Vana - The 62nd AI-Focused Project on Binance Launchpool

Vana - The 62nd Project on Binance Launchpool in the AI Sector

The AI wave shows no signs of slowing down as, on December 13, 2024, Binance Launchpool announced its 62nd project in this sector, named Vana. Learn about the Vana token and the project's operating model here.

What is Vana?

Vana is a Layer 1 blockchain compatible with EVM, focusing on building a decentralized data-sharing network. The platform allows users to contribute data in exchange for passive income. This data is used to train AI models, supporting the development of the artificial intelligence industry.

The primary goal of Vana is to address two significant challenges in the AI sector: personal data ownership and the shortage of high-quality data. By building a decentralized data-sharing network, the platform empowers users with control over their data while also providing efficient, low-cost computational resources for developers.

Vana’s Infrastructure

Vana's architecture consists of three core components that play a vital role in its infrastructure:

• Data Liquidity Layer: Responsible for aggregating and validating user-contributed data.

• Data Portability Layer: Converts data into blockchain-based tokenized assets, enabling users and developers to extract value from it.

• Vana Chain: A Layer 1 blockchain serving as the core foundation for managing transactions within the network.

Data Liquidity Layer

The Data Liquidity Layer collects, validates, and manages data shared within the network. Here, users contribute data to Vana via DLP liquidity pools.

Each DLP has its own set of rules and conditions tailored to the type of data it handles, thereby distributing rewards accordingly.

Example: A DLP focusing on financial data may prioritize accuracy and completeness of transaction records, whereas a DLP focused on social media might consider user engagement levels and account longevity.

In addition to earning rewards, users maintain governance rights over their data, allowing them to decide how their data is used. The project also guarantees user privacy and transparency by employing security techniques such as ZKP (Zero-Knowledge Proofs) and TEE (Trusted Execution Environment) technology.

Data Portability Layer

The Data Portability Layer acts as a data marketplace, bridging the gap between data providers and application developers. It serves two key purposes:

• For Users: They can share data on the platform and earn rewards.

• For Developers: They can access and utilize data to train AI models for high-demand tasks.

Vana Chain

Vana Chain is EVM-compatible and operates on a Proof-of-Stake (PoS) consensus mechanism. Validators must stake a minimum of 35,000 VANA tokens to participate in transaction validation and network security. This staking model is designed to ensure the network’s economic viability and minimize slashing incidents.

Users can monitor and track network transactions via the Vana Explorer.

What is the VANA Token?

Token Information

• Token Name: Vana

• Ticker: VANA

• Total Supply: 120,000,000 VANA

VANA Token Sale

On December 13, 2024, Binance Launchpool announced the listing of the VANA token. Users can stake BNB and FDUSD to receive VANA during the period from 7:00 AM on December 14, 2024, to 6:59 AM on December 16, 2024 (Vietnam time).

The allocation of VANA tokens for each pool is as follows:

• BNB Pool: 4,080,000 VANA

• FDUSD Pool: 720,000 VANA

After the staking period, users can trade VANA with the following token pairs at 5:00 PM on December 16, 2024:

• VANA/USDT

• VANA/BNB

• VANA/FDUSD

• VANA/TRY

Investors of Vana

According to the project, Vana successfully raised $25 million across three funding rounds. Here are the details:

• Strategic Round:

  • Date: September 18, 2024

  • Funds Raised: $5 million

  • Investor: Coinbase Ventures

• Series A Round:

  • Date: December 1, 2022

  • Funds Raised: $18 million

  • Lead Investor: Paradigm

  • Other Investors: Polychain Capital, etc.

• Seed Round:

  • Date: December 1, 2021

  • Funds Raised: $2 million

  • Lead Investor: Polychain Capital

  • Other Investors: MH Ventures, etc.

Similar Projects

Here are some projects similar to Vana that are making waves in the AI and blockchain space:

• Rivalz Network: A DePIN protocol that provides infrastructure for building an Abstraction Layer for the AI sector, enabling AI agents to interact more easily by abstracting technical complexities.

• Pipe Network: A decentralized content distribution network built on Solana, enabling fast, stable, and cost-effective content delivery over the internet, regardless of geographical constraints.

Summary

Vana is a promising addition to Binance Launchpool's lineup, aiming to revolutionize the AI and blockchain space through decentralized data sharing. By empowering users with control over their data and providing efficient computational resources, Vana addresses two critical pain points in the AI industry: data ownership and access to quality datasets. With support from well-known investors like Coinbase Ventures and Paradigm, and the introduction of the VANA token on Binance, the project is well-positioned for success.