Have you ever wondered why some websites and apps are free in the traditional Web2.0? As the saying goes, “if the service is free, you are the product”. This has made tech giants like Facebook and Google a profitable business model by using the data of its users. Since Web3.0 is emerging, it is time to decentralize this process and bring back data ownership to its users. This emerging trend has been mainly our inspiration to change how data is being used today.
What it does
Veta comes from "Verified Data" and "Verita" in latin meaning truth. Veta is not just a dApp but an ecosystem. We aim to build the identity layer and an ecosystem of verifiable data on the internet computer. To achieve this, the decentralized business model requires a storage for data (Veta Wallet), a new data marketplace platform (Veta Center) and unit of exchange (Veta Token).
Users will be able to login, sync, and manage their data using the Veta Wallet on our initial platforms (Veta Social, Veta Marketplace, Veta Learning).
Data consumers will be able to have a central point of access to the ecosystem’s collective data assets through the Veta Center. This will serve as the main platform for users to retrieve data sets based on their queries and needs.
Over time, the Veta ecosystem will forever be expanding and growing its data as we partner with other web3 platforms, legacy systems, and even web2 applications. Veta will launch a DAO and treasury to give bounties to build for future data providers in the ecosystem. In the future, the DAO will fully govern and steer the direction of the Veta ecosystem. Users will have the power to vote on proposals depending on their voting power and in special cases selected users who are more appropriate to be the decision makers depending on their credentials and data like location, skills, etc. In addition to that the ecosystem will be powered by the Veta Token that will help incentivize the users and maintain a growing economy.
- Data Sharing
- Decentralized Voting
- KYC/AML Solutions
- Data Aggregation
Sample Use Cases
Real World Scenarios
Job Application - Bob applies for a developer position and shares his professional profile with data from his Educational and Work credentials issued to him like a diploma, transcript of records, and a certification from his previouw employer. Alice the recruiter can view and verify these credentials easily thus giving Alice the confidence on her hiring decisions.
Travel - Alice an avid traveller arrived in the Bahamas, Bob the immigration offices requests for her covid vaccination. Alice shares her covid vaccination certificate issued to her by the clinic which can then be verified that Alice is indeed vaccinated and can enjoy her vacation.
Loan Application - Bob is an aspiring businessman who wants to apply for a loan to start a business, the loan officer requests for KYC and AML credentials along with his assets for collateral. Bob can share these data issued to him by his bank and crypto exchange platform he uses. The Loan Officer can now verify Bob's qualifications and issue a loan upon approval.
Smart Government - Alice was fined for a traffic violation, the highway officer requests for Alice's drivers licence and car registration. Alice then shared both of these credentials from different government bodies issues to Alice.
WEB 3.0 Scenarios
Decentralized Identity - Bob is a very private person and is concerned about how his data is shared, with Veta's decentralized identifiers and credentials Bob can prove his identity without showing all his data.
Targeted Ads - Alice want to ensure that her product reaches her traget audience. With data attributed from the Veta ecosystem, advertisement services can utilize users' data to achieve target reach of potential customers.
Market / Product Research - Bob's company is planning to launch their new product. With data provided by Veta, Bob can now make data driven decisions regarding his product.
Seamless Data Sharing - Alice can login to multiple Web 3.0 platforms without filling up forms to register or checking out a product giving a more seamless web experience.
Decentralized Voting - A DAO is voting for a proposal specific to updates regarding a new law in the US, the DAO uses Veta's voting solutions to only get votes from qualified voters based on the criteria to decide the voting outcome.
How we built it
Veta is built using motoko, typescript, and react as our technology stack.
Challenges we ran into
The main challenges we ran into was basically learning motoko which is very new to us and most of all time constraints since we have only been able to work on Veta on the side. One of the main technical challenges we had is designing the data architecture as we wanted it to be decentralized.
Accomplishments that we're proud of
We are proud of what we have done as this was an incredible learning for us, it inspires us to continue this project even after Supernova.
What we learned
The main thing we learned in doing this project is the huge potential of the internet computer and how it compares to other blockchains. We believe web3 will be truly realized in the internet computer as it is able to scale in web speed and cheap computational costs.
What's next for Veta
Veta is definitely a project to watch out for, we are just getting started. We will continue our roadmap and deliver an improved MVP with or without funding. See our proposed roadmap below.
Phase 1 - MVP
Launch Veta Wallet
- User Dashboard (Profile/Data management)
- KYC provider (proof of humanity)
- Add/Sign/Verify documents
- Add/View connected platforms
- Sync Data from platforms (web3)
- Data sharing (QR code)
- End to End Encryption
Launch Veta Center
- Data Issuer Dashboard (Profile/Data management)
- Data aggregation (simple/fixed query)
- Decentralized voting/survey
Launch Veta Social
- Veta wallet integration
- Social network management
- Content management
Phase 2 - Adoption
- Launch Veta Tokens
- Integrate token utility to Veta services
- Launch Veta DAO
- Implement DAO governance to manage upgrades, changes, proposals, fund and grant allocation.
Veta Wallet Update
- Veta Login
- Grant/Revoke Data for Platform
- Decentralized Identifiers (ZK proofs)
- Token integration
Veta Center Update:
- Governance Dashboard (Vote, Create/View proposal)
- Data Requests
- Token integration
- API management / 3rd party integration
- Data aggregation (complex/custom query)
- Data mining
- Data streaming
- Release Service APIs
Veta Social Update:
- Targeted ads
Phase 3 (Expansion)
Big Data + AI
- Big Data and AI engine integration for data processing
- Big Data analytics
- Predictive Data
- Data Visualization
Internet of Things (IoT)
- Digital identity for machines