Cryptographic enthusiasts could have heard of the Token ERC-20 standard, which provides guidelines to ensure that tokens created in the Ethereum’s intelligent contract block chain are compatible and can interact with other tokens and applications within the network.
A similar standard for tokens backed by data, called VRC-20, has emerged.
Vana, a layer 1 block chain compatible with EVM that helps users monetize personal data when grouping it in date for the training of the AI model, introduced the new standard earlier this week to increase trust and transparency in the market for digital assets backed by data.
“For the data markets to work, tokens must be reliable, safe and useful. As a universal standard for data backed tokens, VRC-20 offers this by guaranteeing the token trade of fair and transparent data,” Vana announced in X.
The VRC-20 standard design includes specific criteria, such as fixed supply, governance and liquidity rules, while guaranteeing real data access by linking tokens to real data usefulness. In addition, it promotes continuous liquidity through rewards that ensure market stability.
“This is not speculation. This is a real data financing,” Vana said.
Vana launched its Netnet Main in December, with vain as its native cryptocurrency. Since then, the Network has incorporated more than 12 million data points through multiple data, which reflects a strong demand for user owned.
Data or data liquidity groups are decentralized markets that bring data in the chain as transferable digital tokens. The DLP are where the data is provided, tokenized and prepared for use in applications such as the training of the AI model.
Monday’s announcement replaced vain emissions such as Datadao inventive with a new feature that requires that Daos emits tokens that meet VRC-20 to receive liquidity support.
In addition, the protocol introduced the data validity value, where vain holders can block their coins in data validators instead of individual data.
“The rewards are based on the safety and use of the Network. Stakers gain proportionally to their contribution to the network activity and data availability. No more inactive bets. The profits are linked to the utility and reliability of the real network,” Vana said.
The token of vain changed from hands to $ 5.58 at the time of the publication, the lowest in more than two weeks, extending the decrease in the recent price of $ 8.78 in Binance, according to Data Source TradingView.
