Cryptocurrency
Vana Mainnet Goes Live with $VANA to Power Data as a New Asset Class in Global AI Economy
[PRESS RELEASE – Georgetown, Cayman Islands, December 16th, 2024
During the testnet phase, over 1.3m users contributed more than 6.5m data points to train user-owned AI models. On mainnet, DataDAOs will leverage the $VANA token to enable users to collectively own, monetize and govern their personal data for a stake in the booming AI economy.
MONDAY, DECEMBER 16 2024 — Vana, the pioneering network for user-owned data, today announced the launch of its mainnet and native $VANA token. The launch marks a significant milestone in breaking through the data wall that’s limiting AI development while preserving privacy and giving users a stake in the value their data generates.
Developed by Open Data Labs — a San Francisco-based research and technology company born out of the MIT Media Lab — the Vana network is an EVM-compatible blockchain that enables users to maintain ownership and control over their personal data while allowing that data to be used for AI model training through privacy-preserving technologies.
The mainnet launch follows Vana’s successful testnet phase, which saw over 1.3 million users contributing over 6.5m data points to DataDAOs, processing approximately 1.7 million transactions daily. The testnet demonstrated that programmable data ownership is not just possible, but critical at this point in AI development, says Anna Kazlauskas, CEO of Open Data Labs and inventor of Vana:
“Today’s mainnet launch marks a fundamental shift in how data is owned and monetized in the AI era. Users have always legally owned their data, but platforms have captured all the economic value — and most users don’t even realize their data is legally theirs!
“Vana lays the groundwork for a new kind of data economy – one where users can benefit from the AI models they help create, and where developers can finally access the cross-platform datasets needed to build truly powerful AI. Property rights were the foundation that enabled modern economies to flourish – and in today’s digital economy, programmable data rights are the foundation for the next generation of AI.”
The key features of the Vana mainnet will include:
- Trustless Validation through secure data ingress and trusted execution nodes
- Granular Permissioning allowing users complete control over their data usage
- Onchain Data Provenance tracking how contributed data is applied
- Data Liquidity Pools (DLPs) enabling collective data pooling, governance and monetization via DataDAOs
- Proof of Contribution mechanism ensuring fair rewards for data quality
- Staking $VANA to DataDAOs through Data Hub
With the network’s proof-of-contribution system, users can earn by contributing their data to DataDAOs – receiving dataset-specific tokens that grant governance rights while maintaining control over how their data are used. These data tokens can be traded for $VANA, the network’s native currency. The top DataDAOs also receive DataDAO rewards. Beyond data contributions, users can earn additional tokens by running nodes, validating transactions, and staking to DataDAOs.
With a total supply of 120 million tokens, $VANA will serve as the foundation for the network’s economic model, enabling:
- Governance over network parameters and data usage
- Staking to secure the network and validate data contributions
- Incentivization of high-quality data submissions from data contributors
- Revenue Sharing from AI model development and data usage
Among the DataDAOs building on Vana are DNA DAO, addressing privacy concerns around genetic data ownership, and an expansion of the successful Reddit Data DAO, which has already demonstrated the potential of community-owned data pools. Read more about DataDAOs on Vana here.
The mainnet launch comes at a crucial time when AI development faces increasing data scarcity, while users seek greater control over their digital footprint. Vana’s solution enables individuals to participate in and benefit from the AI economy while maintaining sovereignty over their data.
As AI hits a data wall and more platforms monetize user data without sharing any upside with users, users deserve to own a stake in the future of AI, says Art Abal, CEO of Vana Foundation:
“The current way we buy and sell private data in Web2 is broken. Our data is extracted and held for ransom by a few platforms and data-brokers. They decide how much our data is worth, and the technology it creates. No more. This is just the beginning of a future where we can decide our data’s worth and decide what technology it creates. This is the data revolution!”
Users can start staking $VANA on Data Hub here. For more information, users can visit www.vana.org, read our docs, follow us on X, launch a new DataDAO.
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About Vana
Vana is the first decentralized network for user-owned data, unlocking data as a new digital asset class. The Vana network consists of an EVM-compatible blockchain, secure personal server environment, and set of native contracts designed for the trustless and secure exchange of user-owned data via DataDAOs.The network empowers users to maintain control over their data while participating in the growing AI economy by pooling their data with others and earning rewards for their contributions.
Media Kit | Vana Docs | X | Discord
About Vana Foundation
Vana Foundation is a non-profit entity tasked with ensuring the sustainability and growth of the Vana ecosystem.
About Open Data Labs
Open Data Labs is an independent research company focused on technology to accelerate user-owned data. Open Data Labs created the Vana protocol and provides ongoing core developer services to the Vana Foundation.
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Cryptocurrency
Ripple’s Potential: What Happens if Trump Adds XRP to the US Treasury?
TL:DR;
- XRP received a massive regulatory boost after Trump’s election victory, and the landscape is also expected to get better during his upcoming administration.
- With some notable reports on the matter of Ripple’s potential prioritization under the new government, the question arises of what could happen to the token’s price.
XRP’s Potential Under Trump
Ripple’s cross-border token exploded shortly after the US elections due to the long-awaited change in the upcoming government, especially in the SEC’s leadership. Most recently, the asset touched its 2018 all-time high of $3.4, which represented a massive 460% surge since early November when it stood below $0.6.
The latest rally came after reports that the president-elect, who steps into office on January 20, will focus on US-based cryptocurrency projects, such as Solana, Cardano, and Ripple.
It seems a bit far-fetched now to consider that any crypto asset, including BTC, could be included in the US treasury, but there have been many reports suggesting that it is possible under a favorable administration. Consequently, we decided to ask ChatGPT what would happen to XRP’s price should something as shocking as this indeed take place in the next four years.
The popular AI chatbot responded that the first price target for the third-largest cryptocurrency would be $6 before it could really take off. Based on a positive market environment and a more suitable regulatory landscape, XRP, alongside ADA and SOL, could continue its rise. ChatGPT laid out two scenarios for a price peak.
Optimistic Scenario: Some analysts speculate XRP could reach $10-$15 in the medium term if added to the reserve and supported by consistent utility and adoption.
Aggressive Projections: In a highly favorable scenario, where XRP gains significant institutional adoption globally, prices could exceed $20 or even $50 over time.
It’s safe to say that even the more modest scenario sounds quite bullish and maybe slightly unrealistic. A price level of $10 would put XRP’s market cap at over $570 billion – meaning Ripple’s token will be way ahead of ETH (if it remains close to its current level of $410 billion).
The $50 projection would mean a market cap of well over $2.5 trillion, which will make it the number one cryptocurrency. As of January 19, this sounds exaggerated, to say the least.
XRP Will Face Challenges
ChatGPT further outlined some of the challenges ahead of XRP, most of which are related to the competition. Aside from the aforementioned ADA and SOL, Ripple’s asset will have to fight an uphill battle against BTC.
Moreover, the AI platform warned that Trump’s plans might have changed with the introduction of his own crypto asset. As reported during the weekend, the president-elect announced the launch of a meme coin called Official Trump (TRUMP). It has already taken the crypto world by storm, becoming the second-largest meme token at one point before retracing slightly.
Nevertheless, it could be a viable competition to XRP and the rest of the market as its impact on the industry is still debated.
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Cryptocurrency
Ethereum (ETH) Sets the Stage for a Major Price Rally: Key Insights to Watch
Ether (ETH), the second largest cryptocurrency by market capitalization ranking, recently soared from around $3,000 earlier this month to $3,500 for the first time this year before it lost some of its momentum.
In a recently published crypto derivatives report, Bybit and research firm Block Scholes highlighted several factors, including macroeconomic developments and trading signals from the spot and futures market metrics, that could give ETH the much-needed push to reclaim higher price levels.
What Could Drive ETH’s Surge?
Perpetual swap funding rates have fluctuated in alignment with spot prices while maintaining a positive record for most of this month, especially for ETH. Bybit’s report explained that this translates to a “strong demand for long positions in the contract despite the downturn, or at least a lack of interest in short positions, due to liquidations or other factors.”
Additionally, the crypto options market reflects a mix of short-term caution and long-term optimism. Due to uncertainty, traders are hedging against potential short-term price drops. However, they remain optimistic about the market’s long-term prospects, as the bullish skew in longer-dated options contracts shows.
Moreover, the recent Consumer Price Index (CPI) data triggered a change in market structure as BTC, ETH, and many altcoins headed north. The bullish volatility smile indicates increased speculation and betting on potential price uptrends.
Meanwhile, news about the incoming inauguration of the pro-crypto President-elect, Donald Trump, has recently boosted the market’s uptrend. Agreeably, the crypto community eagerly expects a new America with less strict crypto trading and investment laws.
Thus, investors have switched attention to digital assets, mostly ETH and BTC, as they have struggled to gain regulatory clarity involving these assets over the past few years and survived different wavering market conditions.
More Altcoins to Record Uptrends
Like ETH, a few altcoins have also recently displayed bullish momentum. These include SOL, XRP, LTC, and others. Due to XRP’s 40% surge over the past week to reach $3.40, a few bullish and optimistic traders predict it may soar to $100 soon.
Meanwhile, SOL became the biggest beneficiary of the TRUMP-induced price rally and shot up to a new all-time high of its own of almost $300 at press time.
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Cryptocurrency
Bitcoin Price Analysis: Is BTC Ready for a New All-Time High Above $108K?
Bitcoin’s $90K support region has demonstrated its strength, sparking a notable bullish surge. The price is now nearing its all-time high of $108K, where a breakout could ignite a short liquidation cascade, potentially pushing the asset into uncharted territory.
Technical Analysis
By Shayan
The Daily Chart
The $90K support zone has proven to be a robust floor, holding the price steady in recent months and showcasing strong buyer confidence. This resurgence of buying interest has driven Bitcoin above the channel’s middle trendline, positioning it close to the ATH at $108K.
That peak level represents a substantial resistance region with concentrated supply and heightened selling pressure. As Bitcoin approaches this critical threshold, short-term volatility is expected due to the ongoing battle between buyers and sellers.
If bullish momentum continues, reclaiming the ATH at $108K could trigger a short liquidation cascade, likely resulting in another surge as market participants rush to cover positions.
The 4-Hour Chart
The lower timeframe highlights the importance of the $90K support, which has consistently halted downward momentum in recent months. This has fueled an impulsive bullish move, driving Bitcoin toward the $108K resistance zone.
This region not only represents Bitcoin’s ATH but also aligns with the ascending channel’s middle boundary, further reinforcing it as a critical juncture. A successful breakout and consolidation above this level could pave the way for a sustained rally toward new highs.
The upcoming price action at the $108K resistance region will be crucial in determining Bitcoin’s next trend, with heightened volatility expected in the short term.
On-chain Analysis
By Shayan
The realized price of UTXO age bands, particularly for the 1-3 month cohort, offers critical insights into short-term holding behavior and broader market sentiment. This metric represents the average acquisition price for recent buyers, acting as a dynamic support or resistance line that reflects market confidence.
When Bitcoin is above this short-term cohort’s realized price, it signals growing bullish momentum. This indicates that new buyers are confident in holding their positions, even at elevated price levels. Conversely, a drop below this threshold suggests a heightened risk of sell-offs, as these participants face unrealized losses.
Recently, the realized price for the 1-3 month UTXO cohort at the $90K region has acted as a crucial support level, pushing the asset up toward its ATH. Bitcoin holding above this level signals a bullish sentiment in the market, with the potential for the price to continue its upward trajectory.
However, if the cryptocurrency breaks below this dynamic support line, market sentiment could shift to a fearful state, increasing the likelihood of a distribution phase.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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