Verasity is a video sharing platform that aims to break the status quo and unite the best of centralized and decentralized worlds. However, this project has much more features than simple video sharing; what distinguishes it from the rest is its innovative economic model, which first places the viewer, but allows content advertisers and other users to enjoy the benefits.
Let's begin by identifying the three main contributors to the Verasity ecosystem and their respective roles. It is important to note this entire system, that it includes a multitude of “microtransactions” between all participants. Since traditional websites do not allow efficient microtransactions, the best option is blockchain solution.
Viewers can earn VERA tokens by viewing content, choosing to view ads, or as payments from investments in the content creator channel through the Sparks Marketplace. Verasity can add additional monetization opportunities for viewers as they evolve.
One of the strengths of Verasity is the number of ways to create content for monetization. The following monetization options are available:
- Donations to viewers
- Exclusive PPV content
- Monthly subscriptions to exclusive content
- Advertising - As already mentioned, viewing ads is never a must; he strictly depends on him. Viewers earn tokens from the selection.
- Spark Marketplace - one of the most unique features of Verasity. Through this market, content creators will be able to sell "bets" on their channel to other participants. These rates give the owner the right to receive part of the income from the channel. They can also fluctuate in value and bargain among participants, as well as stocks.
By providing content creators with a variety of monetization methods, Verasity intends to give them more freedom to create content that resonates with their particular audience.
Advertisers must pay viewers for viewing their ads. They get increased return on investment in advertising through Verityity Proof of View technology, which uses a blockchain to provide accurate, secure, and audited audience performance. For example, this technology does not take into account the time of "parallel viewing", i.e. You can observe only 60 minutes of content per hour.
This PoV technology is an integral part of the Verasity business model because it allows the platform to assign more accurate content value. It is publicly controlled, which increases the confidence of participants who rely on such indicators. Verasity has applied for a patent related to this technology, which also meets the requirements of GDP and PCI DSS.
Verasity platform consists of four components:
- Video hosting and video distribution platform
Verasity is the white-tagged version of an existing online video platform. This means that the Verasity video player was purchased from the market; the company did not have to develop it. Thus, it is a “proven” product, while Verasity claims that the technology has already proven its effectiveness in 8 petabytes of data per month (1 PB = 1,048,576 GB). This scale is achieved through the partnership of Verasity with Akamai, one of the world's leading suppliers of CDN (Content Delivery Network). The player is also adapted for mobile screens and fully ready for HD (although the document only has 1080p / 60fps, which is not so much these days).
- Blockchain infrastructure
The blockchain will be used to store all non-video data, such as recording all microtransactions and various smart contracts. In order to ensure long-term scalability, Verasity decided to use a Graphene block chain. This open source blockchain technology was first used on the BitShares platform and is now being used in other major blockchain projects such as Steemit and EOS. It is said that the speed of its transaction reaches ~ 3,300 per second (note that this was on the platform of the test platform BitShares). However, its creators claim that it can reach from 10,000 to 100,000 transactions per second. The key to achieving these speeds is its delegated evidence of an agreed consensus.
- Content Management
The content management level that forms the interface participants is used to interact with the platform. Verasity claims that this level has already been developed and will include features such as analytics, recommendations and content moderation. Content moderation will begin at a more centralized administrative level, gradually moving to the user moderation system.
- Channel support
This is the component that gives the Verasity platform one of its most unique features - Spark Marketplace. As already mentioned, this is where participants will be able to “invest” in the content creator channel by purchasing VeraSparks. VeraSparks can also be exchanged among participants for profit. Each channel is assigned a value based on an algorithm that takes into account the number of views (based on PoV technology), revenue stream and recommendations.
As the currency of the economy, Veracity will use the VERA token to facilitate all types of transactions described in the previous sections. Managing the volatility of the VERA token is important for the sustainability of the Verasity economy. In the end, no one wants to use an asset that fluctuates so much in value as a unit of currency.
Verasity uses volatility management techniques and stimulates the long-term holding of the Vera token. Here are some examples:
- Cash Management: New Vera mintings are added to the bonus pool. From there, they can be strategically distributed between different parties for maximum participation. Verasity will use the increase in money supply to offset any sudden surges in demand for tokens. It also acts as a mechanism for short-term speculation. Once the economy stabilizes, Verasity expects that it will be able to keep monetary inflation at a level of 3% per year. Verasity can also reduce this rate to zero in the opposite scenario. And if this is not enough, the platform can further reduce the load by removing tokens from circulation.
- VeraSparks: the greater the number of participants who are staking in content creators' channels, the more Vera tokens are locked in the system.
- TotalSparks: Another unique feature of the platform. Members can purchase TotalSparks, which gives the owner the right to a portion of the proceeds from the Verasity Foundation's commercial transaction pool (in the case of transaction fees). TotalSparks have an expiration date on which the principal will be returned to the user. Think of TotalSparks as government bonds for corporate shares of VeraSparks.
Since Verasity has not yet launched a strong marketing effort, token will work in the short term. However, the Telegram group has already reached more than 18000 people, which is worthy, which means that soon we will see an increase in noise around this project. In the long term, Verasity’s unique business model makes it outstanding from the package. Its main advantages are a scalable and proprietary blockchain, the Proof of View technology and many monetization opportunities for content creators.
More information on the project VERASITY please visit their website listed below:
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