Today we turn our attention to the project Verasity. let's move on to the project.
Online video is the fastest growing medium. It is set to account for 82% of all consumer Internet traffic by 2021 and the market is worth $312 billion. Yet the online video business model is fundamentally challenged.
With the advent of online video platforms, both video creation and consumption are more accessible than ever before. This has led to a significant increase in content production and consumption as audiences shift online for digital entertainment. However, under current advertising models, companies like Facebook and Google stand out as the winners generating $191.8 billion of net advertising revenue between them in 2017 by controlling the distribution of content and the sale of advertising.
Audiences have fast turned into a commodity. Their personal data is sold to corporations for more targeted advertising, while creators and publishers receive a percentage of revenue after the platform and intermediaries take a significant share of the advertising revenue. In recent years, content creators and online publishers have been very vocal on these issues, as the limited revenue they are generating means they are unable to re-invest into content and, therefore they struggle to maintain their channels.
With these monopolies controlling the majority of online content, they continue to turn the screw to increase margins, change algorithms that demonetize creators and decide what content is monetizable. Any competitor who sets out to challenge this status quo and gains audience attention is quickly acquired and controlled, threatening future consumer options online.
Without disruptive change, we are witnessing a race to the bottom caused by conflicting priorities between Creators, Advertisers and their current platforms.
Verasity sets to change all this. It is next generation video sharing platform is designed to liberate creators and benefit the viewer experience.
Using blockchain technology, the platform facilitates direct and transparent value exchange between video viewers and content publishers or creators. As a Foundation, revenues are retained within the economy and for platform operating costs. Verasity puts the power back into the hands of the users and content providers, creating a better ecosystem for all.
The Verasity protocol aims to power the future of digital entertainment. It will be adopted by Content Publishers, Creators and Advertisers as a replacement for traditional content monetization channels. Verasity will challenge the hegemony of the tech giants who are rapidly becoming digital cartels.
The “VERA” token is a new medium of exchange and reward for video creation, sharing and viewing across the Verasity community. Anyone watching videos can earn VERA currency. If they choose to watch adverts or share the videos with their network, they will then receive further rewards in VERA. The platform gives Creators and Publishers a variety of monetization solutions to choose from. Verasity’s mission is to help them generate more value from their content. All transactions of the VERA token will be tracked and stored on the Blockchain utilising Delegated Proof of Stake (DPoS).
Verasity adheres to the following fundamental principles:
- A platform providing trust, transparency and integrity to the video sharing community.
- Viewers should be able to purchase and view high-quality video across multiple devices and operating systems anywhere on the globe without buffering, latency or playback issues.
- Viewers should have the opportunity to sell their time-based attention to the highest bidder but not be required to do so in order to engage with content.
- Viewers should be able to decide if they wish to receive targeted advertising and if their demographic information can be used for targeting.
- Creators should be able to easily upload, share, monetize and retain control of the distribution of their content.
- The platform should optimize for high quality consumer experiences, while minimizing the cost of distribution thereby creating more margin for Content Creators, and more affordable media for Consumers.
- There should be multiple monetization methods to best suit each perspective participant within the ecosystem where payments are processed and received in near real time.
- All value exchange should stay within the economy and ecosystem supporting both growth and innovation as well as ensuring that all participants are fairly compensated for their contributions.
Verasity’s custom-built video player is optimized for providing high quality video experiences, at scale, as economically as possible. The VeraPlayer utilizes several novel technologies for enabling the seamless commercial ecosystem, combined with the latest Internet protocol performance standards like QUIC (Quick UDP Internet Connections). This is an innovative use of secure Transport Layer Security(TLS) and User Datagram Protocol (UDP) reducing buffering, and increasing video resolution for Viewers.
Viewers can access content from a variety of modern browsers without having to install any additional plug-ins or player software. The video player technology has already been proven to work at scale, powering over 8 PetaBytes of video traffic per month. VeraPlayer has been in continuous development for 3 years.
Interface of VeraPlayer
● HTML5 player
● Vast 3 and VPAID support
● Vera Wallet integrated access and interface
● Can run with or without Google IMA SDK
● Lightweight and adaptive for mobile screens
● Fully configurable, customizable and API enabled
● 1080p / 60 frames-per-second Full HD ready
The VeraPay component will provide the ability for users to buy VERA easily. This is by using a third party integration to manage all the necessary transaction and security protocols. VeraPay will support the VERA microtransactions between Viewers, Publishers, Creators, Advertisers and Sponsors. This ensures users have a seamless experience to join and utilize the ecosystem. Atomic swaps between other crypto tokens will also be explored for ease of decentralized transactions between cryptocurrencies and VERA.
Management of Verasity intends to launch a desktop wallet application to safely store users’ VERA. The desktop wallet application will also allow users to act as Verafiers to verify transactions and participate in the creation of new blocks. The Web wallet offers users easy access to their VERA on the platform. The wallet is built into the player, providing users access to their balance in realtime, and enables the VeraPay protocol to seamlessly send and receive VERA within the ecosystem. Users can transfer funds between each wallet.
The team are seasoned professionals with proven track records with high-performing businesses in the media, video and technology sectors. The core team have been involved in the project together since 2017. The development team and management are full-time and have been collaborating together for four years.
Today, more and more people like to use video to search for information. In the future, such people will be even more. Therefore, I believe that this project is moving in the right direction. The project has an experienced team. I believe that this project has a chance of success.
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