Verida Token Utility
$VDA - Your Utility Token
Last updated
$VDA - Your Utility Token
Last updated
The Verida Token ($VDA) helps people safely store, share, and manage their data. Users pay with $VDA to keep their data on the network. Storage node operators lock (stake) their $VDA to provide space for this data. They use special technology from the Verida Network to keep users’ data safe and earn a small reward for doing so.
Your data is kept super safe because it’s connected to your private key. This means only you can access your data. Storage node providers who store your data and the apps you use can’t peek at it.
But if you want to, you can choose to share access to your data with other apps, people, or organizations. It’s like having a secret treasure that only you can open, but you can give others a special key if you decide to share. This is the data economy powered by $VDA.
The Verida Network, as a decentralized physical infrastructure network (DePIN), provides a safe way to store personal/private data, giving users full control over their own information.
Applications: Developers create apps that use the Verida Network. These apps can earn $VDA tokens in several ways: when users interact with them, by receiving rewards for bringing new users to the network, through community incentive grants, and by running their own node on the network.
End Users: Users engage with Verida by using applications and creating DIDs (Decentralized Identifiers). When they create or share data, they can earn $VDA tokens through their interactions with Verida Network apps.
Storage Node Operators: The storage provider market works like a typical storage network. Node operators must stake $VDA tokens to make their nodes discoverable. The storage market is designed to self-regulate through competition since providers set their own storage prices.
Read more about the $VDA here and explore Verida Network here.
Need help finding what you’re looking for? Reach out to us at Verida Discord!
