What is Verida? Can you become a rising star on the DePIN circuit?

What is Verida? Can you become a rising star on the DePIN circuit? On June 22, 2024, DePIN developer Verida announced the completion of a $5 million seed round of financing. The investment was led by Evan Cheng of O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital and Mysten Labs. This funding will be used to promote the development of Verida’s decentralized personal data storage infrastructure, aiming to provide users with comprehensive data control and encryption services.

Today the editor of this website will share with you whether Verida can become a new star in the DePIN circuit? Verida’s technological innovation and future development, friends in need should take a look!

Verida’s core technology and its innovations

The Verida network is known for its unique decentralized technology framework that protects and empowers users’ personal data on multiple levels. Core technologies include a decentralized network structure, a powerful Verida wallet, and multi-blockchain interoperability using zero-knowledge proof technology. Together, these technologies form the foundation of Verida, making it not just a data storage platform but a comprehensive data interaction ecosystem.

1. Decentralized network:

Verida has built a decentralized network whose core function is to allow users to have complete control over their data. This kind of network operates through decentralized nodes so that data storage is no longer concentrated on a single server or location, thereby reducing the risk of attacks or leaks that centralized data storage may suffer. In addition, the decentralized network design also means there is no single point of failure or control center, improving the stability and reliability of the network.

2. Verida Wallet:

Verida Wallet is a key component of the network, supporting zero-knowledge credentials and multi-blockchain interoperability. This means users can manage their identities and data between different blockchain platforms without having to undergo complex migrations or conversions each time. Zero-knowledge credential technology enables users to verify their identity or provide necessary information without revealing any additional personal information, which greatly enhances privacy protection.

3. Zero-knowledge proof technology:

Verida has introduced zero-knowledge proof technology, which allows users of data to verify certain information without actually having access to the information. In AI applications, this means that the authenticity and integrity of data can be verified without exposing the data itself, thereby protecting user privacy. For example, an AI health monitoring app could verify whether a user meets a certain medical condition without accessing the user's detailed health records.

Verida’s market role and user empowerment

In the development process of artificial intelligence (AI), data privacy has become an increasingly prominent issue. Traditional AI systems mostly rely on centralized data storage and processing, which is not only vulnerable to data leakage and abuse, but may also cause user distrust due to lack of transparency. Verida provides innovative responses to data privacy issues in the AI ​​era through its decentralized data management solutions.

1. User-controlled data access and sharing:

Verida enables users to precisely control who can access their data and under what conditions through its blockchain network. Users can set data access rules through smart contracts. For example, only verified AI applications are allowed to access specific data with the user's consent. This approach not only strengthens data security, but also enhances users’ sovereignty over their own data.

2. Security and privacy:

Verida’s security architecture is based on comprehensive control of user private keys. All data encryption is performed on the client side, and every node in the network cannot access unencrypted user data. In addition, Verida also implements strict access control mechanisms to ensure that data can only be shared or accessed with explicit authorization from users.

3. Cross-chain interoperability and development:

The Verida network is designed to operate seamlessly across various blockchain platforms by building on top of multiple existing blockchain technologies And achieve this by integrating their core functions. For example, Verida can integrate with blockchains such as Ethereum, Polygon, NEAR, and others, allowing users and developers to take advantage of the specific benefits of these platforms while maintaining data consistency and security. This interoperability is especially critical for building a wide range of distributed applications (DApps), as it enables developers to provide richer and more flexible services to their users.

4. Developer support and ecosystem expansion:

Verida provides a complete set of developer tools and APIs, allowing developers to easily build decentralized applications (DApps) with privacy and security as the core. These tools simplify integration with the Verida network while inspiring the formation of an active development community around data sovereignty and user privacy protection.

5. Data storage and distributed database:

Verida not only focuses on decentralized storage of data, but also is committed to providing a high-performance, low-cost and regulatory-compliant database solution that can provide Various applications provide support. Verida's DbStore, a NoSQL-based document database, is similar to traditional MongoDB, but it is decentralized, providing decentralized storage and high availability of data. Each storage node is under the control of the user, allowing data to be stored at the location specified by the user, enhancing data security and personal privacy protection.

6. Data Economy and VDA Token:

Verida has created a token system called VDA (Verida Storage Credit Token), which is the core of its economic model to promote the security of data in the network Store and trade. VDA tokens enable users to earn rewards for storing, sharing or using data while maintaining data privacy. This token economy incentivizes users to participate in the network, increasing the activity and sustainability of the network.

7. Community and partnerships:

Verida focuses on establishing partnerships with a wide range of blockchain communities and other technology entities. By integrating with well-known blockchain platforms and tools such as Polygon ID, NEAR, and Wallet Connect, Verida has expanded the scope of application and market influence of its technology. These partnerships not only support Verida's interoperability, but also provide its users with richer services and better experiences.

8. User empowerment and market impact:

Ultimately, Verida’s goal is to give users complete control over their own data and challenge the dominance of large technology companies in personal data management. By providing a decentralized, user-centric data management solution, Verida hopes to reshape users' relationship with their data, which will have a profound impact on the entire blockchain market, especially in terms of personal privacy and data security increasingly important today.

Impact of Capital Infusion and Future Development

With the success of its recent $5 million financing, Verida plans to expand its technology infrastructure and marketing activities. The new funds will allow Verida to accelerate the development of its personal data storage infrastructure while expanding its business and technology partnerships around the world.

1. Enhance infrastructure:

The financing will be used to further improve Verida’s decentralized data storage solution and improve the performance and reliability of the platform. This includes increasing data processing speed, enhancing network scalability, and improving user interface friendliness and interactivity.

2. Market expansion and cooperation:

In addition, Verida plans to use the funds to expand its market influence and provide users with more services and support by establishing cooperation with more blockchain platforms and technology providers. . This includes, but is not limited to, further integrating multi-chain technologies, enhancing cooperation with existing technology partners, and exploring new business models and market opportunities.

3. Community and network growth:

Verida will also invest in the continued growth of its community and network, including providing more educational resources, enhancing community interaction and supporting the joining of new users. Through these efforts, Verida aims to build a more active and engaged user base, which will further drive adoption and growth of its network.

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