Verida: Abbreviated Introduction
When building Web3 applications, developers face the challenge of determining where data will be stored. The most typical solutions are traditional centralized databases like MongoDB, Postgres, and blockchain storage, IPFS. Verida offers an alternative solution, a decentralized database, for those developers looking for an alternative to the traditional options. Additionally, it provides an alternative to using blockchain storage or IPFS for many applications.
Verida is introducing a platform that simplifies the process of building and deploying blockchain applications. This platform enables the use of private user data as inputs into smart contracts, which provides connectivity across multiple blockchains. Verida’s storage system is unique, focusing on user experience, onboarding, and retention. Exciting new use cases can be found in trusted storage, decentralized messaging, and single sign-on.
The Verida network provides a means to:
• Decentralize 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 development company comprises an experienced globally distributed team developing engineering, product, community, and ecosystem activities. Verida Pte Ltd is registered in Singapore, a jurisdiction that maintains a careful stance towards blockchain and cryptocurrency businesses.
The platform token Verida (VDA) is designed to create secure and verifiable interactions between accounts for data sharing, query, and messaging. The VDA token is yet to be released – with mainnet launch in 2023. In early 2021, the project raised $3 million from a consortium of 16 global
investors.
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