Verasity is a rewards-based platform for Esports, digital entertainment, and advertising technology (AdTech) on the blockchain. The protocol has the goal to essentially increase engagement and advertising revenues for video publishers on any video platform. It achieves this through its Proof-of-View (PoV) protocol, product layers, and pro-gaming streaming platform esportfightclub.com.
Verasity has its native currency, VRA, created for the video economy globally.
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Read on to learn everything you need to know about the Verasity project and the VRA token.
What Is Verasity
Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment that provides decentralized solutions and revolutionizes the industries with blockchain applications. It aims to increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilizing Proof of View (PoV), its patented protocol layer. The protocol aims to ensure genuine human views for advertisements and video content by reducing ad fraud, which adversely impacts revenue for content creators. According to Verasity’s whitepaper, nearly $160 billion worth of advertisement money is wasted due to bots watching the advertisement rather than real people.
The VRA Verasity token empowers the ecosystem and has various use cases. For example, advertisers can buy VRA tokens to reward viewers, while users participating on VeraEsports, earn rewards for staking tokens, viewing ads, and participating on the B2B VeraViews Network.
Users can hold the VRA tokens for APY rewards and spend them on multiple cryptocurrency exchanges.
Verasity earns from several revenue streams such as jackpot tournaments, ad stack, waterfall, and modular B2B products sales. Additionally, the Esports platform has its subscription and membership-based income mechanisms.
VeraViews
Verasity provides blockchain-powered ad stack VeraViews, based on its Proof of View fraud identification technology. Through PoV, the network ensures that videos viewed on the platform are real; then, PoV verified data becomes available publicly.
One of the essential benefits of Proof of View is its ability to prevent the risk of scams and fraud in the NFT market. Verasity creates a transparent and immutable record of digital assets from the start of their creation through transactions, changes, storage, and possible destruction.
VeraEsports
By bringing gaming and crypto together, VeraEsports provides various possibilities to users. Esports users can play, watch, and follow tournaments via the platform. Moreover, players and teams can initiate their own tournaments, compete, build their brand, and communicate with fans. Users can earn rewards in VRA and use them through the Watch and Earn program.
As of early February 2022, Verasity is working on adding support for video and digital collectible NFTs to be stored and authenticated on the blockchain. The option is expected to launch this year.
Verasity partners with various gaming platforms, including PUBG Mobile, VALORANT, Tencent Games (PUBG), Athena Gaming, etc.
VeraWallet
Verasity offers its cold-storage wallet, VeraWallet, allowing users to store, stake, and trade VRA tokens. The wallet stores data and tokens offline, providing high security.
Verasity Founders
Verasity was founded by entrepreneur and technologist RJ Mark in 2018. He has extensive experience in developing high-growth hardware and software products for various platforms, including PC/MAC, Android, and iOS mobile devices, since 1996. RJ Mark worked at different video streaming companies and ran development teams. He was a technical advisor at Action TV; a company focused on the development of algorithms for streaming applications.
Before founding Verasity, RJ Mark served as Chief Technology Officer at Datagard and Managing Director at LiquidStream. In 2014, he founded Level Up Medis, which rewarded users for watching content.
RJ Mark founded Verasity to solve the problem of fake views in the media and advertisement sphere. According to him, more than 50% of the advertisement money spent on online advertising is for views that are not seen by people. Blockchain technology and the PoV system developed by the company solve the problem by confirming real views and making data available for advertisers and brands.
VRA Token ICO and Distribution
The VRA token was launched through an Initial Exchange Offering on Probit in 2018. At the crowd sale, the Verasity price was $ 0.0075. The company raised around $19 million.
Verasity has a maximum total supply of 19,511,737 tokens. 35% of the tokens were distributed at the token sale, 25% was allocated to foundation reserve, 20% to founders and team (the tokens are locked until 2023), 13% were addressed for the staking program, 7.5% to advisors and partners, and 4% was kept for rewards and referrals.
The Verasity team doesn't consider tokens distributed to the team, allocated to big investors, or future uses such as marketing, bounty programs, ecosystem development, or others as a part of its circulating supply, as they are technically unavailable for the public. Based on these calculations, the max supply of VRA tokens is 10.3 billion.
Verasity price isn't stable. It responds to various factors such as supply and demand, general market trends, project events, upgrades, etc. Verasity implements token buyback and burns events, which means the network buys VRA tokens from crypto exchanges and removes them from circulation. Becoming scarcer, tokens are assumed to increase in value.
Get started with checking the Verasity VRA current price on CoinStats! The Verasity price page is part of the CoinStats Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.
How Does VRA Work
The native token of the Verasity protocol, VRA, is used to reward users. The system is integrated into the publisher's video player through SDKs (Software Development Kit). Verasity B2B products include SDKs for the following video players on publishers' sites: YouTube, Twitch, Vimeo, JWPlayer, Brightcove, iVideoSmart, Kaltura, VideoJS, Flowplayer, and Ooyala, which represents over 95% of all the video players utilized. Verasity also offers a completely built-out functionality that serves broadcast publishers perfectly. The functionality runs on a UDP transport protocol and supports direct broadcast over the cloud.
To access different games and VeraEsports, users need to buy credits with VRA via Pay to Play or membership packages. Purchasing credits creates demand for VRA tokens. Advertisers acquire VRA to engage viewers and reward them for watching ads. The size of the revenue depends on the number of viewers. Users can also purchase VRA from various exchanges and earn interest by staking. There are additional incentives during which participants may earn rewards in VRA. Through the staking program, extended to March 31, 2023, VRA holders can get rewards at a rate of 0.05% per day and 18.25% annually. The new rate will be effective from April 1. 2022.
Verasity provides different ways to earn VRA, among them watching videos on a publisher's domain, referring other people to the content, signing up, sharing videos, playing games, watching ads, etc.
The video player infrastructure of Verasity uses several novel technologies. The ecosystem relies on a custom-built online video platform that partners with Amazon and Akamai, leading global Content Delivery Networks.
How Proof of View Ensures that Views are Real
Verasity's fraud identification technology, Proof of View, consists of detecting and storing data on the open-source and immutable blockchain. After the content has been delivered, the network analyses it, and the technology detects ad fraud as it takes place. Leveraging Artificial Intelligence and touchpoints, Verasity can precisely determine whether a bot or human is watching the ad in real-time.
The protocol makes the detection and prevention of fraud effective by eliminating the need for waiting for post-delivery analysis and requesting refunds from publishers. The technology allows detecting and dealing with the fraud immediately, in contrast to most video-sharing platforms that use post-event detection.
PoV also prevents manipulations of view counts and audience metrics by verifying the views. A unique identifier is allocated to involved parties to solve the accountability of valid ads and achieve transparency of views. When new users sign up, anonymous and hashed IDs are generated for them to mark their video views. Views are treated as transactions that can be recorded on the blockchain, but Verasity doesn't collect personal information and maintains privacy regulations, including GDPR (General Data Protection Regulation).
Verasity's PoV technology was granted patents in the USA and China.
Verasity 2022 Roadmap
The 2022 roadmap delineates Verasity's main focus areas, such as increasing accessibility, enhancing user experience, building more partnerships, launching its NFT marketplace, and developing a single Verasity account. Verasity partners with software company Brightcove, delivering its PoV technology to Brightcove users.
In early 2022, Verasity presented a new feature of VeraWallet, CSV Export, which allows VRA holders to track their transactions history.
Verasity also prepares improvements for VeraEsports. In particular, the tournament creation flow of VeraEsports will be updated, making tour management easier. The company will announce a major tournament with a leading game franchise throughout the year.
Verasity plans to launch its NFT marketplace MVP in the third quarter of 2022. The platform will allow game publishers to create, mint, resale in-game redeemable NFT items, and users to buy and resale NFTs. In 2022, Verasity also plans to develop a single Verasity Account, a service for secure identity management to let users manage all their accounts for VeraEsports, Rewards, and VeraWallet from one place.
How To Buy VRA
You can buy VRA tokens on different crypto exchanges, including KuCoin, Huobi Global, Gate.io, OKEX, Indodax, Bittrex, BitMax, Bithumb, CoinEx, etc.
The reasons the price of VRA may increase include an active community, the addition of NFT language to the PoV for fraud prevention, and attractive staking rewards that incentivize tokenholders to remove their coins from circulation.
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