CoinAll：How Verasity will disrupt the online video industry?
CoinAll has listed project Verasity (VRA) which is created for better online video industry with blockchain technology. In March 2019, Verasity has established partnership with online video platform Aisa Pop 40. This platform has already started using Verasity protocol to reward their users with the VRA token.
Online video market is growing extremely fast in the last years, and it will probably account for 82% of all Internet traffic by 2021. At that time, the market value could be as high as 312 billion US dollar. However, there are lots of problems for the fundamental online video business model.
Even though both video creators and viewers are more accessible than ever before with the help of online vide platforms, companies like Facebook and Google are more likely to control the distribution of content and generate around 200 billion USD of net advertising revenues in 2017.
With this kind of business model, on the one hand, the audiences have actually turned into a commodity, which means your personal data could be sold to the corporations for more targeted advertising. On the other hand, publishers will only get 30% of the revenue since the centralized platforms need to pay for many other aspects, like technical infrastructure, operation cost, advertiser intermediaries, etc. Then, the rest of that can go to the publishers. What is worse, there is no way for publishers to identify what their share should be, and they need to wait for long time, e.g. 60 days , before receiving the money.
In a word, under the existing ecosystem, there is low viewer engagement and video publisher revenue. Also, viewers are giving away their sensitive privacy for only small return. Most of the profit is earned by the platform, and little value is exchanged between publisher and viewers. There is no doubt that if we still keep working like that, it will absolutely become the negative effects for the industry and eventually nobody will contribute their contents.
We need change. Verasity project is seeking to disrupt the fundamental framework of online video industry by connecting viewers and creators more directly with blockchain technology. Thanks to the token economy, their VRA allows users to be rewarded for viewing content and advertisements. Afterwards, they can also apply those tokens to have more priority for the content, which eventually maintains a close-loop and positive ecosystem. Through blockchain technology, it is able to realize the concepts such as smart contracts and proof-based metrics so that everything will keep fair and transparent. Verasity is aimed to optimize the online video market to eliminate the middleman and increase the content quality.
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