What is Verasity?
Verasity is a video sharing platform that breaks the status quo and brings the worlds best focus and decentralization together. However, this project has much more to offer than simple video sharing; What sets it apart from the rest is its innovative economic model that puts viewers first, but also allows content creators and advertisers to also benefit.
Right now, there is not much hype behind this project, as the company has yet to start its marketing efforts. However, their private sales are currently available through April 30, which will then be available to the public until May 31 (25% off) then sold publicly through the 30th of May. 6. As we get closer to these days, hear more about this project.
In the meantime, let’s see what Verasity is offering.
The current state of the video sharing economy
Online video is a big business. Cisco estimates that by 2021, video traffic will account for 82% of total consumer traffic. In 2016, this figure is 73%. YouTube itself is estimated to be worth at least $ 75 billion.
However, it is not effective in the current video sharing business model that Verasity is seeking to exploit. The rise of ad blocking software is one example. According to the PageFair ad blocking page, 615 million devices use ad blocking software; increased by 30%. And that’s in 2016!
Second, because websites like YouTube rely on advertising revenue to survive and pay for their content creators, advertisers use an increasing amount of control over content. YouTube ‘Adpocalypse’ as it has been dubbed, has seen many content creators make a big revenue for their income. This has led to an increase in third-party revenue alternatives such as audience contributions (such as Patreon) and sponsored videos. Viewers, especially those who like to view content that may not be considered ‘advertiser-friendly’, are also lost in this case.
Third, because content creators are primarily compensated based on views, unethical practices may appear as they track views. The most common of these is view buys, in which bots (or other methods) are used to increase the number of view counts. A quick Google search for ‘buy YouTube views’ will give you dozens if not hundreds of options.
Finally, as a centralized platform, it is the responsibility of its shareholders, not the viewer. Viewers are simply there to make money. Verasity wants to change all that and put viewers first while maintaining a viable economic model.
How Verasity’s unique eco-system works
Let’s start by identifying the three main participants in the Verasity ecosystem and their respective roles. It is important to note about the whole system as it involves a lot of ‘microtransactions’ between all the participants. Because traditional sites do not allow efficient micro-transactions, a blockchain solution presents the best alternative.
Verasity for viewers
See great content
Verasity’s economy is designed to help viewers find content that they really want to see.
The direct commercial relationship between the channel owner and their viewer ensures no third-party biased content suggestions.
Get bonuses to see
Verasity encourages viewers to interact with the platform by rewarding them with VERA for what they watch.
Direct advertisers reward viewers with a view of their ads.
Get Vera with support channels
In Verasity, viewers can help support the development of a content channel through VeraSparks.
If the viewer owns VeraSparks in a channel, they will receive a portion of VERA collected by the channel.
Verasity for video content creators
Create a channel and upload a video
Any Verasity user can become a Creator and launch a channel.
Verasity utilizes proven, scalable, and high quality video technology that ensures the best experience for their creators and fans.
Many ways to make money
Verasity allows microtransactions to create the most flexibility for Creators and Publishers to monetize their content.
No longer have to wait for payments because Verasity transactions are fast, secure and transparent.
Develop a fund for your channel
Through VeraSparks, the creator may sell a portion of future channel revenue on Verasity, in exchange for VERA. This VERA can be used to promote growth in a channel and users buy VeraSparks the successful sharing they have helped create.
Advertisers must pay viewers to view their ads. They receive increased ROI on their advertising spend through Verasity’s ‘Proof of View’ technology, using blockchain technology to ensure accurate, safe and verifiable object metrics. For example, this technology does not count the time spent watching in parallel, only 60 minutes of content can be viewed per hour.
This PoV technology is an essential part of Verasity’s business model because it allows the platform to assign a more accurate value to the content. It is publicly tested, increasing the trust of the participants based on that data. Verasity has filed a patent application involving this technology, which is also the GDPR and PCI DSS compliant.
Infrastructure of Verasity
As a platform, Verasity consists of four components. They are:
Technology for video distribution and storage
Verasity is the white label version of the existing online video platform. This means the Verasity video player has been purchased on the market; The company does not have to develop it. As such, it is a ‘test’ product, with Verasity claiming that the technology has been proven to deliver 8 petabytes of data per month (1 PB = 1,048,576 GB). This scale is achieved by Verasity in partnership with Akamai, one of the world’s leading providers of CDN (content delivery networks).
The player is also tuned to the mobile device screen and is fully ready for HD (although the official report only records 1080p / 60fps, not many on these days).
Blockchain will be used to store all non-video data, such as records of all micro transactions and different smart contracts. With a view to long-term scalability, Verasity has chosen to use Graphchain blockchain.
This open source blockchain technology was first used on the BitShares platform and is currently being used on other large blockchain projects such as Steemit and EOS. Its transaction speed is estimated to be ~ 3,300 per second (note that this is on the BitShares testnet platform). However, its creators claim that it can reach 10,000 to 100,000 transactions per second. The key to achieving these speeds is the consensus mechanism for evidence of consensus.
Content management tools
The content management layer makes up the participant interface used to interact with the platform. Verasity claims that this class has been developed and will include features such as analytics, recommendations, and content censorship. Content censorship will start at a more centralized administrative level while gradually moving to a user-based censorship system.
Venture channel favors
This component provides the Verasity platform one of its most unique features, the Spark Marketplace. As mentioned, this is where participants can ‘invest’ in the content creator’s channel by purchasing VeraSparks. VeraSparks can also be traded between for-profit participants. Each channel is assigned a value based on an algorithm that takes into account views (based on PoV technology), revenue stream, and recommendations.
VERA Code and Veracity Economy
As the currency of the Veracity economy, the VERA code will be used to facilitate all types of transactions described in the previous sections. Managing the VERA token changes is essential to the sustainability of the Verasity economy. After all, nobody wants to use a property that fluctuates extremely well as a currency.
Verasity uses techniques to manage volatility and encourages long-term holdings of Vera tokens. They are:
Money Supply Management: Newly cast Vera cards will be added to the reward. From there they can be strategically allocated between different parties to maximize participation. Verasity will use increased money supply to offset any sudden mutation in demand for tokens. This also functions as a short-term speculative mechanism. Once the economy stabilizes, Verasity hopes to keep inflation at 3% per annum. Verasity can also be reduced to zero in the opposite scenario. And if that is not enough, the platform can continue to offer lower by taking the cards out of circulation.
VeraSparks: The higher the number of participants in a channel in the content creator’s channel, the more Vera tags are ‘locked’ to the system.
TotalSparks: Another unique feature of this platform. Participants can purchase TotalSparks, which allows the holder to hold a portion of the proceeds of the Verasity Foundation’s commercial fund (where the transaction fee is made). TotalSparks has an expiration date, when the original amount will be refunded to the user. Consider TotalSparks as a government bond for VeraSparks.
Verasity has also joined the Center for Cryptography, a blockchain economic research service, to carry out a study of its economic model. You can find this economic article here.
Development status and Verasity roadmap
While the white label components of Verasity’s infrastructure are ready to go, other parts are still being developed. After selling the token, Verasity plans to release its blockchain and wallet in the third quarter of 2018. Verasity targets its beta platform to launch in the fourth quarter, with full release in 2019.
Sell Verasity’s upcoming token
Verasity’s prior period will run from May 1 to May 31, 2018.
Their public sale will be from June 1 to June 30, 2018.
22% of the tokens are allocated to these transactions.
The softcap is $ 4M (including any private contributions).
The proposed increase is $ 23.7 million.
Unsold token will be burnt.
What are the short and long term potentials of Verasity?
Since Verasity has not yet started strong marketing efforts, it’s hard to predict how ICOs and their tokens will work in the short term. However, its Telegram group has reached over 25k members, which is decent, meaning we can soon see a ramp up in buzz around this project. One thing Verasity has gone for is that it has committed itself to the ICO Sustainable Protocol, a new initiative, and a methodology to ensure sustainable, safe and prosperous ICOs.
In the long run, Verasity’s unique business model makes it stand out from the pack. Its core advantage is its proprietary and expandable blockchain, Proof of View technology and many monetization options for content creators. Although it is too early to predict exactly what this project will be like, Verasity is a promising project in a market space designed to change.
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