Blockchain and cryptocurrencies have been an important part of modern financial systems. As time goes on, the benefits of blockchain continue to extend to more sectors around human life.
Entertainment is one of the industries where blockchain technology is still growing. However, with innovative projects like Verasity, the Entertainment industry can now enjoy the benefits and features of blockchain technology.
Verasity was launched in 2018 and is a blockchain-based video creator platform. It also features other products that allow creators to earn more revenue from third-party advertisements.
Verasity aims to cut out the adverse effect of bots on creators’ revenue on video platforms. With Verasity, several billions of dollars in advertisement revenue will be saved.
The platform features an innovative protocol, the Proof of View, to reduce ad fraud, ensure genuine views and completely cut out bot views.
How Does Verasity Works?
Verasity is an ad tech platform that fosters eliminating fraud and promoting authenticity, transparency, and accountability in advertisement delivery.
The traditional ad and ad tech industries have faced many setbacks, from revenue loss to bot engagement. However, Verasity is a blockchain-backed solution that promotes transparency of campaign data by utilizing a public ledger.
The platform integrates a Content Delivery Network that houses two main components; Veraviews and Proof of View (PoV) technology.
1. VeraViews
One of Verasity’s core components, VeraViews, is a patented ad tech stack that harnesses the power of blockchain’s on-chain and off-chain elements to ensure valid ad engagement.
Brands and agencies interested in using VeraViews can initiate campaigns with VRA tokens. Their payment is stored in a blockchain-based escrow pool that rewards viewers and publishers.
Once a real user watches the ads, the PoV obtains statistics to analyze engagement data on the ad in real time. Once a viewer views the ad, the escrow pool unlocks VRA tokens and rewards both viewers and publishers.
With this, Verracity’s VeraViews ensures agencies and brands only pay for valid views and engagement. Also, the real-time analysis ensures that all participants, including viewers, creators, and publishers, are rewarded faster.
2. Proof of View Technology
Verasity’s Proof of View is a module that combines the transparency of blockchain technology with advanced bot detection. This ensures validity during auditing and reporting of interactions with ads on the platform.
The PoV verifies ad views and records useful ad engagement metrics on the blockchain. With this PoV, the VeraViews can detect any fraudulent activities with some viewer metrics, including fingerprinting and behaviors.
Verasity Ecosystem
Apart from the patented Proof of View technology and VeraViews, other components of Verasity’s ecosystem include:
1. VeraEsports: A leading cutting-edge platform for ESport content. It provides a reward model that incentivizes gamers and esports enthusiasts to participate in and watch gaming tournaments.
2. VeraPlayer, Verasity’s online proprietary video player. It features VeraViews to optimize revenue from advertisements. It also has VeraWallet, which allows users to track their rewards.
3. VeraWallet is the platform’s non-custodial wallet that allows users to store, stake, and earn VRA tokens. It also provides crypto and non-crypto payment options for Verasity users.
4. VeraVerse: An up-and-coming NFT ecosystem that will transform Verasity into a vibrant world of NFT collectibles. It will feature art, metaverse collectibles, in-game assets, and other digital items.
5. Watch & Earn: Veracity’s Watch and Earn program allows users to view ads and earn VRA tokens as incentives. This program uses a custom-built SDK integrated into popular publishers’ platforms like YouTube.
VRA Tokens
At the heart of Verasity’s vibrant economy is the $VRA, its native token. The token powers every economic and financial activity within Verasity, most important when advisers want to fund campaigns or boost user engagement on their campaigns.
Users can earn VRA rewards by viewing videos and subscribing to channels or publishers on major video publishing media like YouTube or Vimeo.
Verasity users can also earn VRA tokens via advertisement, referrals, playing games, or signing up for offers. Meanwhile, content creators can also earn incentives from their viewers or fans.
Meanwhile, the token has a deflationary mechanism that will reduce token supply via burning in order to increase its value.
Steps to Stake VRA Token
Locking your VRA token provides a low-risk way to earn while preserving your investment in Verasity. Meanwhile, staking your VRA tokens is possible via the VeraWallet, the official Verasity wallet.
As mentioned earlier, the wallet allows instant buying and selling of VRA tokens. More importantly, it allows VRA holders to earn by staking their tokens.
Locking VRA allows stakers to earn yield rewards daily with an APY of up to 25.5%. In fact, Verasity has dedicated a 2.5 billion reward pool for stakers.
To stake VRA tokens on VeraWallet, you must sign up for a VeraWallet account. Afterward, buy VRA tokens, lock them up for as long as you want, and get rewarded daily.
You can stake your VRA token in two steps:
- Sign up for a VeraWallet account
- Instant Buy and Stake VRA Tokens
1. Sign up for a VeraWallet account
Here’s how to sign up for a VeraWallet account:
- Create an account
- Verify Email Address
- Set up 2FA verification
1. Create an account
On your web browser, visit https://verawallet.tv to create a new VeraWallet account.
Click on CREATE ACCOUNT under the sign-in page on VeraWallet’s homepage.
To create an account, choose your preferred wallet language. Enter your details, including your email address and preferred password.
Ensure that your wallet password contains random characters, including numbers, letters, and other characters.
Agree to the T&C and Privacy Policy to continue.
Finally, complete the puzzle that pops up to verify that you’re not a bot.
2. Verify Email Address
After creating an account, a verification code will be sent to the email address you used.
Copy and paste the verification code from your email inbox to the space provided. Then click on SUBMIT to finish your registration.
You can also check your spam folder if you can’t find the verification mail in your inbox.
3. Set up 2FA Verification
You need to set up 2 Factor authentication for your account by downloading authentication apps like Google Authenticator or Authy.
You can get one from your mobile app store for Android or iOS devices.
After downloading the app, scan the QR code provided for 2FA verification or manually input the account details into the authenticator.
To do this, open your authenticator app and tap GET STARTED.
To set up your VeraWallet account in the authenticator, click on ‘SCAN A QR CODE’ or ‘ENTER A SETUP KEY’ and tap ADD.
If you’re using set up key, input ACCOUNT and KEY details in the fields provided, then tap ADD.
Once you’ve added your VeraWallet, the authenticator app will generate a six-digit verification code.
Click NEXT in your VeraWallet and paste the generated verification code in the field provided. Tap DONE, and that’s all.
Once you finish setting up the 2FA authentication, you can only access your account with the six-digit code generated in your authenticator app.
Ensure you safeguard your 2FA account details so that you can easily regain access to your VeraWallet account in case you lose access.
4. Provide Personal Details
For the final part of creating a VeraWallet account, you need to supply personal details to make the account recovery process easier.
On the next page, you will be prompted to provide your First and Last name, Date of Birth, Country of Resident, Residential address, and phone number.
2. Instant Buy and Stake VRA tokens
After creating an account, it’s time to buy and stake VRA in your VeraWallet.
In your account, click on INSTANT BUY AND STAKE VRA.
With this option, you can easily buy VRA by sending BTC, ETH, BNB, or USDT to your VeraWallet.
Therefore, before you can buy VRA via this option, you must fund your account with supported cryptocurrencies.
Choose the cryptocurrency type and enter the amount of the cryptocurrency you’d like to change for VRA.
Continue by clicking ‘BUY and STAKE.’
On the next page, carefully read the instructions and ensure you only send the coin to the supported network as follows:
- USDT – ERC20 (Ethereum network)
- BTC – Bitcoin network
- ETH – ERC20 (Ethereum network)
- BNB – BEP2 (Binance Chain network)
Click on SHOW ADDRESS to reveal the deposit address of the coin you choose.
Copy the deposit address and transfer the corresponding token to it.
NOTE: BNB transfer is only available in BEP2 (Binance Chain) and not BEP20 (BNB Smart Chain). Therefore, you need to copy the provided memo to complete the transfer.
Once the transfer is completed, the token will automatically be staked in VRA.
Conclusion
Verasity features a highly innovative solution to end ad fraud via cutting-edge technology that verifies authentic viewership.
Its PoV protocol and Veraviews have provided a haven for billions of dollars lost in bot views. This way, all parties, including users, viewers, creators, and publishers, can benefit adequately.
Apart from token incentives for viewers, staking VRA is another amazing DeFi opportunity within Verasity and its ecosystem. By staking in VeraWallet, stakers can earn up to 25% APY yield per annum on their VRA investment.