable developers to easily build decentralized applications (DApps) with privacy and security at their core. These tools simplify the process of integrating with the Verida network while encouraging the formation of an active development community around data sovereignty and user privacy protection.
5. Data storage and distributed database:
Verida is not only focused on decentralized storage of data, but also on providing a high-performance, low-cost and regulatory-compliant database solution that can support a variety of applications. Verida's DbStore, a NoSQL-based document database, is similar to traditional MongoDB, but it is decentralized, providing decentralized storage and high availability of data. Each storage node is under the control of the user, allowing data to be stored in a user-specified location, enhancing data security and personal privacy protection.
6. Data Economy and VDA Tokens:
Verida has created a token system called VDA (Verida Storage Credit Token), which is the core of its economic model to facilitate the secure storage and transaction of data in the network. VDA tokens enable users to earn rewards by storing, sharing or using data while maintaining data privacy. This token economy incentivizes users to participate in the network, increasing the activity and sustainability of the network.
7. Community and Partnerships:
Verida focuses on establishing partnerships with a wide range of blockchain communities and other technology entities. Through integration with well-known blockchain platforms and tools such as Polygon ID, NEAR, and Wallet Connect, Verida has expanded the scope of application and market influence of its technology. These partnerships not only support Verida's interoperability, but also provide its users with richer services and better experience.
8. User empowerment and market impact:
Ultimately, Verida's goal is to give users full control over their own data and challenge the dominance of large technology companies in personal data management. By providing a decentralized, user-centric data management solution, Verida hopes to reshape the relationship between users and their data, which will have a profound impact on the entire blockchain market, especially today when personal privacy and data security are becoming increasingly important.
Impact of capital injection and future development
With the recent success of $5 million in financing, Verida plans to expand its technology infrastructure and go-to-market activities. These new funds will enable Verida to accelerate the development of its personal data storage infrastructure while expanding its business and technology cooperation around the world.
1. Enhance infrastructure:
The funds raised will be used to further improve Verida's decentralized data storage solution and enhance the performance and reliability of the platform. This includes increasing data processing speed, enhancing the scalability of the network, and improving the friendliness and interactivity of the user interface.
2. Market expansion and cooperation:
In addition, Verida plans to use the funds to expand its market influence and provide users with more services and support by establishing cooperation with more blockchain platforms and technology providers. This includes but is not limited to further integrating multi-chain technology, enhancing cooperation with existing technology partners, and exploring new business models and market opportunities.
3. Community and network growth:
Verida will also invest in the continued growth of its community and network, including providing more educational resources, enhancing community interactions, and supporting the onboarding of new users. Through these efforts, Verida aims to build a more active and engaged user base, which will further drive the adoption and growth of its network.
