Featured News Headlines
What is Verasity (VRA)?
The world of cryptocurrency isn’t just about financial assets. The true wealth of this ecosystem lies in projects that develop unique technologies to solve real-world problems. One such project is Verasity (VRA), which aims to revolutionize a wide range of fields, including internet advertising, video content, and NFTs (non-fungible tokens). So, what exactly is Verasity, and why is it attracting so much attention? In this guide, we’ll delve into VRA from the ground up, providing a detailed overview.
The Genesis of Verasity: Why Was VRA Needed?
The internet advertising industry is a massive, multi-billion-dollar market. However, for years, this market has been grappling with serious issues. At the forefront of these problems is ad fraud. Videos viewed by fake bots, ads that no one ever sees, and the massive financial losses stemming from this situation are victimizing both advertisers and content creators.
Verasity was born with the goal of providing a radical solution to this problem. By developing patented technologies, it set out to detect ad fraud and create a more transparent, fair, and efficient advertising ecosystem. The project didn’t stop at ad fraud; it also offers innovative solutions in areas like video playback, esports, and the recently popular NFTs.
Verasity’s Core Technology: What is Proof of View (PoV)?
Verasity’s most distinctive and crucial technology is its patented system called Proof of View (PoV). This technology is VRA’s most potent weapon against ad fraud.
PoV is designed to determine whether a video or an ad has been viewed by a real person or a bot. The system analyzes viewing behaviors, mouse movements, playback duration, and IP addresses to instantly identify fraudulent impressions. The working principle of PoV can be summarized as follows:
- Data Collection: When a user starts watching a video or an ad, the PoV technology begins to collect data related to their browser and viewing behavior.
- Analysis and Verification: The collected data is analyzed by Verasity’s artificial intelligence and machine learning algorithms. If the impression is from a “real” person, it is recorded and verified on the blockchain.
- Payment and Transparency: Advertisers make payments for the verified impressions. This process is visible to everyone, thanks to the transparency of the blockchain.
This ensures that advertisers can be confident their money is reaching the intended audience, while content creators can earn the revenue they deserve without falling prey to fraud.
The Verasity Ecosystem and Products
Verasity is not just about its PoV technology. It has developed various products for different sectors, all built on this core technology. These products enrich the VRA ecosystem and expand the project’s use cases.
1. VeraPlayer™ and VeraWallet
VeraPlayer™ is Verasity’s video player. It allows content creators to easily integrate their videos into their own websites or platforms. The biggest advantage of VeraPlayer™ is that its integrated PoV technology guarantees that videos are being watched by real viewers.
VeraWallet, on the other hand, is a wallet that allows you to securely store and manage your VRA tokens. A key feature of VeraWallet is that it enables users to earn passive income by staking their VRA tokens. By locking up their VRA in the wallet for a specific period, users can earn rewards at a certain interest rate. This reduces the circulating supply of the token while encouraging long-term commitment to the project from users.
2. VeraEsports™
Esports has become one of the fastest-growing sectors in recent years. However, issues like ad and viewership fraud also exist in this field. Verasity established a platform called VeraEsports™ specifically for this market.
VeraEsports™ is a platform that live-streams esports tournaments and offers a “watch and earn” model for viewers. Users can earn VRA tokens by watching tournaments on the platform. This model not only increases viewer engagement but also revitalizes the platform’s token economy. Furthermore, thanks to PoV technology, the viewership data on the platform is completely real and verified, making it an attractive target for advertisers.
3. NFT Platforms and a Growing Ecosystem
Verasity is extending its expertise in video and esports to NFTs, which have gained immense popularity recently. The project aims to use PoV technology to guarantee the verifiability and originality of NFTs.
Counterfeiting and copyright issues in the buying and selling of NFTs pose potential risks that could hinder the market’s growth. Verasity’s technology could help verify that an NFT truly belongs to its creator and that there are no fake copies. This is a crucial step that will protect both artists and buyers.
The Role and Economy of the VRA Token
At the heart of the Verasity ecosystem lies its native cryptocurrency, the VRA token. VRA is not just an investment vehicle; it’s the fundamental element that powers the ecosystem.
The main use cases for the VRA token are:
- Medium of Exchange: Advertisers pay with VRA tokens for services on the platform.
- Reward Mechanism: Viewers earn VRA tokens through the “watch and earn” model.
- Staking: VeraWallet users earn passive income by staking their VRA tokens.
- Governance: In the future, VRA holders may have the right to vote on decisions regarding the project’s future.
VRA has a limited total supply, and the project’s roadmap includes periodic token burns. Token burns aim to reduce the circulating supply, potentially increasing the token’s value.
The Future of Verasity: Why It Matters
Verasity is more than just a cryptocurrency project; it’s a technology company with the potential to offer lasting solutions to real-world problems. The project’s future depends on several key factors:
- Technology Adoption: The adoption of PoV technology by major advertising platforms, content creators, and brands is the most important factor that will increase VRA’s value.
- Partnerships: Verasity can expand its ecosystem through strategic partnerships with esports teams, streaming platforms, and NFT marketplaces.
- Market Trends: Its integration into fast-growing sectors like NFTs and esports could make VRA a significant player in these markets.
Verasity is an ambitious project that’s fighting against ad fraud, the dark side of internet advertising, rewarding content creators and esports players, and building a brand new ecosystem using the transparency of the blockchain. With this potential, VRA stands out as one of the most notable projects in the cryptocurrency market.
