Verasity: Next Generation Video Sharing Platform
Verasity is a novel video sharing platform which encourages brand loyalty and high quality content generation. Currently, creators are paid by advertisers and income is dependent on maximizing views. This creates a system where high-quality niche content is undervalued and high-volume low-quality content is promoted. As an example, it can be difficult to find high quality videos on YouTube, but quite easy to find incessant clickbait garbage. Verasity aims to change the status quo by rewarding creators based off consumer engagement, not off viewership alone. This is done through a variety of systems including Proof of View, VeraSparks, and TotalSparks.
Verasity places heavy emphasis on individual views and brand loyalty rather than “churn and burn” content creation. As such, each view must be verified. POV prevents fake views using a variety of mechanisms:
- Counting views only from signed in viewers, single user cannot make multiple views at the same time.
- While a video is being viewed the player will randomly be required to provide information about the current frame of the video being viewed. This ensures the content has been streamed and avoid bots that try to watch without actually streaming content
- Video player must be visible, not hidden within a browser window or minimized.
- Suspicious activity is manually checked.
All of this data is open source, publicly verifiable, and immutable, as it is stored on the blockchain. This allows companies, individuals, or advertisers to see an accurate representation of viewership and engagement.
Content Creators can use VeraSparks to offer a portion of future commercial transactions in their channel to participants. A VeraSpark entitles the owner to a portion of the VERA collected on the channel while they hold the VeraSpark. VeraSpark’s are bought/sold on the Spark Marketplace at a price determined by the market. In this way viewers can invest in a channel, while locking VERA tokens in the process. VeraSparks enable creators to raise money to grow their channel while encouraging brand loyalty among viewers.
Creator generates 1,000 VeraSparks, sells 100 on the Spark Marketplace-> Creator receives $1,000/month in revenue in VERA token -> viewer holding 1 VeraSpark receives $1 in VERA token.
TotalSparks are similar to VeraSparks, however TotalSpark’s entitle the owner to a portion of the Verasity Foundation commercial transaction pool, rather than a portion of commercial transactions from a single channel. TotalSparks are “staked” for a set period of time, during that time tokens are locked and fees accrued by the platform are paid to the TotalSparks holder. After the expiration date the original VERA tokens are returned to the owner.
The costs associated with hosting millions of videos is enormous, YouTube operating costs total $700 million annually. Verasity focuses on quality over quantity, as such video uploads are treated as a service that needs to be balanced as opposed to allowing unlimited uploads from creators. Restricting endless uploads greatly cuts down on operating costs.
Verasity has four phases to push adoption and platform growth. Phase 1 is already in place, VeraPlayer is embedded on numerous ICO websites including ICOBench, ICOBazaar, CryptoSlate, ICOBuffer, ICOStreet, Toptokensales, ICOnomat and Coincodex. Phase 2 focuses on attracting a crypto-centric audience and creator base. Phase 3 involves uploading libraries of video content as a base to appeal to a broad demographic. Reserved VERA will be used to provide incentives for creators and viewers. Lastly, Phase 4 promotes and encourages use of the Spark Marketplace, which in turn will help grow channels and viewership.
Strength and Potential:
- The team is extremely professional and highly accomplished, previous work experience includes Amazon, Microsoft, AOL, Time Warner, Akamai, and various blockchain investment firms. The whitepaper is comprehensive and leaves no stone unturned.
- Verasity fills a clear need. A video platform which rewards creators based on quality over quantity does not exist, and Verasity will fill that gap.
- Brand loyalty for content creators is an ingenious idea. The ability to invest in a channel is rockstar potential.
- TotalSpark’s allow users to share in the success of the platform, further promoting platform loyalty. Additionally, locking up tokens increases prices through scarcity.
Shortfalls and Drawbacks:
- Growing a userbase will be difficult, regardless of how well planned the roadmap is. However I have no doubt the team will be able to accomplish this, its simply a matter of time.
Verdict:
Verasity is an incredible project, with real world potential outside of the cryptosphere. The team is well accomplished, has planned extremely well, and is hell bent on success.
VERA will be listed on Exrates post ICO with a ETH/VRA , BTC/VRA and USDT/VRA pairing.
With that said, I will not be investing in the ICO. I have no doubt Verasity will grow to be a successful platform, but the token will most certainly dump post ICO in the current bear market. Additionally, platform tokens have historically performed badly (BitTube, Autonio, etc.), that is until their userbase has grown (Steem, BNB). However, I can’t wait to scoop up dumped VERA tokens and make this project a significant portion of my portfolio.
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Whitepaper
https://verasity.io/documents/verasity_whitepaper_eng.pdfICO Drops
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