Vana Mainnet powers data as a new asset class for the global AI economy with $VANA.

admin2 days ago

Georgetown, Cayman Islands, December 16, 2024, Chainwire

During the testnet phase, over 1.3 million users contributed over 6.5 million data points to train user-owned AI models. On mainnet, DataDAO leverages the $VANA token to enable users to collectively own, monetize, and manage their personal data for a stake in the burgeoning AI economy.

Monday, December 16, 2024 — Vana, the pioneering network for user-owned data, today announced the launch of its mainnet and native $VANA token. This launch is an important milestone in breaking through the data walls that limit AI development while protecting privacy and giving users a stake in the value their data creates.

Developed by Open Data Labs, a San Francisco-based research and technology company born out of the MIT Media Lab, the Vana network is an EVM-compatible blockchain that allows users to make their personal data public while retaining ownership and control over it. Used for training AI models through privacy-preserving technology.

The mainnet launch follows Vana’s successful testnet phase, with over 1.3 million users contributing over 6.5 million data points to DataDAO and processing approximately 1.7 million transactions per day. The testnet demonstrated that programmable data ownership is not only possible, but critical at this point in AI development. Anna Kazlauskas CEO open data lab And the inventor of Bana:

“Today’s mainnet launch marks a fundamental shift in the way we own and monetize data in the AI era. Users have always legally owned their data, but platforms have captured all the economic value and most users don’t even realize that their data is legally theirs.

“Vana is laying the foundation for a new kind of data economy. This means that users can benefit from AI models that they help create, and developers can finally access the cross-platform datasets they need to build powerful AI. Property rights have been the foundation for modern economies to thrive, and in today’s digital economy, programmable data rights are the foundation for the next generation of AI.”

Key features of the Vana mainnet include:

Trustless Verification Secure data reception and trusted execution nodes
Granular authorization Allow users complete control over data usage
On-chain data sources Track how your contributed data is applied
Data Liquidity Pool (DLP) DataDAO enables collective data pooling, governance, and monetization
proof of contributionn Mechanisms to ensure fair compensation for data quality
$VANA Staking To DataDAO via Data Hub

The network’s proof-of-contribution system allows users to earn money by contributing their data to DataDAO. This means you receive a dataset-specific token that grants you governance rights while maintaining control over how your data is used. These data tokens can be traded for $VANA, the network’s native currency. The best DataDAOs also receive DataDAO rewards. In addition to contributing data, users can earn additional tokens by running nodes, validating transactions, and staking to DataDAO.

With a total token supply of 120 million, $VANA serves as the foundation for the network’s economic model, enabling:

rule About network parameters and data usage
staking To secure the network and verify data contributions
incentives Submission of high-quality data from data contributors
profit sharing From AI model development and data utilization

Among the DataDAOs built on Vana are the DNA DAO, which addresses privacy concerns about genetic data ownership, and an expansion of the successful Reddit Data DAO, which has already demonstrated the potential of community-owned data pools. Learn more about Vana’s DataDAO here.

The mainnet launch comes at a critical time for AI development as data shortages increase while users seek greater control over their digital spaces. Vana’s solutions enable individuals to participate in and benefit from the AI economy while maintaining sovereignty over their data.

As AI hits a data wall and more platforms monetize user data without sharing any of the benefits with users, they say users deserve to own a stake in the future of AI. Art Abal, CEO of Vana Foundation:

“The way personal data is currently bought and sold on Web2 is broken. Our data is extracted and held for ransom by some platforms and data brokers. They determine the value of our data and the technologies it creates. Nothing more. This is just the beginning of a future where we can determine the value of data and the technologies it creates. This is the data revolution!”

Users can start staking $VANA on Data Hub here. For more information, users can visit www.vana.org, read the documentation, follow us on X, and get started with the new DataDAO.

Media Contact:

media@vanafoundation.org

About Bana

Vana is the first decentralized network for user-owned data, leveraging data as a new digital asset class. The Vana Network consists of an EVM-compatible blockchain, a secure private server environment, and a set of underlying contracts designed for trustless and secure exchange of user-owned data through DataDAO. The network grows the AI economy by allowing users to pool data with others and earn rewards for their contributions.

Media Kit | BANA DOGS | x | fluoride

Introduction to Bana Foundation

The Vana Foundation is a non-profit organization with a mission to ensure the sustainability and growth of the Vana ecosystem.

Introduction to Open Data Labs

Open Data Labs is an independent research company focused on technologies that accelerate user-owned data. Open Data Labs creates the Vana protocol and provides ongoing core developer services to the Vana Foundation.