What is Verasity?
There are several obstacles within the online video space that the team behind Verasity aims to tackle. Verasity is comprised of media, tech and blockchain experts that are focused on building a new model in which creators AND viewers can transact with one another directly on the blockchain, without the need for third-party intermediaries.
Verasity’s player technology is already available to millions of publishers with over 100 billion monthly views! This rightfully returns engagements and revenue back to the publishers. This model creates a thriving $VERA token economy between viewers, publishers as well as advertisers.
“…Verasity’s video player solution offers the perfect vehicle for viewers, publishers and content creators to benefit from the utility of blockchain technology. I’m glad that Binance and Verasity are leading that charge Globally.”CZ (Changpeng Zhao) CEO & Founder of Binance
Verasity’s mission is to help publishers generate more value from their content. The $VERA token is a medium of exchange as well as a reward incentive for video creation and sharing throughout the Verasity network. Anyone watching videos can earn $VERA, and if they choose to watch adverts or share the videos with their network, then they will eceive even more $VERA. To ensure transparency for the community members, the Verasity team is developing a proprietary Proof of View technology. Every video view will be securely tracked and stored on the blockchain providing security, flexibility as well as scalibility to support a growing new ecosystem for content Publishers, advertisers and viewers to interact.
Verasity has developed a patent pending “Proof of View” system, enabled through blockchain technology, to provided accurate, secure and auditable audience metrics.
The Verasity Ecosystem
Verasity will fundamentally change the existing dynamic of how content is valued to be driven directly by consumer engagement. In legacy advertising driven media economies, the value is assigned to audience demographic and size, not the content itself. This abstraction layer skews the content value to high volume engagements benefiting the Advertiser, rather than high quality engagements benefiting the Consumer and Content Creator.
The Verasity economy adds incentives to hold $VRA through the V$RA Staking program, 36% annualized, while also increasing the demand for the utility of $VRA across a large network of video publishers and their communities, using the platform to reward $VRA.
- Video needs new incentives. Due to intrusive ads, low viewer engagement, and low publisher revenue there is little value exchange between publishers and viewers.
- Publishers and audiences are struggling to monetize. Audiences are increasingly blocking ads while YouTube and Facebook are taking larger shares of revenue. 2 million publishers with 110B monthly views do not produce enough revenues to thrive.
- Lack of trust and transparency. Much of the value exchange isn′t visible to users and personal data is sold without user knowledge.
- Publishers need a mechanism that increases revenue and engagement without changing viewers′ habits. This means they must have higher engagement, ad fill rates and click through rates to survive.
- Blocking ads as a stick is far less effective than rewarding VRA as a carrot.
The project vision is for the Verasity Protocol to also be adopted across the wider web and for VERA to become the cryptocurrency to power the future of online video.
- Verasity is disrupting the Adtech space
- It is has crypto rewards on site with real brands: Jaguar, BMW
- It has the first mobile app with rewards redeemed in crypto (launch end August)
- It is the first app containing stats of publishers utilizing crypto with analytical results
- A promising projected ‘backed by Binance’ via Binance DEX Support.
- It is one of the biggest potential use cases of Attention-Based Rewards: a huge use case for crypto that will drive mass adoption, increased revenue for real companies, and more.
Authored by @TraderStacking.