Please welcome VERIDA

bookreviews (11)in #verida • 3 years ago

Hi, I'm Chris, I'm the CEO of Verida. We're building the web3 infrastructure for data driven digital economies. We believe it's a fundamental human right, the individuals own their personal data and control their identity and we want to make that future reality.

We've got an experienced team myself with over 20 years experience building technology for the web. Ryan has a similar background in technology and is currently working in blockchain and crypto assets, and we've got a great team of advisors, including including Thomas hygena for MIT has been about 10 years working on data sovereignty Solutions and Research, and we've got Samuel Brooks, who's an expert in crypto economics has previously been involved with multiple white papers including synthetix.

We developed the Verida protocol, which is an open source architecture for developing decentralised applications it's like a development toolkit for developers to unlock a whole range of new capabilities to build into their applications. Some of these include single sign on payments data sharing real time p2p messaging that's decentralised and this toolbox is works across multiple devices, putting this all together, it unlocks a whole range of new exciting new use cases for web3 applications.

Verida vault

In addition to that we've developed the verida Vault, which is a consumer facing data wallet for one of the better term. This allows users to manage their private keys on their device, and those private keys manage their encrypted data that they then unlock through our Single Sign On capabilities to access different decentralised applications. It has a data inbox so that other applications or users can send somebody data that can then be saved to their data vault. It also provides token support so the payments and rewards can all be facilitated through the same simple easy to use interface.

If you look at the big picture, we see that we are enabling an era of hyper personalization, where individual users once they have their own data can access these new AI driven use cases of preventative health or career advice, you know, personal shopping assistance, there's a whole range of really exciting use cases that can be unlocked, once an individual has access to a broad spectrum of all of their data.

The problem we have, however, Is that all the data is stored in these centralised systems. And so the Verida token is going to help unlock this centralised data. We will provide the token as a reward for users as they unlock more of a centralised data and pull that into this decentralised encrypted data storage that user owns, we're incentivizing to mine their centralised data, and take ownership of that.

Once we have that supply side sorted out, where we have effectively, the Verida network has the largest user driven user and data set in the world will then help unlock developers to start to build those hyper personal solutions using this really exciting data set.

Moving forward for the long term the Verida token will create a new economic model for the web where users can earn tokens and pay tokens to access services and to receive other benefits through this new AI driven and exciting decentralised application ecosystem.
At a lower level we'll have three key actors, we've got the users who can earn and pay tokens, we've got application developers who similarly can earn tokens through the use of their applications or even pay tokens if they want to request an access data consensually from users. And we also have infrastructure providers that provide the hosting, very much like our filecoin provides file hosting.

In Verida the data store hosting is hosting encrypted databases for end users. And those infrastructure providers will stake tokens, to be able to provide that infrastructure and in turn, and for Verida tokens for doing so.

We believe the time is now, there's an emergence of standards that technology is becoming more scalable, and is suitable for some of these new use cases, there's a greater public awareness and a change of regulatory environment that's driving adoption and driving change around how data is managed for individuals. Thank you very much for your time, please feel free to reach out if you've got any further question.