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Summary of Verida Network
- Decentralized database network for private data ownership, storage, and control
- Features: multi-chain interoperability, decentralized identity, fast commits, advanced security, and unlimited scalability
- Self-sovereign “user-pays” model, where users pay for their own storage needs
- Native utility token: VDA, required for developers and storage providers to participate in the network
- VDA enables secure interactions between accounts for data storage, sharing, querying, and messaging
About Verida
At the forefront of decentralized identity management, Verida is pioneering a novel approach to empower individuals and organizations to reclaim control over their digital identities.
The Verida Network pioneers a decentralized database network, empowering individuals to own, store, and control their private data with unparalleled autonomy. By harnessing the power of multi-chain interoperability and decentralized identity, this innovative platform ensures rapid commits, advanced security features, and limitless scalability.
The Verida network operates on a self-sovereign “user-pays” paradigm, where individuals assume responsibility for their own storage requirements. In this model, the primary commodity is not “access to user data,” but rather the “security and protection” of that data. To participate in the network, both developers and storage providers must stake the native utility token, VDA. The Verida Token (VDA) fuels a thriving data economy, facilitating secure interactions between accounts, thereby enabling trusted data storage, secure sharing, rapid querying, and reliable messaging.