What is Verasity (VRA): Blockchain-Based Video Sharing Platform
Launched in 2018, Verasity (VRA) is a blockchain-based project with video platforms and other products to optimize the value of advertisements for stakeholders, who include advertisers and video content creators. Currently VRA trades at $0.04 per token with a capped supply of 110.3 billion, for a total market cap of around $41 million.
What Is Verasity?
Verasity utilizes its protocols and platforms to enhance video creator profits from third-party advertisements. According to Verasity’s whitepaper, almost $160 billion USD worth of advertisement money is wasted due to bots watching the advertisement rather than real people. This also adversely impacts revenue for content creators. Therefore, Verasity aims to reduce ad fraud with its protocol Proof of View (PoV) to ensure genuine human views for advertisements and video content.
What does Verasity Video Platform offer?
Verasity also has several products such as video players, GameStore and VeraWallet.
Esports Fight Club
For the video player platforms, Verasity created an esports video platform called Esports Fight Club. Esports Fight Club is a video player and video sharing platform that aggregates esports products from games such as PUBG, Counter Strike, and Dota2. Users would tune in to watch the esports content from PUBG, Counter Strike, and other games. Additionally, users can earn rewards and play games while the fan base is also a source of revenue for ads viewed on the platform. In their last large tournament, the Fight Club gained about 8.5 million viewers. Verasity also performs product testing for third parties on Esports Fight Club to determine possible engagement and monetization results.
Furthermore, the project has another video player platform called Verasity.tv. Verasity makes it their mission to create an environment where content creators can earn fair revenue through VRA tokens. This can be achieved through Verasity’s protocol PoV which confirms genuine views. Advertisers will then be willing to pay for these genuine advertising results. The video player also aggregates most of the available video publishing platforms, including Youtube, Twitch, and Vimeo, for small video content creators to earn VRA tokens. Furthermore, the video player technology is said to be quite scalable, supporting over 8 Petabytes of traffic in a month.
Verasity’s Gamestore is a place where users can play a variety of games. Gamestore is similar to a Playstore or App store, except it implements blockchain technology. Within the gaming platform, users can also create their own games and play in different modes such as single player or multiplayer.
Verasity has its own cryptocurrency wallet called the VeraWallet. Users should purchase VRA via the VeraWallet first to gain access to all the functionalities of Verasity products.In addition, Verawallet allows users to earn, spend, and store the tokens. The wallet also has features that enable users to trade tokens for fiat money .
What is The Verasity’s Proof-of-View Protocol?
As previously mentioned, the Verasity patented Proof of View (PoV) protocol is meant to decrease fraudulent advertisements. The protocol has several metrics such as fingerprinting to verify that it was a genuine human that viewed the content. The metrics are executed in real-time to instantly eliminate fraudulent advertisements. The verified, genuine human view is then recorded publicly on the blockchain.
Verasity also makes its revenues through third-party advertisers that use the protocol. Verasity’s protocol is mostly applicable to the esports, advertisement, and video sectors. Since the protocol can ensure improved advertising performance, Verasity can charge more to advertisers. Besides video monetization, the PoV protocol can be used to verify digital images, which expands the use case into areas like Non-Fungible Token (NFT) collectibles.
What is VRA?
Veracity’s native token is called VRA. The project grants VRA rewards through viewership, videos, and advertisements. Users can earn VRA through watching videos on major video publishers, including Youtube, Twitch, and Vimeo. Then, Verasity rewards its users with VRA tokens for watching and subscribing to video creators. Users also earn tokens from referrals, sign-ups, playing games, and so on. Besides getting rewarded by the Verasity video sharing ecosystem, users can truly support small content creators by paying them tokens before watching the content. In future partnerships, users will be able to spend their tokens directly through activities like online shopping.
Additionally, advertisers can also purchase VRA to boost their advertising campaign and user engagement. Referring to the figure below, the token cycle repeats itself as advertisers and Verasity platforms earn revenue from one another due to authentic user engagement.
Moreover, Verasity will eventually buy back some of the circulating token with revenue earned from advertisers. Those purchased tokens will then be burned to increase token value as the circulating supply decreases.
Who Is Behind Verasity?
The Verasity team involves professionals in the media and video industry. The team also has several programming specialists with a strong foundation working on a platform with a high traffic volume, such as Kyrylo Bibik and Dmytro Medianik.
Mark R.J. is the founder of Verasity. Mark has around twenty years of experience in streaming software and media technology. Since 1996, he has developed hardware and software products for PC and mobile devices. In the past, Mark was a managing director for a streaming application company involved in the sporting industry. Mark was also the CEO of two software development companies that mainly offer security products such as VPNs. Mark has also worked as a managing director for LiquidStream, a video streaming platform for gaming and esports content.
What Is the Future for Verasity?
In 2021, Verasity has a +5200.33% growth on its VRA token. Additionally, VeraWallet user has increased by 4060%, exceeding about 20 thousand users. VeraWallet will also be introducing liquidity mining and native apps for stakeholders to put their tokens to use, such as staking and online shopping. This may attract new users to participate in the platform and VRA token holders to stake their tokens which may boost token value.
Verasity is building a new platform, VeraViews, for advertisers to directly utilize ad space with ad campaigns. The platform will also implement PoV technology to ensure transparency. Blockchain transparency ensures authentic engagement from the audience compared to Facebook and Google.
Since Verasity provides esports content, they will also be introducing NFTs in the future. The NFTs will be validated with the Verasity protocol to reduce NFT fraud and encourage more artist participation. Additionally, NFTs ownership can be proven by the PoV protocol before being recorded on the blockchain. The on-chain verification with PoV protocol can further authenticate ownership, adding value to owning an NFT. This chain of ownership that is in development is another concept to monetize third-party NFTs on Verasity.
Verasity is a video platform that authenticates genuine viewership through the PoV protocol. The patented protocol has several metrics such as anonymous fingerprinting to reduce frauds and bots. As such, advertisers should be willing to pay the platform a premium for genuine viewership. Advertisers and other parties can also fund their marketing campaign by purchasing VRA tokens. Meanwhile, users would be incentivized with tokens, which results in increased engagement for video content creators.