About the Project
Verida is on a mission to empower individuals with control over their personal data, believing in the fundamental human right to own and manage one's digital identity. In an era where data privacy is increasingly under threat, Verida seeks to usher in a new age of hyper-personalization, where user data remains private and securely accessible only with consent, driving the creation of innovative products and services.
The project is a response to the shortcomings of Web2, where centralized platforms dominate and user data is often exploited without consent. Verida envisions a decentralized Web3 landscape where individuals have sovereignty over their data, shaping a digital future governed by privacy and user agency. By providing tools and infrastructure to decentralize every industry, Verida aims to disrupt the status quo, enabling a fairer and more inclusive digital ecosystem.
Verida addresses the challenges of Web3 adoption by building an open-source framework for interoperable infrastructure, bridging off-chain personal data to on-chain decentralized applications. Through decentralized identity management and data storage solutions, Verida empowers users to control their digital lives while facilitating the development of privacy-preserving business models. With a focus on user-centric innovation and seamless user experiences, Verida strives to make Web3 accessible to all, unlocking the full potential of decentralized technologies for a better digital future.
Use Case
Credentials: Verida facilitates the management of digital credentials, supporting standards like eIDAS for easy storage and backup. The Verida Wallet offers a user-friendly interface, while the decentralized Verida Network ensures enhanced security and privacy.
Regulatory Compliance: Verida collaborates with industry leaders to develop regulatory-compliant solutions, particularly in Know Your Customer (KYC) credentials for financial services. By leveraging decentralized technology, Verida enables cost-effective and compliant solutions for emerging regulations.
Healthcare: Verida addresses the need for secure and scalable data management in healthcare, offering solutions for patient data security and cross-border data flows. Collaborations with organizations like inDAO and Partisia Blockchain aim to enhance healthcare data privacy and accessibility.
Personalization: Verida enables businesses to create personalized experiences across various industries, leveraging user data in a privacy-preserving manner. From ecommerce to finance and insurance, Verida's tools empower businesses to cater to individual preferences and behaviors.
Artificial Intelligence: Verida facilitates the ethical use of user data in AI innovation, promoting anonymous data donation and personalized AI assistants. By prioritizing user control and privacy, Verida's technology stack fosters AI development while respecting individuals' rights.
Technicals
Architecture: The Verida Network is a decentralized public infrastructure offering privacy-preserving database storage for self-sovereign identities. Its modular design allows for additional decentralized services, including messaging, notifications, and blockchain interoperability.
Design Principles: The Verida Protocol prioritizes security, user-centricity, and open-source principles. It maximizes data portability, supports enterprise use, and streamlines onboarding for both users and developers.
User-Focused Features: Verida provides software SDKs for developers to integrate into applications, open-source server nodes for decentralized storage, and a mobile application, the Verida Wallet, for end users to manage decentralized identities and private data securely.
Modular Design: With a focus on interoperability, Verida's framework supports various decentralized technologies such as identity, messaging, personal data storage, authentication, and public blockchains. It enables developers to build fully featured web3 applications while ensuring compatibility with emerging innovations.
Decentralized Identity: Users on the Verida Network possess decentralized identities (DIDs), empowering them to control their private keys, encrypt data, and manage access to services securely.
Secure Database Storage: Verida's protocol ensures secure, decentralized storage with end-to-end encryption, access controls, and GDPR compliance. User data remains encrypted on their devices and is synchronized securely across the network.
Multi-Chain Support: Designed for a multi-chain future, Verida supports transactions and data bridges across multiple blockchains, enhancing interoperability and scalability.
Private Messaging: Verida enables encrypted peer-to-peer messaging for secure communication between users and applications, enhancing privacy and data security.
Data Schemas and Interoperability: Shared data schemas facilitate interoperability across decentralized applications, enabling seamless data sharing, validation, and querying while ensuring future-proof architecture and upgradeability.
Token
Token Name: Verida Storage Credit Token (VDA)
Purpose: Facilitates secure data storage, trusted sharing, and fast querying within the Verida Network.
Stakeholders: End users, applications, and storage node operators play vital roles in the token economy.
Token Supply: Fixed at 1,000,000,000.
Distribution: Tokens allocated across various pools including Verida DAO, Network Growth Rewards, Community Reserve, Storage Credits, Project Development, Token Launch, and Foundational Supporters.
User-Pays Model: Users pay for their storage needs, ensuring the security and protection of their data.
Incentives: Storage node operators earn fees, while developers and users receive rewards for network growth and participation.
Market Dynamics: Users can select storage nodes, creating a free market that evolves with the network's maturity.
Verida DAO: Supports operational needs, grants, ambassadors, and bounties to strengthen the community and ecosystem.
Network Growth Rewards: Tokens distributed to users and developers to incentivize long-term network growth through referrals, onboarding, and retention.
Three-Layer Framework: Governance mechanisms align social, software, and infrastructure needs to enhance community participation.
Verida Foundation DAO LLC: Governs the Verida Network, transitioning towards a decentralized model led by a board of Managing Members responsible for setting governance frameworks.
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