The Verida Storage Credit Token

The VDA token serves to coordinate resources in the Verida Network. VDA creates a data economy enabling secure interactions between accounts to facilitate secure data storage, trusted sharing, fast querying and trusted messaging.

The network rewards storage node operators who stake VDA and supply storage capacity, and end users who bring their data onto the network. Users can pay for their own storage needs in VDA. Applications may also pay for storage on behalf of their users.

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 requires both developers and storage providers to stake its native utility token, VDA, to participate in the network.

VDA has a fixed total supply of 1 billion tokens. Creating a native token allows for the design of economic incentives in the Verida network that provides control over the setting of monetary policy and equitable rewards for all network participants.