What is Verida Token (VDA)?
$VDA is the native utility token for the Verida Network. The Verida Network is the first decentralized database network for owning, storing and controlling private data. It has multi-chain interoperability and is built on decentralized identity. The network is specifically designed to enable fast commits, advanced security and built-in unlimited scalability. $VDA as a storage credit or currency on the Verida Network, creates a data economy enabling secure interactions between accounts to facilitate secure data storage, trusted sharing, fast querying and trusted messaging.
How does Verida Token work?
Both developers and storage providers to stake its native utility token, $VDA, to participate in the network. Users also pay for their own storage needs in $VDA. Applications may also pay for storage on behalf of their users.