Network Economic Model
Network Economic Model
The Verida Network is a self-sovereign “user-pays” model, whereby users pay for their own storage needs. In this way, “access to user data” is not the product, rather the product is the “security and protection” of user data.
The Verida Network has the following storage objectives:
Create a sustainable economic “user-pays” model
Maximize the geographical distribution of storage nodes
Maximize the availability and security of data stored on and across the network
Incentivize early adoption to bootstrap the network
Users pay a monthly fee to access storage on the network. There are currently no charges for bandwidth, however this will be reviewed in the future.
Storage node operators earn fees for the storage capacity they provide to the network that is utilized by users.
A small transaction fee, similar to gas fees on blockchain networks, is intended to be retained by the Verida Network to support its ongoing development and growth.
Verida enables a “self-sovereign” data network, so it’s essential that all stakeholders have control and choice. Users can select which storage nodes they want to use for storing their data (or operate their own node(s)), while storage node operators have the choice to not provide their service to a particular user.
This creates a free market that can evolve as the Verida protocol matures and the network grows. Storage node operators will eventually be able to differentiate themselves by offering various options and features to users, including different pricing and service level agreements.
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