Verida raises $5 million to enhance data privacy in the AI era and launches 200 million VDA tokens for community incentives
Verida has raised $5 million to address data privacy issues in the era of artificial intelligence (AI).
The funds will help provide alternative data storage solutions to prevent user data from training AI models.
Verida Financing Investors
This round of financing was participated by O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng of Mysten Labs.
The community pre-sale of Verida's storage credit token also contributed, bringing the company's valuation to $50 million.
Verida plans to develop personal data infrastructure
Verida plans to use the funds to enhance its personal data ownership infrastructure.
The network will focus on decentralized storage and encryption to ensure user control over personal information.
Verida distributes data across numerous nodes managed by various network participants.
This approach aims to disrupt the AI landscape with safer and more privacy-preserving AI solutions.
Growing privacy concerns about AI models using user data
Verida’s mission is driven by growing concerns about AI models using user data.
Meta and X (formerly Twitter) have announced plans to use user data for AI training, highlighting the need for secure data storage.
Verida’s plan prioritizes user privacy and data security through decentralized storage and encryption technologies.
This approach not only enhances data privacy, but also promotes secure and personalized AI applications.
Impact on the AI Industry
Verida’s strategy could set a new standard for data privacy in the AI industry.
By minimizing the risks associated with centralized storage, Verida aims to create a safer data environment.
Verida’s funding and development efforts are designed to strengthen data privacy, respond to industry trends, and provide a safer alternative for user data storage in the AI era.
Verida launches 200 million VDA tokens for community incentives to drive network development
Verida Network announced that it will conduct 3 airdrops to reward early participants in the Verida mission plan.
About Verida
Verida is a DePIN ecosystem that combines the performance and privacy of traditional databases with user-controlled keys for complex dapps. Users are incentivized to unlock data stored on centralized platforms. Builders can access this data to enable new and exciting use cases such as trusted storage, decentralized messaging, and single sign-on. Users' private data can be used as input to smart contracts, enabling connections to multiple blockchains.
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