The AI wave shows no signs of cooling down, as on December 13, 2024, Binance Launchpool announced its 62nd project in this sector, called Vana. Learn about the Vana token project and its operating model here.
What is Vana?
Vana is an EVM-compatible layer-1 blockchain focused on building a decentralized data-sharing network. The platform allows users to contribute data and earn passive income. This data is used to train AI models, serving the development of the artificial intelligence industry.
Vana aims to address two major challenges in the AI field: personal data ownership and the lack of high-quality data. By building a decentralized data-sharing network, the platform empowers users with control while providing developers with efficient and low-cost computational resources.
Vana’s Infrastructure
Vana’s architecture consists of three main components that play a crucial role in its infrastructure:
- Data Liquidity Layer: Responsible for aggregating and validating data contributed by users.
- Data Portability Layer: Transforms data into tokenized assets on the blockchain, allowing users and developers to extract value from them.
- Vana Chain: A Layer-1 blockchain that acts as a core platform layer to manage transactions occurring on the network.
Data Liquidity Layer
The Data Liquidity Layer is where data shared on the network is collected, validated, and managed. Here, users contribute data to Vana through DLP liquidity pools.
Each DLP has its own rules and conditions tailored to the type of data it handles, thereby distributing rewards to participants.
For example, a DLP focused on financial data may prioritize factors such as transaction accuracy and completeness of records. Conversely, a DLP focused on social media may consider factors such as user engagement levels and account age.
In addition to the rewards received, users also have governance rights over their data, meaning they have the right to decide how their data is used. Furthermore, the project will also ensure transparency and privacy for users by applying security techniques such as ZKP and TEE technology.
Data Portability Layer
The Data Portability Layer is a data marketplace that acts as a bridge between data providers and application developers. In other words, the Data Portability Layer is where:
- Users access to share data on the platform and earn rewards.
- Developers can find and use data to train AI models that require high-level tasks.
Vana Chain
The Vana Chain network is EVM-compatible and operates based on a Proof-of-Stake (PoS) consensus mechanism. To participate in transaction validation and network security, validators need to stake a minimum of 35,000 VANA tokens. According to the project, this mechanism aims to ensure the network’s economic model while minimizing potential slashing scenarios.
Currently, users can track, search, and look up transactions occurring on the network through the Vana Explorer.
What is the Vana Coin?
VANA Token Information
- Token Name: Vana
- Ticker: VANA
- Total Supply: 120,000,000 VANA
VANA Token Sale
On December 13, 2024, Binance Launchpool announced that it would list the VANA token. Specifically, users can stake BNB and FDUSD to receive VANA from 7:00 AM on December 14, 2024, to 6:59 AM on December 16, 2024 (Vietnam Time).
The amount of VANA allocated to each pool is as follows:
- BNB pool: 4,080,000 VANA
- FDUSD pool: 720,000 VANA
After this period, users can trade VANA with the following token pairs: VANA/USDT, VANA/BNB, VANA/FDUSD, and VANA/TRY at 5:00 PM on December 16, 2024.
Vana Project Investors
According to the project, Vana has successfully raised $25 million through 3 rounds. The specific information is as follows:
Strategic Round:
- Date: September 18, 2024
- Amount raised: $5 million
- Investors: Coinbase Ventures
Series A Round:
- Date: December 1, 2022
- Amount raised: $18 million
- Investors: Paradigm (lead), Polychain Capital, etc.
Seed Round:
- Date: December 1, 2021
- Amount raised: $2 million
- Investors: Polychain Capital (lead), MH Ventures, etc.
Similar Projects
- Rivalz Network: A DePIN protocol that provides infrastructure for building an Abstraction Layer for the AI sector, allowing AI agent models to interact with each other seamlessly while abstracting away technical complexities.
- Pipe Network: A decentralized content delivery network on Solana. The platform was created to enable faster, more stable, and lower-cost transmission of content over the internet, regardless of geographical limitations.
