One of the most precious commodities in today's information economy is data. However, data ownership and management continue to elude the majority of consumers.
Here is where the 62nd Binance Launchpool project, Vana, hopes to have a revolutionary impact.
Using a cutting-edge blockchain technology, $VANA gives users full control over their data, allowing them to store it in decentralized pools and even make money off of it.
Vana intends to transform the sharing, security, and use of personal data in applications like as artificial intelligence and other cutting-edge technologies with its EVM-compatible Layer-1 blockchain and Data Decentralized Autonomous Organizations (DataDAOs).
This course will also teach you how to engage safely if you're interested in farming #VANA tokens.
#VANA , what is it?
The increasing need for user sovereignty over personal data has inspired the creation of Vana, a blockchain network. Vana allows users to contribute their data to decentralized pools called DataDAOs (Data Decentralized Autonomous Organizations) and operates as an EVM-compatible Layer-1 blockchain.
For usage in areas like artificial intelligence (AI) research and development and decentralized apps (dApps), these businesses encrypt and tokenize user data.
Users may take part in the expanding data economy while still holding on to their data because to the network's emphasis on decentralization, privacy, and openness.
Challenges That Vana Seeks to Address
Major internet corporations in today's digital world make a lot of money off of user-generated content. Social media networks and other platforms make billions of dollars a year from this data, sometimes without paying the people who use it.
Take user-generated material as an example. It's sold for AI training purposes, but the users are either not told or aren't involved in decisions about their data.
Vana solves this problem by empowering consumers to own and govern their data. People can control the use of their data, share it safely, and be paid when it's used in AI models or other apps using Vana.
An Overview of #VANA
Data ownership, sharing, and responsible monetization are the three pillars upon which Vana rests:
Data Contribution: Users may add any kind of data to a DataDAO, including social media activity, Internet of Things (IoT) data, or even health records. To ensure user anonymity, all data is encrypted and stored off-chain.
Data submissions are tokenized after validation. Within the Vana ecosystem, these tokens may be used to power applications like AI models and for safe data exchange.
Users are able to take part in choices on data use and income sharing via governance rights they acquire inside DataDAOs, and they can earn incentives for contributing data.
Users who provide health data, for instance, may see their information incorporated into cutting-edge medical apps and stand to gain financially from their creation.
Important Perks of #VANA
Users and ecosystem participants in Vana may enjoy various advantages:
Users are the only true owners of their data, and they get to decide who gets to see it and how it's used.
The data is tokenized so that contributions may be used and traded within the Vana ecosystem.
Protected Confidentiality: State-of-the-art cryptographic techniques, such Zero-Knowledge Proofs (ZKP) and Trusted Execution Environments (TEEs), guarantee the confidentiality and safety of sensitive data.
Participants impact important choices, such DataDAO operations and reward structures, via on-chain voting in decentralized governance.
Vana offers a structured method for individuals to earn money from their data and influence how it is used by integrating blockchain technology with tokenized incentives.
By laying the groundwork for a network that prioritizes data security and user sovereignty, Vana aims to empower people to participate in the digital economy.
As a token, VANA
For the purpose of supporting its ecosystem and enabling safe, decentralized data transfers, the Vana Network has developed its own cryptocurrency, the VANA oken. It is a utility token with several uses and is essential to the network for a variety of reasons, including as governance, transaction fees, staking, and trading.
Here are the main points of the token:
Financial market: $VANA
One hundred twenty million
Number of Units in Circulation: 30,084,000 (25.07% of the total quantity)
Token Convention: Built-in to Vana L1 with an ERC-20 encapsulated variant for Ethereum compatibility.
Distribution and Allocation
For the sake of development and ecosystem maintenance, the available VANA divided up into four main buckets:
Community (44.0%): This portion encourages developers to get involved, encourages early adoption, and rewards high-quality data submissions.
Ecosystem (22.9% of the total): Grants and prizes help keep the network running, launch DataDAOs, and promote collaboration and new ideas.
For investors (14.2%), there is a 1-year cliff and a 3-year progressive unlock; it is reserved for early backers.
Allotted to the team building and supporting the procedure, with a 1-year cliff and a 4-year unlock plan, Core Contributors (18.8%) are a key component.
Emission stages The network's development trajectory is aligned with the four 6-month stages of token emissions for $VANA.
The following use cases are made possible by the VANA en, which is the backbone of the Vana Network:
For the sake of network security, validators may earn rewards by staking VANA uarantee the blockchain's integrity. The first stage involves transferring these benefits to a public goods fund for ecological preservation.
Charges for Transactions:
#VANA quired for all transactions on the network, including those involving data operations and smart contracts.
Users may support data contributions and governance by staking VANA aDAOs, and they will get benefits in return.
Decentralized governance: The network's rules and operations are shaped by proposals that token holders vote on.
Accessing datasets handled by DataDAOs mostly requires the use of #VANA default currency.
Staking current crypto assets, such #BNB or stablecoins, in dedicated pools enables users to earn freshly released tokens via Binance Launchpool, a function offered by Binance. As an incentive for providing liquidity, the platform allows users to engage in early-stage blockchain initiatives and get token awards.
Anyone, even complete novices, can do it since the method is simple and demands no work. In addition, users may fund project development while exploring upcoming blockchain technologies by participating in Launchpool.