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Vana, a decentralized platform that started as an MIT project, offers an opportunity to those who want more say in how their data is utilized. Users can decide where they want their data to be allocated and receive a stake in the AI models that are trained on it.
The fully user-owned network enables people to monetize their personal data, govern its use, and earn rewards for their contributions. Users determine where to apply their data by choosing from new AI model ideas pitched by AI engineers. Once users agree to provide their data, they receive proportional ownership of the models.
Through Vana’s system, users are compensated for their contributions, while AI companies gain access to fresh data pools for model training.
Data monetization in the modern age
Data monetization is nothing new, and today, an accelerating trend involves individuals selling their own personal data to AI companies.
In the past, AI training relied primarily on public data scraped from the internet or large datasets sold to developers by other companies. However, in most cases, the law allows users of large tech platforms to export their data directly.
Vana shifts the economic power to users, allowing them to monetize their data and control its utilization securely. Data uploaded to Vana is stored safely in encrypted wallets, and the system safeguards identifiable information to uphold user privacy.
AI engineers propose ideas for new open-source AI models, and interested users can contribute their data toward these projects. Once the model is created, users retain ownership and receive usage-based rewards that are proportional to their contribution.
MIT reported that Vana has more than 1 million users, 20 live DAOs, and more than 300 additional data pools have been proposed.
New standards for data-backed assets
On Monday, Vana introduced VCR-20, a new standard in the emerging market of data-backed digital assets that supports the trading of data-backed tokens. The VCR-20 protocol ties tokens to data utility and includes criteria like governance, fixed supply, and liquidity rules. It also ensures that token holders gain access to real user-contributed data, making this an important standard for the data market economy.Although a single person’s data may not hold much significance to tech companies creating AI models, a data pool with many contributors could be extremely valuable. Vana’s system creates mutual benefit: data contributors gain rewards and ownership of AI models, while developers gain access to the diverse data required to build them — resulting in more effective and inclusive AI systems.