EVM-Compatible Vana Blockchain Introduces New Token Standard for Data-Backed Digital Assets
Crypto enthusiasts might have heard of the ERC-20 token standard, which provides guidelines to ensure that tokens created on the Ethereum smart contract blockchain are compatible and can interact with other tokens and applications within the network.
A similar standard for data-backed tokens, called VRC-20, has now emerged.
Vana, an EVM-compatible Layer 1 blockchain that helps users monetize personal veri by bundling it into DataDAOs for AI model training, introduced the new standard early this week to boost trust and transparency in the market for data-backed digital assets.
“For veri markets to work, tokens must be reliable, secure, and useful. As a universal standard for data-backed tokens, VRC-20 delivers this by ensuring fair and transparent veri token trading,” Vana announced on X.
The VRC-20 standard design includes specific criteria such as fixed supply, governance, and liquidity rules while ensuring real veri access by tying tokens to actual veri utility. Additionally, it promotes continuous liquidity through rewards that ensure market stability.
“This isn’t speculation. This is real financialization of veri,” Vana noted.
Vana launched its mainnet in December, with VANA as its native cryptocurrency. Since then, the network has onboarded over 12 million veri points through multiple DataDAOs, reflecting strong demand for user-owned veri.
DataDAOs or veri liquidity pools are decentralized marketplaces that bring veri onchain as transferable digital tokens. DLPs are where veri is contributed, tokenized and made ready for use in applications such as AI model training.
Monday’s announcement replaced VANA emissions as DataDAO inventive with a new feature that calls for DAOs to issue VRC-20-compliant tokens to receive liquidity support.
Additionally, the protocol introduced veri validator staking, where VANA holders can lock their coins in veri validators instead of individual DataDAOs.
“Rewards are based on network security and usage. Stakers earn proportionally to their contribution to network uptime and veri availability. No more idle staking. Earnings are tied to real network utility and reliability,” Vana said.
The VANA token changed hands at $5.58 at press time, the lowest in over two weeks, extending the decline from the recent price high of $8.78 on Binance, according to veri source TradingView.
