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The cryptocurrency world is full of altcoins that are very ambitious. They want to conquer all the different sectors and industries not only in the cryptocurrency world, but also in other segments of the economy.
One such altcoin is Verasity (VRA), which we will explain and explore in more detail today. While Verasity has been around for some time and can be hardly considered a new coin, the project is still moving forward. And it is recently reaching a real pace.
What is Verasity?
Verasity (VRA) is a cryptocurrency project that was founded on 18th of May, 2018, and aims to become the next generation platform of video-sharing with a fair system for creators. It also wants to help advertisers to gain value for their ad spend. Through this, Verasity wants to help digital ad fraud costs media companies, which are estimated to be more than 4.5 million dollars an hour.
Thus, the mission of this cryptocurrency is to eliminate online ad fraud. Verasity will try to achieve that through transparency, security and trust, as well as building the community around different sectors.
Verasity as such is a protocol as well as a product layer platform that is built around esports, video entertainment and digital content management. Some of its features such as the VRA rewards system have already been integrated into SDKs for Youtube, Vimeo or Twitch.
This is thanks to the watch and earn SDK. Overall, it was already integrated to more than 2 million publishers, and has a combined website audience of 550 million views with a monthly more than 110 million views.
That is not all when it comes to famous projects, platforms for brands connected to Verasity. This project was already able to host tournaments by the likes of Valorant, Riot Games or Axie Infinity.
The effects of all these events and cooperation with well-known brands can be seen for instance within the community of this token. With more than 244,000 Twitter followers, 37,500 Telegram followers or almost 20,000 Reddit followers, Verasity is one of the tokens with a very strong community.
Proof of View System
Verasity has introduced a so-called Proof of View system that should help it fulfill its goals thanks to a countermeasure to the manipulation and fraud. As more than 65% of all video ad views are estimated to be manipulated by bots and hence fraudulent, the content creators as well as publishers and advertisers have one thing in common. A need for resolution of this unpleasant situation, which is exactly what Proof of View helps with.
Proof of View (PoV) is a patented technology module that combines detection of bots in combination with a distributed ledger backend. Thanks to this, it ensures that the video views are verified as genuine and valid. Only after that the views are added to the blockchain database, where they can be freely audited due to the transparency of the blockchain. Thus, this whole system ensures the authenticity of views that can be verified at any time.
Moreover, Verasity has also decided to take the Proof of View patent a step further with the inclusion of NFTs into it. This means that different marketplaces, and hence buyers, will have the ability to verify the authenticity of their NFTs, making sure that they receive what they are paying for.
As you have surely figured out by now, Verasity (VRA) is a cryptocurrency with a complex ecosystem that is much more than just a Proof of View system. And that is definitely true, by looking at just some of the different features, products or services that Verasity offers.
We already mentioned that Verasity was connected to brands such as Valorant, Riot Games or Axie Infinity. This was mostly in combination with its VeraEsports, which is a leading destination for Esports content. This next-generation platform for community engagement allows users all over the globe to access content from creators and earn rewards by watching, participating or even creating tournaments.
This is allowed thanks to the Watch and Earn program, which allows viewers to redeem points by watching streams. In return, content creators earn rewards based on popularity of their content measured for instance by viewership.
Just like any other cryptocurrency project, Verasity has also come out with its own wallet that allows users to store, stake and trade VRA tokens. It has around 250，000 users, who want to maximise their security and earn yield on their investment.
Verasity has also decided to become another competitor in the Metaverse race. Verasity and its VeraVerse will include an NFT marketplace, which is currently under development and is scheduled to be released by Q3 of 2022. It is expected that VeraVerse will be a full ecosystem of art, in-game items and collectibles.
The whole ecosystem around Verasity also contains features, products or services such as VeraViews which are combined with the Proof of View consensus mechanism, VeraPlayer, or buyback and burn mechanisms or Vera Vault and Vera Network Nodes.
Tokenomics full of different features
Rather unsurprisingly, Verasity has its own VRA token, just like almost any other cryptocurrency project out there. VRA token is a digital currency that is used for exchanging and transferring value across the whole Verasity ecosystem. This includes global esports, gaming or video economy. The token is however useful for other things as well.
Staking, earning and spending
VRA token can be staked as part of the VRA staking program. This can lead to rewards of up to 18.25% APY and the VeraWallet is the primary go-to place for this feature. The token can also be earned by active participation in the network. Watching videos, referring friends or creating tournaments can all lead to rewards in the VRA token.
Last but not least, the token can be spent or converted into other cryptocurrencies. This can be done thanks to a multitude of exchanges that support VRA such as BingX, OKX, Bitget or Kucoin.
Market cap and Buyback
The total and max supply of VRA tokens is more than 110 billion (110,356,466,695 VRA), with the current circulating supply being close to 10.34 billion VRA and the price of 0.005 dollars.
The current market cap of around 53 million dollars puts this cryptocurrency to around 360th spot in the overall market capitalisation. Yet, it is clear that the team is aiming for much higher positions.
Verasity has also scheduled buybacks and burn events. Thanks to them, the overall supply of the token is decreasing and should potentially help with increasing the demand and thus the price in the long term.
Team full of experienced people
The team behind this project is clearly very ambitious. However, since Verasity has been around for some time, we can evaluate their results at least partially and state that so far, they have delivered on almost all of their goals from the roadmap. So, who are the people behind Verasity?
The founder is RJ Mark, an entrepreneur and technologist, who has 20 years of experience with launching and building new brands. RJ Mark is joined by the likes of David Archer, who has 30 years of experience in litigation, trust law, dispute resolution or governance and who is Verasity’s Director & Legal. Or Robert Keogh, Financial Director, who specializes in SMEs within blockchain, cryptocurrency or digital media.
Other than them, the team includes Justin Wenczka, CRO, with 10+ years of experience in ad tech, Maryam Mahjoub, CMO, with 17 years of experience in marketing or Sergey Molybog, CTO, with 15 years of experience in developing technical solutions in the video player and blockchain industries. All in all, a well-balanced and definitely experienced team.
As was previously stated, the project has huge ambitions. However, Verasity has been around for more than 4 years now and is still running its operations. In fact, it is improving daily, which means that there is definitely something about this team and its community, which can help with the delivery of the promises from the roadmap. And here are just a few to look out for in the next few months.
For the Q3 of 2022, Verasity is planning to introduce NFT marketplace MVP via a public launch, introduce a platform for in-game redeemable NFT items or introduce public user profiles and NFT collections.
The last quarter of this year should bring website revamp of the VeraWallet, new video library tagging and categorisation system for VeraEsports or improved account security by introducing phone number multi-factor authentication.
Verasity is without any doubt a very ambitious project. The fact that it has been working for some time now can be a bit reassuring, however, potential investors still need to exercise caution as the market capitalisation of this token is relatively small. Moreover, it has a very extensive and aspiring roadmap, which can put a lot of pressure on the team and the delivery of the final products. Thus, as with all the other investments, investors need to do proper due diligence and decide by themselves whether to invest in this project or not.
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