Vana Announces Launch of its Mainnet and Native $VANA Token
Vana mainnet has gone live, and its native token, $VANA, powers the network. This is a historic event in AI development, as the network pioneers user-owned data as a new asset class.
For years, it has been near impossible to develop AI while preserving users privacy and involving them in decision-making concerning the value their data generates. The Vana network changes all of that.
The EVM-compatible network developed by San Francisco-based Open Data Labs enables users to own their data and choose to allow its use for AI model training through privacy-preserving technologies.
Vana Network demonstrated during its testnet phase that programmable data ownership is not just possible but critical at this point in AI development, with over 1.3 million users contributing over 6.5m data points to DataDAOs and processing approximately 1.7 million transactions daily.
Commenting on the mainnet launch, Anna Kazlauskas, CEO of Open Data Labs and inventor of Vana, said:
Todays mainnet launch marks a fundamental shift in how data is owned and monetized in the AI era. Users have always legally owned their data, but platforms have captured all the economic value and most users dont even realize their data is legally theirs! Vana lays the groundwork for a new kind of data economy one where users can benefit from the AI models they help create, and where developers can finally access the cross-platform datasets needed to build truly powerful AI. Property rights were the foundation that enabled modern economies to flourish and in todays digital economy, programmable data rights are the foundation for the next generation of AI.
Vana mainnet has a lot to offer, with notable features including:
- Trustless Validation using secure data ingress and trusted execution nodes.
- Granular Permissioning allows users to maintain complete control over their data usage.
- Onchain Data Provenance, which tracks how contributed data is applied.
- Data Liquidity Pools (DLPs) where data pooling can be achieved, as well as governance and monetization via DataDAOs
- Proof of Contribution, a mechanism that ensures fair rewards for data quality and
- $VANA Staking allows token holders to stake $VANA in DataDAOs through Data Hub.
Vana network uses a consensus mechanism known as proof-of-contribution, which allows users to earn by contributing their data to DataDAOs. Data contributors receive dataset-specific tokens that grant governance rights while maintaining control over their data use.
These tokens can be traded for $VANA.
Users can earn additional tokens by running nodes, validating transactions, and staking to DataDAOs.
$VANA Token
The networks native token, $VANA, has a total supply of 120 million and will be used for governance, staking, incentivization, and revenue sharing.
The network supports several Data DAOs, including DNA DAO, which addresses privacy concerns around genetic data ownership, and an expansion of Reddit Data DAO, which has already demonstrated the potential of community-owned data pools.
With $VANA, Vana Network is set to give users a stake in decision-making on the use of their data towards developing AI while rewarding them for sharing their data in a novel approach that has not been seen before.
Read more: https://zycrypto.com/vana-announces-launch-of-its-mainnet-and-native-vana-token/
Text source: ZyCrypto
