Vana Blockchain Launches VRC-20 Token Standard for Data-Backed Assets
The newly introduced VRC-20 standard aims to enhance the reliability and transparency of data-backed tokens on the Vana blockchain. Key points include:
- Vana is an EVM-compatible Layer 1 blockchain focusing on monetizing personal data through DataDAOs.
- The VRC-20 standard establishes criteria for fixed supply, governance, liquidity rules, and real data access.
- The mainnet launched in December with over 12 million data points onboarded via multiple DataDAOs.
- DAOs must now issue VRC-20-compliant tokens for liquidity support, replacing VANA emissions as incentives.
- Data validator staking allows VANA holders to lock coins for rewards based on network security and usage.
- The current price of VANA is $5.58, a decline from its recent high of $8.78.