Whitepaper

Verida is a network of decentralized data storage, messaging, and single sign-on solutions enabling interoperable ownership of personal data

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Whitepaper Summary

Our Mission

We believe everyone has a fundamental human right to own and control personal data. To have the freedom to control our identity and enjoy agency over how we choose to interact with the digital world.

We seek to create a new era of hyper-personalization, where user data belongs to individuals, is private, and consensually accessed to create new products and services. Similar to how the decentralized finance movement is transforming the traditional monetary system, we provide the technology and tools to revolutionize websites and applications used everyday by billions of people worldwide - decentralizing every single industry, one by one.

Current Problems

The Web3 technology stack is still in its infancy and lacks the infrastructure needed to build feature-rich, powerful applications that can compete with Web2 incumbents.

Blockchain brings decentralized computation and InterPlanetary File System (IPFS) introduces decentralized storage for public data. However, a full end-to-end technology stack also requires identity, authentication, messaging, and personal data storage.

a table with web2 and web3 problems comparison

Verida’s Guiding Objectives

Verida is building a protocol that gives users greater control and privacy over their own data to address these fundamental problems that exist in Web2 and infrastructure gaps in Web3.  Our users can realize value from their data based on their decisions and choices.

Through this, we will enable new business models leveraging data that unlocks an era of hyper-personalization for users, creating a new wave of user centric innovation.

Verida will deliver this future state by:

  1. Building an open source framework of interoperable Web3 infrastructure that can evolve as Web3 technology matures
  2. Bridging off-chain personal data to on-chain decentralized applications, to enable hyper-personalized Web3 experiences
  3. Enabling off-chain identity and data to build online identity and reputation forWeb3
  4. Enable new, privacy-preserving, business models for innovative companies to challenge the current ‘centralized’ incumbents
  5. Establishing a decentralized personal data network that is open, extensible, interoperable and meets regulatory requirements
  6. Enable a Web2 quality of user experience and developers tools for Web3

Verida Protocol

Verida provides a protocol of servers, libraries and SDKs to enable a network of users to create decentralized identities that can access deconcentrated services on the Verida Network. These offerings include database and block storage, messaging, notifications, and blockchain interoperability.

The Verida Protocol leverages the rapidly evolving Web3 technology stack, is natively multi-chain, and adds missing decentralized services and technical capabilities where necessary.

Verida provides software SDKs that developers can integrate into their applications to leverage the technical capabilities of the Verida Protocol.

Verida provides open-source server nodes that can be operated by anyone on their own infrastructure, to earn tokens on the Verida Network.

Verida facilitates decentralized network services as centralized APIs will transition across to smart contracts on the Verida Network once their technical requirements stabilize.

Verida provides a reference implementation of a ‘Data Wallet’ (Verida Vault), a mobile application for end users to create decentralized identities, securely store their private keys, and interact with the Verida Network with its supported blockchains.

Verida has a roadmap of network extensions that expand its capabilities towards a global network of trusted, verifiable, self-sovereign data.

SDKs for Developers

The Verida protocol is open source and provides toolkits to accelerate developer onboarding. The Builders Toolkit provides a suite of SDKs to help developers build self-sovereign applications leveraging the Verida network and accessing smart contracts on supported blockchains.

This includes the following core capabilities that are supported within web browsers, NodeJs servers and React Native mobile applications.

Client SDK - An open-source implementation of a Verida network client enabling developers to build applications that access encrypted private storage, identity, messaging, and schemas capabilities.

SSO SDK - A decentralized single sign on SDK that enables seamless QR code authentication via the Verida Vault mobile application.

Transact SDK - An open source library that extends the Client SDK to enable applications to easily request users to conduct on chain transactions.

Trust SDK - An open source library that extends the Client SDK to enable applications to participate in the new trust economy. It also includes smart contract libraries for every supported blockchain to verify off-chain data generated by the Verida Trust Framework.

API Connectors Framework - This framework provides a library of tools to help developers build API connectors that pull data from centralized systems, normalize the data into common schemas, and store it in the user’s personal data Vault.

Verida Vault

The Verida Vault is a mobile application that acts as both a ‘Data Wallet’ and a ‘Crypto Wallet’ for end users. It provides private key management and a user-friendly interface for interacting with the Verida network and supported blockchains.

sreenshot of mobile app
sreenshot of mobile app
sreenshot of mobile app
sreenshot of mobile app

Vault Capabilities

The Vault provides users with the following core capabilities:

  1. Identity: Allows users to create new decentralized identities, blockchain wallets, manage their private keys and facilitate single sign-on across an ecosystem of decentralized apps
  2. Single Sign On: Simple, consensual authentication and authorization with decentralized applications developed on the Verida network
  3. User Data: Allows users to browse their decrypted data, consensually share their data, allow it to be queried without sharing or move their data to a different storage service
  4. Inbox: A secure data inbox allows messages, requests and data to be received by end users and then actioned
  5. Profiles: Users can create and manage both public and private profiles that can be shared with third parties
  6. Tokens and Transactions: Users can interact with any supported blockchain by signing transactions, transferring assets, managing NFTs etc. Users can also earn Verida token rewards by simply using the network.

Status: Available on testnet via iOS App Store and Google Play Store.

Verida Network

The Verida Network comprises of the underlying protocol, technology and documentation developed by Verida. Developers can leverage the Verida SDKs to use and contribute to the code to improve the network. Service providers can deliver infrastructure to the network by running nodes that users can select to use.

The Verida Network provides a means to:

  • Decentralized the sharing and discoverability of data
  • Decentralize the discovery and trust of end users
  • Deliver more equitable distribution of value to participants on the network
  • Create and share verified data in a trusted, private, secure, and decentralized manner.

The Verida Network and token will establish a new data economy that disrupts a range of existing industries and technologies.

As users connect more data, there’s more aggregate value for both the user and network. The value of user data increases as it becomes denser. Incentivising the onboarding of data into the network is outlined in the Network Incentives section.

Value is captured in the Verida Network through data sharing, messaging, data validation processes, and new market creation. There are many new markets already being explored by Verida partners that include; Hyper-personalized insurance offers with decentralized claim management, Patient owned healthcare data with data marketplaces for researchers.

Verida Token Economics

Trusted data communication between parties is foundational to the Verida Network. The Verida Token ($VDA) facilitates secure, auditable interactions between accounts to allow data sharing, querying, and messaging.

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.

Token Summary

Token Name:
Verida Utility Token (VDA)
Token Supply:
1,000,000,000
Supply:
Fixed
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  • Community Incentives - This pool of tokens is distributed across three distinct areas; Grants, Ambassadors and Bounties. Released monthly over five years and managed by the Verida Foundation.
  • Network Growth  Rewards - Tokens will be distributed to end users and application developers to incentivize long-term network growth. Tokens will be allocated to the network growth smart contract and be distributed across 20 cohorts, based on network activity growth.
  • Community Reserve - An unallocated pool of tokens that will be managed by the Verida Foundation to support the ongoing growth and sustainability of the Verida ecosystem. Released monthly over five years.
  • Public Token Launch - Tokens allocated for public release.
  • Investors - Investor tokens vest monthly over two years.
  • Founders + Team - Tokens linearly vest monthly over four years for founders and team. Team members have a 12 month lockup from start date.
  • Advisors + Service Providers - Tokens linearly vest monthly over two years for advisors. Service providers have varying vesting schedules.
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