What is Verasity (VRA) and What to Expect

Verasity (VRA) is a blockchain-based project launched in 2018. It has video platforms and other products designed to optimize the value of advertisements for stakeholders, which include advertisers and video content creators. Verasity functions at the convergence of esports, advertising technology, and digital rights management, utilizing cutting-edge technologies like artificial intelligence (AI), machine learning (ML), and blockchain to establish a robust advertising ecosystem. With the Proof of View platform as its foundational element, Verasity's product lines span various industries. This article will explore the nature of the Verasity coin, its uniqueness, blockchain features, and delve into the project's advantages and disadvantages.

Disclaimer: SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

Key Takeaways

1. Verasity Proof of View (PoV) technology ensures that video views are genuine, accurate, and secure, preventing fake views and bots.
2. Verasity’s Esports Fight Club platform is a popular product that provides a space for gamers to compete, earn VRA tokens, and interact.
3. Verasity has partnerships with key players in the ad tech industry, such as StackAdapt, which could drive adoption and increase the value of VRA.
4. Verasity’s staking program allows VRA holders to stake their tokens and earn daily rewards, providing an incentive to hold VRA.
5. Verasity has a patent for its Proof of View system in the US, which sets it apart from other ad tech blockchain projects.

What is Verasity (VRA)

Verasity is a tech company that has emerged as a disruptive force in the digital advertising sector. With a focus on revolutionizing the esports and video content industries, Verasity introduces innovative solutions to combat prevalent issues such as ad fraud and fake views. The company's hallmark features include the "Watch & Earn" system, the groundbreaking VeraWallet, and the utility of the VRA token within its ecosystem. Conceptualized in 2017, Verasity has made significant efforts in accomplishing its goals.

VRA is the native token of Verasity that has various features, such as:

1. Governing and securing the Verasity network and its products
2. Paying network transaction fees and advertising campaigns
3. Earning rewards for watching video content and staking
4. Supporting the Proof of View (PoV) technology that verifies and validates video views

With a total supply of 10.3 billion VRA tokens, out of which 10.1 billion are currently in circulation, Verasity has established pivotal partnerships with leading platforms and publishers, including YouTube, Twitch, Vimeo, DLive, Theta, and others, enabling users to actively earn VRA by engaging with video content. The introduction of VeraVerse, a dynamic metaverse hosting virtual worlds, games, and NFTs powered by Verasity, further solidifies the platform's commitment to fostering a vibrant and immersive digital ecosystem.

Receiving recognition for its innovation, Verasity has obtained a patent for its groundbreaking Proof of View technology in the US and the UK, with additional patent applications filed in various other jurisdictions. The Verasity staking program offers VRA holders a guaranteed 15% yield until April 2024, incentivizing active participation and engagement within the ecosystem.

Embracing a deflationary token model, Verasity strategically employs revenues generated from its advertising ecosystem to execute buybacks and subsequent token burns, effectively managing the circulating supply of VRA tokens. With a mission to enhance engagement and advertising revenue for video publishers across diverse platforms, Verasity remains committed to delivering a range of tailored products and services for the esports and gaming industry, including VeraEsports, VeraWallet, and VeraCard. Notably, the platform's unique proposition lies in its pioneering Proof of View technology, offering a transparent and auditable mechanism to eliminate ad fraud and validate views using blockchain and artificial intelligence.

As a digital currency specifically designed to facilitate value exchange within the global esports, gaming, NFTs, and video economy, VRA has garnered significant traction among a user base exceeding 300,000 VeraWallet users and is currently listed on over 24 exchanges globally. VRA's versatile functionalities span staking, earning, and spending within the Verasity ecosystem, underpinned by its support for the innovative PoV technology, which ensures real-time verification and recording of digital content views.

Verasity (VRA) price, supply and Market cap

How does Verasity work?

Verasity operates on a unique system known as Proof-of-View (PoV), which ensures the legitimacy and accuracy of view counts in digital content. By leveraging the power of blockchain technology, Verasity addresses the issues of ad fraud and fake views that have long plagued the online advertising industry.

Proof of View 

PoV is a proprietary blockchain technology that verifies and records every single ad view in real-time. Utilizing 200 touch points and artificial intelligence (AI), Verasity can determine with high confidence whether a human or a bot is watching an ad or content based on the viewers’ behavior.

Proof of Work (PoW)

Proof of Work (PoW) is a consensus mechanism for blockchain networks that is the underlying consensus model of Bitcoin. In the words of its anonymous founder, Satoshi Nakamoto, “Proof-of-work also solves the problem of determining representation in majority decision making." PoW requires miners to solve cryptographic puzzles, which requires a potential attacker to acquire a large fraction of the computational power of the validator network.

Proof of Stake (PoS)

Proof of Stake (PoS) is a consensus protocol in blockchains. It is a way to decide which user or users validate new blocks of transactions and earn a reward for doing so correctly. Under PoS, validators are chosen based on the number of staked coins they have. PoS was created as an alternative to PoW, the original consensus mechanism used to validate transactions and open new blocks.

Overall, Verasity’s unique architecture and its use of PoV technology sets it apart in the blockchain video platform space. It leverages the strengths of both PoW and PoS consensus mechanisms to maintain the integrity and security of its blockchain network.

Some of the key components of Verasity are:

1. VeraWallet: A secure and insured wallet to buy, store, stake and earn VRA
2. VeraEsports: A platform that connects esports tournaments, streamers and viewers with VRA rewards
3. VeraViews: An open ledger advertising ecosystem that uses PoV to prevent ad fraud and ensure transparency
4. Watch & Earn: A feature that allows users to earn VRA by watching video content on various platforms, such as YouTube, Twitch, Vimeo and more
5. VeraPlayer: A video player that integrates with Verasity products and supports VRA rewards
6. VeraVerse: A metaverse that hosts virtual worlds, games and NFTs powered by Verasity

Keep on reading to find out more about each of them.

Blockchain Verasity (VRA) operates on

Verasity operates on its own proprietary high-performance blockchain, which is designed to bring about a direct and transparent relationship between viewers, content creators, and advertisers. It’s unique in its design and functionality, and is built to handle the high throughput demands of online video delivery, and it does this through a combination of off-chain and on-chain solutions.

The off-chain solution handles the heavy lifting of video delivery and microtransactions, while the on-chain solution ensures transparency and auditability. This hybrid approach allows Verasity to deliver high-quality video content at scale while maintaining the integrity and security of its blockchain network.

One of the key features of Verasity’s blockchain architecture is its patent-pending Proof-of-View (PoV) technology. PoV is designed to accurately and securely verify and record the consumption of video content. This technology uses artificial intelligence and over 200 touchpoints to analyze viewer behavior and determine whether a human or a bot is watching the video. This helps to eliminate fake views and ensures that content creators and advertisers get accurate data on content consumption.

Verasity’s high-performance blockchain enables a transparent economy powered by a new micropayment capable token called VERA (VRA), as well as the ability to eliminate fake advertising and content views with patented Proof-of-View (PoV) technology. Verasity works by providing a suite of products and services that enhance the value and efficiency of video advertising and content delivery. 

In general, Verasity’s unique blockchain architecture and its use of PoV technology sets it apart in the blockchain video platform space. It leverages the strengths of both off-chain and on-chain solutions to deliver high-quality video content at scale while maintaining the integrity and security of its blockchain network.

How To Use Verasity

To use Verasity, you need to have a VeraWallet account that allows you to access the Verasity ecosystem and its products. You can use Verasity in different ways, such as:

1. VRA Staking: you can stake your VRA tokens in VeraWallet and earn a guaranteed 15% yield until April 2024
2. Advertising: you can use VRA tokens to fund your advertising campaigns on VeraViews and reach verified and engaged audiences
3. Publishing: you can integrate Verasity products into your video platforms and monetize your content with VRA rewards
4. Gaming: you can participate in esports tournaments and events on VeraEsports and earn VRA prizes
5. Viewing: you can watch video content on various platforms that support Verasity and earn VRA rewards
6. Exploring: you can enter the VeraVerse and enjoy immersive virtual experiences and NFTs powered by Verasity

Verasity Ecosystem

Verasity's ecosystem is designed to cater to the diverse needs of participants within the digital advertising and entertainment industries. Anchored by a web of interconnected products and services, Verasity's ecosystem fosters transparency, engagement, and security, revolutionizing the way content creators, advertisers, and viewers interact with digital media. Each component plays a pivotal role in enhancing user experiences, streamlining transactions, and establishing trust through innovative blockchain solutions. Some of the components are:

1. VeraWallet: serving as a secure and insured wallet, VeraWallet facilitates seamless transactions and storage of VRA tokens. Its robust security measures ensure the safety of users' assets, promoting participation within the Verasity ecosystem.
2. VeraEsports: with a focus on the esports industry, VeraEsports acts as a central hub connecting enthusiasts, competitive gamers, and content creators. By leveraging VRA rewards, VeraEsports cultivates an engaging environment, fosters a vibrant community and drives the growth of the esports sector.
3. VeraViews: an open ledger advertising ecosystem, VeraViews employs the PoV technology to eliminate fraudulent practices and establish a transparent and auditable platform for advertisers and publishers. By ensuring credibility and accuracy in advertising statistics, VeraViews instills trust and confidence in the digital advertising landscape.
4. Watch & Earn: a core feature of the Verasity ecosystem, Watch & Earn encourages user engagement by incentivizing viewers to consume video content across various supported platforms. By offering VRA rewards, Watch & Earn promotes a mutually beneficial relationship between content creators, viewers, and advertisers, fosters a dynamic and interactive content consumption experience.
5. VeraPlayer: designed as a versatile video player, VeraPlayer seamlessly integrates with the broader Verasity ecosystem and enables users to access VRA rewards effortlessly. VeraPlayer enhances the overall video content consumption experience, promoting higher user retention and engagement.
6. VeraVerse: VeraVerse serves as a virtual universe powered by Verasity, hosting an array of interactive virtual worlds, games, and NFTs. By leveraging the capabilities of blockchain technology, VeraVerse offers users an opportunity to explore and participate in an evolving digital realm, fostering creativity, collaboration, and engagement within a dynamic community.

What Makes Verasity Unique?

Verasity stands out for its comprehensive and innovative approach to resolving challenges in the video advertising and entertainment sector. Key features that set Verasity apart include:

1. Proof of View (PoV): A patented technology that verifies and validates video views and eliminates ad fraud
2. VeraViews: An open ledger advertising ecosystem that provides transparent and auditable statistics for advertisers and publishers
3. Watch & Earn: A feature that rewards users for watching video content and increases engagement and retention
4. VeraEsports: A platform that connects esports enthusiasts and streamers with VRA rewards and tournaments
5. VeraVerse: A metaverse that hosts virtual worlds, games and NFTs powered by Verasity

Who created Verasity?

Verasity was co-founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, each bringing substantial expertise from blockchain, video, gaming, and advertising industries. The Verasity team is further supported by advisors, developers, marketers, and community managers.

History of Verasity 

Verasity was launched in 2017 as a project that aims to revolutionize the video advertising and entertainment industry with blockchain technology. Since then, thanks to its experienced team and efforts, it has followed an extensive path. 

The Team Behind Verasity (VRA)

Verasity has a diverse and talented team of co-founders, advisors, developers, marketers and community managers who work together to achieve the vision and mission of the project. The team has a wealth of experience and expertise in blockchain, video, gaming and advertising industries. 

Some of the notable members of the team are:

1. Jaynti Kanani: Co-founder and CEO of Verasity. He is also the co-founder and CEO of Matic Network, a leading Layer 2 scaling solution for Ethereum.
2. Sandeep Nailwal: Co-founder and COO of Verasity. He is also the co-founder and COO of Matic Network, and a serial entrepreneur and blockchain expert.
3. Anurag Arjun: Co-founder and CPO of Verasity. He is also the co-founder and CPO of Matic Network, and a product and UX specialist.
4. Mihailo Bjelic: Co-founder and CTO of Verasity. He is also the co-founder and CTO of Matic Network, and a blockchain and smart contract developer.
5. RJ Mark: Co-founder and CSO of Verasity. He is also the founder and CEO of Hooch, a digital rewards platform for hospitality and entertainment.
6. Chris Gale: Co-founder and CMO of Verasity. He is also the founder and CEO of Odyssey Mobile, a mobile marketing and advertising agency.

Beginnings

Verasity has gone through several stages of development and growth since its start. It was a project aimed to create a decentralized video sharing platform that rewards users for watching and creating content. Verasity raised $25 million in a private sale and $4 million in an initial coin offering (ICO) in 2018. Verasity also launched its first product, the VeraPlayer, a video player that integrates with Verasity products and supports VRA rewards.

Expansion

Verasity expanded its product offerings and partnerships in 2019 and 2020. Verasity launched VeraWallet, a secure and insured wallet to buy, store, stake and earn VRA. Verasity also launched VeraEsports, a platform that connects esports tournaments, streamers and viewers with VRA rewards. Verasity partnered with various platforms and publishers, such as YouTube, Twitch, Vimeo, DLive, Theta and more, to enable users to earn VRA by watching video content.

Rebranding and Innovation 

Verasity rebranded itself as an open ledger ecosystem that brings trust and transparency to digital advertising and payments in 2021. Verasity also introduced its patented Proof of View (PoV) technology, which verifies and validates video views and eliminates ad fraud. Verasity launched VeraViews, an open ledger advertising ecosystem that uses PoV to provide transparent and auditable statistics for advertisers and publishers. Verasity also launched VeraVerse, a metaverse that hosts virtual worlds, games and NFTs powered by Verasity.

The major stakeholders of Verasity 

The major stakeholders of Verasity are:

1. Advertisers: They can use VRA tokens to fund their advertising campaigns on VeraViews and reach verified and engaged audiences
2. Publishers: They can integrate Verasity products into their video platforms and monetize their content with VRA rewards
3. Users: They can earn VRA tokens by watching video content on various platforms that support Verasity and by staking their VRA tokens in VeraWallet
4. Streamers: They can participate in esports tournaments and events on VeraEsports and earn VRA prizes
5. Gamers: They can enter the VeraVerse and enjoy immersive virtual experiences and NFTs powered by Verasity

How Is Verasity (VRA) Different To

Verasity (VRA) is different from other popular coins in several ways, such as:

Bitcoin (BTC)

Bitcoin is a digital currency that operates on a proof-of-work consensus mechanism that consumes a lot of energy and resources. Verasity is a protocol and product layer platform that operates on a proof-of-stake consensus mechanism that is more efficient and eco-friendly.

Ethereum (ETH)

Ethereum is a smart contract platform that supports various decentralized applications and tokens. Verasity is a blockchain-based project that focuses on video advertising and entertainment and has its own unique products and services.

Theta (THETA)

Theta is a decentralized video delivery network that uses a native token and a governance token to reward users for sharing bandwidth and resources. Verasity is an open ledger ecosystem that uses a single token and a patented technology to reward users for watching and creating video content.

Advantages of Verasity

Verasity's advantages extend beyond its unique features, addressing critical pain points within the digital advertising and entertainment landscape. Notable advantages include:

1. Fraud mitigation: Verasity's robust PoV system serves as a reliable shield against the ad fraud, providing advertisers and publishers with a trustworthy platform for promoting their content.
2. Engagement enhancement: by integrating the innovative "watch and earn" models, Verasity incentivizes active viewer participation, fostering higher engagement rates and increased user retention across various digital platforms.
3. Innovative technology: the platform's continual commitment to innovation and technological advancement positions it as a trailblazer in the industry, continuously seeking novel solutions to streamline digital advertising processes and enhance user experiences.
4. Staking economy: the thriving staking economy facilitated by the VeraWallet not only encourages active participation within the Verasity ecosystem but also offers users the opportunity to earn additional rewards through secure and seamless staking processes.

Disadvantages of Verasity

While Verasity presents a compelling value proposition, certain drawbacks may affect its broader adoption and growth trajectory:

1. Market acceptance: the current digital advertising landscape may prove resistant to the adoption of new technologies, potentially hindering the widespread integration of Verasity's innovative solutions.
2. Regulatory challenges: the evolving regulatory environment surrounding digital currencies and advertising practices could pose challenges for Verasity, requiring continual adaptation and compliance to remain competitive and legally compliant.
3. Token dynamics: the deflationary nature of the circulating supply of VRA tokens, although potentially beneficial for long-term value appreciation, may present challenges in maintaining a stable and predictable market environment. This can potentially impact investor sentiments and market dynamics.

How Is The Verasity coin Secured? 

Verasity ensures security through a combination of sophisticated security features, backed and audited by their expert developer team. They deploy a combination of advanced automated tracking and human-led manual reviews to ensure a secure and reliable environment for users to manage their VRA. One of the key security features is the use of cold storage, where tokens are stored on a device that is not connected to the internet or any other networks. This method of storage ensures that 99.9% of the time, tokens are disconnected from the network and effectively isolated from any potential attacks.

Buying Verasity (VRA)

If you want to become an owner of the coin after you’ve read about what is VRA crypto - head to SimpleSwap and follow these instructions:

1. For example, you want to swap BTC for VRA. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select VRA in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. VRA will be sent. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to VRA exchange.

How to Stake Verasity (VRA)

To stake VRA in VeraWallet, you need to have at least 10,000 VRA in your Main wallet. After sending at least 10,000 VRA to your VeraWallet account, you can then stake VRA from the staking tab in your VeraWallet.

How to Mine VRA

Verasity (VRA) is not a mineable coin. This is because Verasity operates on the Ethereum blockchain as an ERC-20 token, and ERC-20 tokens are not mined. Instead, they are issued by the respective project, in this case, Verasity. The total supply of VRA tokens was determined at the time of its creation and tokens are distributed according to the rules set by Verasity. This can include methods such as staking, where users can earn tokens by participating in the network, or through token sales. Mining, which involves solving complex mathematical problems to validate transactions and secure the network, is not a feature of the Verasity network or the VRA token.

Verasity Roadmap

During the first quarter of 2023, Verasity has made significant strides, exceeding initial expectations and achieving crucial milestones that have reshaped their commercial trajectory. Through targeted efforts and strategic initiatives, the company has implemented transformative measures, profoundly impacting the Verasity ecosystem and the VRA token as a whole. Notable highlights from their roadmap progress include the initiation of quarterly burns, unveiling the inaugural users of the VeraViews adstack, and the dissemination of valuable insights and statistics via their pioneering case studies. Additionally, Verasity has dedicated resources to substantial enhancements of their commercial products, signaling a commitment to continuous innovation and growth within the digital advertising and entertainment sectors.

1. VeraViews - Welcoming new ad partners and publishers: This remains an ongoing and self-explanatory objective on the roadmap, and it stands out as particularly crucial for Q1 2023 and the subsequent months. Given the commercial readiness of VeraViews, the establishment of a robust business development team in London in 2022 has been pivotal. The strategic move involves recruiting seasoned commercial professionals, and this momentum will persist into 2023, driving the continuous expansion of the business development team and the onboarding of additional advertising partners and publishers.
2. Improving IVT Detection Algorithms through Machine Learning: Verasity consistently explores emerging technologies to enhance the intelligence and effectiveness of ad fraud detection. Notably, machine learning plays a pivotal role in this endeavor, offering a smarter and more potent approach to safeguard advertisers and publishers from fraudulent activities. The deployment of machine learning algorithms represents a dynamic strategy to detect advertising fraud, applying innovative techniques to fortify the platform against diverse forms of fraudulent behavior.

Verasity’s roadmap reflects a year of revenue growth, with a focus on onboarding new ad partners and publishers, and improving IVT detection algorithms via machine learning. They are committed to continuously improving their product offerings and providing value to their business to business (B2B) offerings and their valued crypto community users.

Future of Verasity

The future of Verasity appears to be on an upward trajectory. According to various predictions, the price of Verasity’s VRA token could potentially reach a maximum of $0.011063 after a period of five years. Some predictions even suggest that Verasity could break through the $0.0158 barrier and hold the market by the end of 20242.

Moreover, the current sentiment is bullish, and the Fear & Greed Index is showing 74 (Greed). This indicates a positive market sentiment towards Verasity, which could drive its price upwards. To see more about the price prediction of Verasity, please follow the link on SimpleSwap blog.

Given Verasity’s unique offerings in the video advertising industry and its patented “Proof-of-View” consensus mechanism, it has managed to attract a lot of attention from investors. As the project continues to evolve and expand its use cases, it’s expected that the value of the VRA token is expected to continue to rise.

The Bottom Line

Verasity is a unique project in the blockchain space with a promising future. Its innovative approach to resolving the challenges of video streaming and advertising fraud sets it apart from other projects. The predictions for the price of the VRA token are generally positive, with many experts believing that it will continue to increase in value. However, as with any investment, potential investors should conduct their own research and consider the risks before investing.

Verasity’s future success will largely depend on its ability to continue innovating and adapting to the rapidly changing landscape of the blockchain and video advertising industries. If it can do this, there’s every reason to believe that Verasity will continue to grow and succeed in the future.

FAQ

Found out more about VRA through the FAQ section.

Can VRA be mined and how to mine Verasity?

Verasity (VRA) is not a mineable coin and does not support traditional mining methods. However, users can participate in the Verasity ecosystem and earn VRA through alternative means such as staking, participating in the platform's staking program, and engaging in various activities within the Verasity network. While Verasity does not facilitate mining operations in the conventional sense, the platform provides users with diverse avenues to actively contribute to the ecosystem and earn rewards in a secure and streamlined manner.

What is Verasity doing?

Verasity operates as an open-ledger ecosystem with a core mission to combat advertising fraud, facilitate accessible infrastructure for publishers and advertisers, and incentivize users for their engagement with video content. It also provides payment solutions and a rewarding staking ecosystem with 15% yields guaranteed through to April 2024.

Is VRA on the Ethereum Blockchain?

Yes, Verasity’s native token, VRA, operates on the Ethereum blockchain.

What is the value of the Verasity coin?

The current value of Verasity (VRA) is approximately $0.00636500, with a market capitalization of around $65,159,262.

How does Verasity proof of view work?

Verasity’s Proof-of-View (PoV) technology uses blockchain-powered AI, transparency, and immutability to defeat online ad fraud. It verifies and records every single ad view in real-time, ensuring that views are authentic and providing stakeholders within the video ad space a trusted, single source of truth for capturing verified human views.

If you find VRA an attractive asset to own, make sure to join our VRA Trading Contest, and get a chance to win a share of the 500,000 VRA prize pool! Exchange VRA for any other crypto and join the competition — it is easy as that! Find out more by exploring the contest page.