Verida Token

VDA is the native utility token for the Verida Network. The Verida Network is the first decentralized database network for owning, storing and controlling private data.
Verida is the private data storage layer for the self-sovereign data economy.
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What is the Utility?

The VDA token serves to coordinate resources in the Verida Network. VDA creates a data economy enabling secure interactions between accounts to facilitate secure data storage, trusted sharing, fast querying and trusted messaging.

The network rewards storage node operators who stake VDA and supply storage capacity, and end users who bring their data onto the network. Users can pay for their own storage needs in VDA. Applications may also pay for storage on behalf of their users.

VDA Token Economics

Token Name

Verida Utility Token (VDA)

Token Supply

1,000,000,000

Supply

Fixed

Token pool donut chartToken pool donut chart

Storage Credits

Tokens for the public sale of storage credits to end Verida community users and node operators.

Token Launch

Liquid tokens will be used for the purposes of initial market making and liquidity provision. Although these tokens will be circulating, the liquidity strategy for these tokens is to maintain a neutral token balance overtime.

Foundational Supporters

Early supporters and advisors of the Verida protocol who have acquired tokens through private agreements with Verida in token rounds taking place from 2021 to 2023. The tokens will vest linearly monthly over two years.

Verida DAO

To meet the operational expenses of the DAO for the purposes of a) moderating the community, b) community administration c) issuing grants d) educating the community and e) DAO operational overheads.

Project Development

The amount of tokens allocated to team members and other contributors to the initial development of Verida. These tokens vest monthly over five years. Any tokens not vested can be reclaimed by Verida and will return to the Community Reserve.

Community Reserve

The remaining tokens to be held in capital reserves by the Verida Foundation. These tokens will be unallocated and emit over five years to the foundation. Any future use will be managed by DAO proposals.

Network Growth Rewards

These tokens are allocated as ongoing rewards to the community with the objective of driving adoption and network growth. These tokens emit monthly over five years.

Common Questions

How does the Verida Network operate?
The Verida network is a self-sovereign “user-pays” model, whereby users pay for their own storage needs. In this way, “access to user data” is not the product, rather the product is the “security and protection” of user data. Node operators must bond (i.e. through single-sided staking) VDA tokens to make their nodes discoverable. It is intended that the storage market self regulates itself through competitive forces as providers set their own storage prices.
How do Verida Storage Nodes work?
Verida has developed open source middleware (Verida Storage Node) that sits in front of mature CouchDB database infrastructure. This solution is designed for storing private user data, incorporates access controls with flexible encryption, and permissioned data synchronization. It’s region aware and designed to meet data protection regulations requirements such as GDPR or CCPA.
What is Verida DbStore?
The Verida protocol provides secure, decentralized database storage for user data. Verida DbStore is the open source Storage Node server that provides encrypted database storage for one or more Verida Identities. No user data or Personally Identifiable Information (PIl) is stored on the blockchain.
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