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Digital problems require digital solutions: what do you do with botted views and lack of user engagement? Verasity has the answer to that, and in this guide, the ChangeHero team will introduce you to this project.
Key Takeaways
- Verasity is an open-ledger ecosystem for digital ads and video distribution, aiming to solve the bad traffic issue with its fraud identification technology Proof-of-view;
- The Verasity (VRA) token is the native currency of the platform. Its circulating supply can be used in staking and received as rewards while a locked portion tracks views on the blockchain;
- Verasity’s products are used by major ad networks and are integrated into online video streaming platforms. The company aims for greater highs with a strategic change to introduce a second utility token.
What is Verasity and How It Works
The Verasity project exists to tackle several problems in the video content distribution industry at once. Particularly, the monopolization of streaming; rampant advertising fraud; and catering to emerging industries that have challenges with existing infrastructure, such as web3.
They propose an open-ledger ecosystem to optimize digital advertising but recognize the ad fraud challenge that comes with automating and programming ad distribution. The solution of Verasity is its patented Proof-of-view technology that filters invalid traffic and bots.
So, Verasity provides publishers and advertisers with open access to infrastructure. As for the viewers, they also have an incentive to use Verasity in the form of rewards for watching video content.
The Verasity Ecosystem
Powered by a mix of AI, blockchain, and machine learning, it mainly includes the VeraViews solution, an open-access payments platform through VeraWallet, and the Rewarded Video module.
The VeraViews ad stack leverages a patented Proof of View protocol and consists of three components: video player, ad server, and ad fraud detection tool. Verasity’s Proof of View protocol ensures that only genuine views on videos are counted. Proof of View technology helps prevent ad fraud in digital advertising and increases the effectiveness of advertisements.
Verasity offers ad stack and publisher integrations to optimize ad campaigns. Verasity’s advertising ecosystem enhances transparency between advertisers and content creators.
What is VRA Coin?
VRA is the official token of Verasity and a key component in the Verasity ecosystem. It is used in VeraAds, and VeraViews stack, and can be managed with the VeraWallet.
VRA is an ERC-777 token developed on the Ethereum blockchain. This is an improved standard for fungible tokens on Ethereum, which is backward compatible with the more common ERC-20.
The total supply of Verasity is limited to a maximum of 110,356,466,695 VRA tokens. However, it accounts for both the circulating supply of VRA tokens and 90 billion PoV marker tokens. Moreover, since 2023, Verasity has been performing quarterly burns to reduce the supply of VRA tokens.
As of the time of writing, The highest price paid for Verasity (VRA) is $0.08621, recorded on Nov 01, 2021. The all-time low price of Verasity (VRA) is $0.001995, recorded on Feb 23, 2021.
How To Use VRA Tokens?
VRA is mainly used within the Verasity platform for payments and rewards. They act as the primary funding option for crediting advertising campaigns within the VeraViews ad stack. And since the Verasity video streaming platform works on a revenue share basis, VRA is also used to reward users.
Users can earn rewards by staking VRA tokens in VeraWallet. Staking VRA tokens allows users to earn passive income at annual percentage yields (APYs) of over 15%. VRA tokens can be staked in amounts ranging from 10,000 to 200 million tokens.
As a cryptocurrency, VRA can be traded on centralized crypto exchanges. This concerns only a minor portion of the VRA tokens since 90% of it is reserved to track views on the VeraChain blockchain.
History and Team Of Verasity
The work on the Verasity project started in late 2017 and by the end of the year, they already had a test UDP video player. Further development was funded with proceeds from private and public sales of VRA. In these presales, the price of Verasity (VRA) tokens was about $0.0075.
The core Verasity team of over 30 employees consists mainly of developers and the board, led by the CEO and founder RJ Mark. In contrast, the VeraViews team is mainly marketing specialists, working on outreach and adoption as well as other parts of the Verasity ecosystem.
Verasity (VRA) And Similar Projects
Another blockchain project that caters to the digital advertising industry and content distribution is Basic Attention Token (BAT). It is a native token of the platform with Brave Browser at its core. BAT is both the ad campaign purchase currency and the reward distributed to users who watch the ads.
The Verasity project primarily focuses on building a platform that can compete with major content distribution platforms. Brave, as the name implies, competes with other browsers and aims to extend its monetization capabilities to existing platforms, including Verasity’s competitors.
Partnerships and Future Of Verasity (VRA)
Verasity products find use in major digital content and advertising distribution platforms, such as Amazon Ads and Alkimi Exchange. Carbon Browser uses the Proof of View technology as standard to track ads in their software, used on 7 million devices worldwide.
As 2024 is coming to a close, there are a few things left to finish for the team: complete the VeraWallet 2.0 release and integrate a new off-ramp for VRA. The plans for 2025 are not public yet but what is certain is that sometime next year, Verasity will introduce a dual-token economy. The new token POV will coexist with the VRA coin but run on VeraChain, a fork of TRON.
Where to Store Verasity (VRA)?
The official VeraWallet is browser-based and requires an account despite being non-custodial. There are many alternatives to it if you would like to hold and manage a diverse crypto portfolio, available as desktop and mobile apps.
The ChangeHero team recommends Arctic, Edge, and Exodus software wallets to manage, stake, and swap coins right in the app, wherever you choose. For extra secure cold storage, check out Tangem and Trezor hardware crypto wallets.
How do you exchange and buy Verasity (VRA) on ChangeHero?
Need a refresher on how swapping crypto with ChangeHero works? It’s as easy as follows, no login required:
- Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step and check the details;
- Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
- Send the sum of the cryptocurrency for the swap in a single transaction. In Fixed Rate transaction you have 15 minutes before it expires;
- Sit back and relax. At this step, we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
- As soon as the exchange has been processed, your VRA is on its way to your wallet. And so, the transaction is finished!
If you ever run into any issues during your swap, our support specialists are always available to help you in the chat, official Telegram chat group, or through the email: [email protected].
Conclusion
In its seven years in the market, Verasity has not become a household name yet but certainly carved a niche with major partners and integrations. The major strategic upgrade in the future will shake things up for VRA holders and users.
While you are here, why don’t you browse our blog for more crypto insights? And don’t forget to subscribe to ChangeHero on X, Facebook, and Telegram for daily updates and even more content.
Frequently Asked Questions
Who is Verasity’s competitor?
Verasity operates in a competitive market with many other legacy and blockchain-based projects focusing on video streaming and advertising. Some of its counterparts in the crypto industry are Brave Ads and AdEx Network.
What does Verasity crypto do?
Verasity (VRA) is a utility token within the ecosystem that rewards viewers for engagement and stakers for securing the network. It has another purpose: tracking views on the public blockchain.
What is the VRA coin used for?
The VRA coin is the unit of value transfer within the Verasity ecosystem, as well as a unit that tracks views in the VeraViews system. VRA is used to facilitate payments in the VeraPay payments app.
What is VRA Verasity?
VRA is a native token of the digital advertisement platform Verasity.
What is Verasity used for?
Verasity’s patented Proof-of-View technology is effective against ad fraud and low user engagement. It finds use in the VeraViews and VeraAds products.
Is Verasity an AI coin?
By association, due to Verasity’s products using artificial intelligence to filter low-quality traffic, VRA can be considered an AI coin.
What is happening with VRA crypto?
In the future, Verasity is transitioning to a double-token economy. The VRA contract will stay and continue to be used on the Ethereum blockchain.
Disclaimer
This article is not financial or investment advice. When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investing in cryptocurrencies only after careful consideration and analysis of your own research and at your own risk.
