Video publishers often struggle to monetize their videos properly same thing for advertisers that pay to display their products on videos. Fake views and the absence of a transparent method to study metrics make it difficult to get accurate data.
Verasity uses blockchain technology to change how creators and advertisers negotiate and make the most out of creating videos and paying for adverts on a video.
In this article, we will explain what is Verasity crypto and how it works. You can also earn the VRA token by watching videos on their platform read along as we explain everything you need to know about Verasity.
What is Verasity Crypto (VRA)?
Verasity is a new video-sharing and gaming platform that leverages Blockchain Technology to ensure video creators earn more from their videos and advertisers get more value from what they spend on adverts.
The decentralized blockchain eliminates third parties acting as intermediaries between creators and advertisers.
They use the Proof of Value protocol which identifies the value of a video based on the consumer’s use case. Viewers on the Verasity platform can earn by watching and donating directly to the creator using the VRA token.
Verasity also has other products like NFTs and a pro gaming platform that feature esports tournaments. Users earn VRA tokens by winning esports gaming competitions on the Verasity platform. In addition, popular games like PUBG mobile are available for gamers to compete and win.
Verasity.io is the official video sharing platform, and it has an integrated wallet that allows for easy transactions between viewers and video publishers using the VRA token. In addition, advertisers pay viewers directly if they choose to watch ads while watching video content on the platform.
What is the purpose of Verasity
The primary aim of Verasity and the VRA token is to decentralize how creators and video publishers earn and spend money. For example, advertisers pay YouTube to place their ads on videos. YouTube takes 45% of the total pay a video generates on the platform leaving the creator with just 55%. Prominent creators on YouTube might make a lot of money from ads revenue, but smaller channels find it hard to survive on YouTube Ads.
Verasity is not acting as a third party; they only use their platform to host advertisers and video creators. As a result, a creator has total control of his content, and an advertiser can confidently make the most out of his adverts on the platform. In addition, Verasity uses its Proof of Value protocol to make NFTs more valuable and authentic. Creators can also use the marketplace to increase their channel growth. Users who back a channel receive VRA tokens to share the channel’s success.
The Verasity protocol has a patent, and it provides secure and accurate audience data for both publishers and advertisers. It also allows viewers and gamers to earn by interacting with the platform correctly.
Who are the Founders of Verasity? (Brief History)
Mark RJ founded Verasity, and he has been developing software since 1996. He has worked with several companies, and he has over twenty years of experience in media technology and streaming apps. Mark was the CEO of a data management company known as Datagard. He is currently the CEO and Founder of Verasity.
David Archer is the director and legal aid of Verasity. He is a graduate of the London School of Economics and Political Science. David has over 30 years of experience in litigation, dispute resolution, and trust law. They also have some top programmers working tirelessly to secure and further develop the platform. In addition, the team members of Verasity have a proven record in the media and video industry.
The Verasity project was started in 2017, and the whitepaper was released in the first quarter of 2018. The mainnet was launched in April 2019, and the platform has over 1.6 million viewers per month.
Who are the Investors of Verasity?
A couple of investors backed the Verasity project, but I could not figure out the amount of money that the investors had pumped into the project. Some notable investors include Jun Capital, Black Green, Amdax, Azar Capital, cryptecon, and North Block Capital. These are the investors backing the project at the time of writing.
Verasity has a roadmap on its Website that has been updated since 2017. The Roadmap is a timeline of events coming to Verasity, and some of them have taken place. The Roadmap starts in the third quarter of 2017, with the founders identifying the opportunity to use blockchain technology to improve how video viewing is incentivized. In 2018, they organized the first private sale of the VRA token and the release of proof of concept for a player with an in-built wallet.
The Roadmap shows that they are going to launch their NFT marketplace that has been in the development and Beta phase in the third quarter of 2022. So if you go through the Roadmap, you will get an idea about the journey so far.
VRA is the official token that powers the Verasity network, and it has a market capitalization of 92 million dollars at the time of writing. There is a maximum of 10 billion VRA tokens, and right now, over 4.47 billion VRA tokens are in circulation.
Verasity also has a unique burn mechanism that allows the Foundation to buy back the VRA token and burn to ensure stability and value. The token is used to reward viewers, video publishers, and gamers on the Verasity ecosystem.
The token is an ERC-20 token, and it uses a proof of stake consensus algorithm to verify and reward deserving participants on the platform.
Where to Buy the VRA token?
The VRA token is officially available for trading on some crypto exchanges, including
- Huobi Global
VRA comes in two trading pairs on KuCoin, and they are VRA/USDT and VRA/BTC. Gate.io is among the top best crypto exchanges, and the VRA token can be traded in VRA/BTC and VRA/USDT.
The token is available for trading on Houbi Global in VRA/USDT. Bittrex offers more trading paid, and they are VRA/USDT, VRA/ETH, and VRA/BTC. OKX crypto exchange only offers VRA/USDT trading.
Conclusion – What is Verasity Crypto?
Verasity is a unique concept, but most crypto projects’ problem is scaling. We don’t know if the platform can cope with massive traffic as we see on YouTube. On the other hand, competition might be on the way coming, and others might be able to improve upon what Verasity is doing and take their audience.
If you have any questions regarding what is Verasity crypto, please ask in the comment section; thanks for reading.