Verasity (VRA) Review
Dec 16, 20225 min read
Each of you has watched videos on YouTube, movies on Netflix, or streams on Twitch, but all these are centralized platforms with managers and site policies. And at the same time, the management of the video service takes most of the profits, and not the content creators, because of which the platform is so popular. Even getting less, users obey the rules of these platforms, censoring or reducing their content to simply be placed where the main audience on the Internet is concentrated.
And what if there is no administration on the streaming platform, and all viewers, publishers, and advertisers are equal? Hence, everyone gets an income equal to their merits. This is decentralization and the so-called “freedom of speech”.
This is exactly what the Verasity project is doing. The platform distributes rewards between content creators, viewers, and advertisers. All users who help democratize the online video industry can benefit from Verasity.
What Is Verasity?
Verasity is a blockchain platform for sharing video content, where the audience and video creators interact directly, excluding all intermediaries. This platform aims to eliminate the unfair distribution of cash flow. Simply put, all users benefit from Verasity: content creators get more profit for their work and advertising, viewers get the opportunity to monetize the time spent watching ads, and advertisers get proof that a person, not a bot, viewed their ads. To achieve the platform’s goals, novel Proof of View technology has been developed, providing flexibility, scalability, and transparency.
The VRA native token is needed to reward publishers and pay for access to paid content. In addition, the viewer also receives a reward for watching a video or for helping to distribute it, for example, by sharing it on social media. In total, the platform provides five funding models capable of meeting everyone’s needs. Content creators can choose:
Free provision of content with the possibility of receiving donations from viewers.
A fixed amount that the viewer must pay to unlock the video. In turn, viewers can get a short preview of the content to assess whether it is worth their money.
Payment by subscription. Content creators can set up a monthly VRA fee. This is a great tool for implementing “VIP-only content”.
Advertising. Viewing ads is optional for viewers. Nevertheless, viewers are rewarded for watching ads with VRA tokens that they can pay to content creators.
In addition, Verasity focuses on the quality of content that benefits the end user. As a result, the platform is based on the following postulates:
The content consumer should have access to it from any device, anywhere in the world, with almost any connection quality.
The viewers should be able to get rewarded for their attention and time spent on content.
The user can decide on viewing advertising or not and about the direction of using their personal data.
The content creator should receive a decent payment for the work, use numerous monetization options, have convenient functionality for filling and editing videos, etc.
Among Verasity’s technological features can be noted:
The most advanced video player running on HTML5 technology. This video player runs on centralized servers, which allows for reduction of operating costs and improves the playback experience.
The Proof of View algorithm. A patented technology that allows for reducing ad fraud. The technology effectively detects a fraudulent view (made by a bot) using 200 touchpoints and AI.
Media acceleration efficiency (MAE) technology provides fast loading and smooth video viewing.
Advanced video metrics analytics capabilities for content creators.
VeraViews + Proof of View
Verasity has developed enterprise-grade ad tech stack VeraViews and Proof of View technology, which has already been patented in the USA and China. Proof of View uses 200 monitoring points and artificial intelligence to accurately determine whether a bot is watching a video or a real person. In addition, when registering, each viewer is assigned an anonymous hash identifier, which marks all user’s views, and the information is recorded in the blockchain. Globally, Proof of View is a beneficial thing for many niches in the media space. In addition, with the help of Proof of View, you can create copy-protected NFTs with a transparent history of the transfer of ownership, thus eliminating the possibility of fraud in the segment.
The potential of Proof of View is also relevant for the space outside the blockchain and cryptocurrencies — for example when cheating on YouTube ads. This technology can make advertisers’ lives much easier by protecting them from fraud and optimizing interaction with bloggers.
As a result, advertisers receive real ad views and a higher conversion rate, funds are transferred to publishers faster, and users watch their favorite content and receive rewards for it. The whole process is transparent because all actions are recorded in the blockchain, where it is no longer possible.
VeraEsports is a platform created specifically for esports tournaments. More recently, the developers of Verasity have rebranded the site, where game studios can now customize the design and elements of the tournament page at their discretion.
VeraEsports viewers get the opportunity to profit from observing what is happening on the platform (this model is called Watch and Earn), i.e., users receive rewards for viewing interesting content (for example, favorite tournaments) and the absence of any advertising. In “prime time”, when watching live broadcasts of popular esports tournaments, increased rewards are provided for viewers.
Payments are made in VeraEsports (VE) points, with which Verasity tokens (VRA), in-game element updates, and Steam and PUGB Mobile gift cards can be purchased.
Moreover, the Verasity reward system works not only in the proprietary VeraPlayer player but also easily integrates into 90% of all popular video players such as YouTube, Twitch, Vimeo, etc.
VeraWallet is a custodial cold-storage crypto wallet designed to store the native VRA token. VeraWallet allows users to safely store rewarded tokens and also serves as a full-fledged payment system that supports both crypto and fiat payment options. The developers promise to add debit card support soon. To date, VRA is stored in more than 300,000 VeraWallets. In addition, the wallet provides a staking option. Users can stake their VRA tokens and receive 18.25% APR.
The development of the video industry is really at its peak now, and investments in this area should be profitable. Since the platform removes intermediaries who take most of the profits of content creators, it will be attractive to many video creators.
Already today, among Verasity’s partners in traditional games are CS:GO, PUBG, PUBG Mobile, Dota 2, and Valorant. Tournaments on VeraEsports consistently break records in terms of the number of viewers. For example, the Ultimate Warrior Showdown tournament on PUBG Mobile in July 2021 was watched by 14 million people. So, the platform is guaranteed success.