Crypto fans may need heard of the ERC-20 token customary, which gives pointers to make sure that tokens created on the Ethereum good contract blockchain are suitable and might work together with different tokens and functions throughout the community.
The same customary for data-backed tokens, referred to as VRC-20, has now emerged.
Vana, an EVM-compatible Layer 1 blockchain that helps customers monetize private information by bundling it into DataDAOs for AI mannequin coaching, launched the brand new customary early this week to spice up belief and transparency out there for data-backed digital belongings.
“For information markets to work, tokens should be dependable, safe, and helpful. As a common customary for data-backed tokens, VRC-20 delivers this by making certain truthful and clear information token buying and selling,” Vana introduced on X.
The VRC-20 customary design contains particular standards equivalent to fastened provide, governance, and liquidity guidelines whereas making certain actual information entry by tying tokens to precise information utility. Moreover, it promotes steady liquidity by rewards that guarantee market stability.
“This isn’t hypothesis. That is actual financialization of information,” Vana famous.
Vana launched its mainnet in December, with VANA as its native cryptocurrency. Since then, the community has onboarded over 12 million information factors by a number of DataDAOs, reflecting sturdy demand for user-owned information.
DataDAOs or information liquidity swimming pools are decentralized marketplaces that deliver information onchain as transferable digital tokens. DLPs are the place information is contributed, tokenized and made prepared to be used in functions equivalent to AI mannequin coaching.
Monday’s announcement changed VANA emissions as DataDAO ingenious with a brand new function that requires DAOs to situation VRC-20-compliant tokens to obtain liquidity assist.
Moreover, the protocol launched information validator staking, the place VANA holders can lock their cash in information validators as an alternative of particular person DataDAOs.
“Rewards are based mostly on community safety and utilization. Stakers earn proportionally to their contribution to community uptime and information availability. No extra idle staking. Earnings are tied to actual community utility and reliability,” Vana mentioned.
The VANA token modified fingers at $5.58 at press time, the bottom in over two weeks, extending the decline from the latest worth excessive of $8.78 on Binance, in line with information supply TradingView.