On December 13th, Binance launched the 62nd project on Binance Launchpool, $Vana and listed $Vana on 16th of December!
What is Vana?
Vana is a layer 1 blockchain designed specifically for private, user-owned data. The project focuses on transforming data into assets to propel the development of decentralized AI. Users can own, control and monetize the AI models they contribute to. Developers can also access data across multiple platforms to power personalized applications and train advanced AI models.
Vana is EVM-compatible and designed for collective ownership of private datasets. The project drives data's impact on the future of AI, providing integration support through "Data DAOs" and rewards for the top 16 liquidity pools.
At its core, Vana addresses the double-spending problem, ensuring that data is used as a financial asset in flexible and structured ways. This is achieved through proof-of-contribution to verify data's value while preserving privacy and ensuring data is used only for approved activities.
These mechanisms create a trustless environment where data can be tokenized and traded without compromising user privacy or control. This paradigm shift not only democratizes AI development but also balances the interests of data owners, developers and consumers, creating an economy owned by participants rather than centralized entities.
Vana successfully raised a total of $25 million in funding to advance its mission of creating user-owned AI and overcoming the data barrier. This funding includes $5 million from a strategic round with Coinbase Ventures, $18 million in a series A round with Paradigm and $2 million in a seed round led by Polychain. The project has also garnered support from Casey Caruso, Packy McCormick, Manifold, GSR, SCB 10X, Defiance Capital, Auros Ventures, MH Ventures...
The project released a mini-app on Telegram, allowing participants to earn VANA points that can be converted into valuable rewards in the future.
VANA token information
On December 12, Vana Network announced the VANA token and related information. Out of the total supply of 120,000,000 VANA, the project allocates 66.9% to the community and ecosystem. The floating supply at TGE is 25.1%.
In the next phase, the project will maintain global development, focusing on:
👉Data ownership profiles: Cryptographic proof of data ownership.
👉Access rights: Classification of user groups that can access decentralized data under specific conditions.
👉Authenticity proof: Certification of data quality, authenticity, and metadata.
👉On-chain collective data contracts and token balances: Enhancing governance rights and strengthening the economic model.
🔥VANA is the native token of the Vana Network, powering the ecosystem and supporting user-owned, decentralized, secure data transactions. VANA plays a central role in the network's multi-token ecosystem.
Token name: Vana Network
Symbol: VANA
Total supply: 120,000,000 VANA
Allocation
Community: 44%
Ecosystem: 22.9%
Core contributors: 18.8%
Investors: 14.2%
Utility
🔥Network security
🔥Governance voting
🔥Transaction fees
🔥Participation in DataDAO
🔥Data access currency
Vana's structure
Vana consists of a Data Liquidity Layer, designed to bring data on-chain as transferable digital assets. Next is the Application Layer (also known as the Data Portability Layer) for user-owned data applications. Connectome serves as a decentralized ledger that operates in real time.
Data liquidity layer
The Data Liquidity Layer is where data is contributed, validated and recorded into the network through data liquidity pools (DLPs). DLP creators deploy smart contracts with specific objectives, including the purpose, validation method and contribution parameters.
Data contributors and custodians submit data into DLPs for validation, earning governance rights and rewards based on the established parameters. The Data Liquidity Layer aims to bring data on-chain, facilitating transactions among contributors, custodians, and DLP validators. This layer organizes the entire data collection and management process, making it accessible to users and developers throughout the ecosystem. Each DLP is a unique peer-to-peer network that employs DLP validators to ensure data integrity using Vana's proof-of-contribution system.
Data portability layer
The Data Portability Layer, or Application Layer, is a collaborative space for contributors and developers to build applications using data from DLPs. It brings on-chain verifiable data, providing the infrastructure for training user-owned foundation models and developing new AI applications.
The layer serves as an active data hub where online communities can work with developers to create economic value from their data contributions. This fosters an interactive data ecosystem, where contributors benefit from the network effects and the value generated by their data.
Connectome
Connectome is a decentralized ledger that records real-time data transactions throughout Vana's ecosystem. It employs proof-of-stake consensus, where propagators disseminate data transactions within the network. This mechanism ensures the validity of DLP token transactions and allows for data access by user-owned applications.
Connectome also enables third parties to monitor data transactions across the network. It is EVM-compatible, allowing interaction with other EVM networks, protocols, and DeFi applications.
How Vana works:
👉Users aggregate data through Data DAOs, secured by proof-of-contribution.
👉Contributors gain ownership in the AI models they help create.
👉Vana is EVM-compatible to offer flexible incentives, including dataset-specific and AI model-specific tokens.
👉The top 16 data DAOs receive a share of emissions.
Binance Launchpool: Providing value with DeFi-inspired crowdfunding.
Binance created the launchpad platform in response to the rise of DeFi. The launchpad enables users to stake their crypto assets and earn new ones, all while safekeeping them.
Users can stake $BNB , $FDUSD , or any other altcoins supported in a pool at no cost. Users receive rewards in return without having to buy the newly launched DeFi tokens.
With the launchpool, the listed DeFi tokens are distributed to a wider audience. This approach allows crypto users and investors to earn new tokens and generate attractive returns. The launchpool adds value to crypto holders, communities and the larger ecosystem in the following ways:
A platform for farming tokens
The launchpool allows you to deposit your tokens into a pool of funds and farm (or earn) new ones at no cost. The amount of tokens earned per day depends on the number of tokens staked against the total number of tokens available in the pool itself.
To participate in the launchpool, users need to commit at least 0.1 BNB or any other token supported in the pool. Trading is open on the seventh day of farming. Users can trade for roughly 30 days from the commitment period. Any pending tokens earned are redeemable at any time.
Growth and exposure for qualified projects
Much like the launchpad, the launchpool supports promising crypto projects in their infancy. Binance features qualified projects by exposing them to millions of users worldwide. Moreover, the company grants project teams access to their support system.
As a secondary effect, the launchpool creates stronger communities and supports their growth. The best performing projects on the launchpool have recorded 44x growth for tokens that are largely available to users for free.
Earn new tokens while safekeeping your existing assets
Users can earn new tokens in the launchpool while managing their existing digital assets. The tokens to be earned are calculated hourly for a specified period from the time of staking. As mentioned, users can harvest or redeem their earnings at any time whatsoever.
Ideally, the launchpool is where users farm new tokens when they deposit their crypto assets. At the end of the process, the staked amount is returned to users in full, along with what they've earned. Moreover, users can un-stake their funds at any time should they so desire.
To stake tokens in the launchpool, users may check the tokens in their wallet by first connecting their wallet to the platform. After that, users will be free to stake.
Inside a pool, users are required to hold more than 0.1 BNB or any other token that’s accepted. Users are in control of their tokens and can withdraw them at any time.
Supported pools vary from one project to another. But as a rule of thumb, users can head over to the project’s launchpool page and view the list of supported pools. Users can also see the APY of each pool once trading opens for the token they're looking to earn.
BNB users who stake in the launchpool still qualify for airdrops, VIP benefits and much more. Airdrops involve receiving “free” crypto tokens for supporting certain projects, while VIP benefits may include early access to a supported project.
