Proof of View and NFTs — patent extension filed
Non-Fungible Tokens (NFTs) today suffer from a number of shortcomings, and among these is the increasing prevalence of fraud. That’s right. Some aspects of an NFT are recorded on a blockchain, but those aspects can be modified and recorded on different platforms, especially as ownership changes hands, while the characteristics and “payload” of an NFT can exist in different forms and in different locations. Or, in a simple case, the content part of an NFT can be copied and recorded again as an NFT. In short, there is a great diversity of types of data associated with NFTs, and many ways they can be created. This ultimately leaves many NFTs vulnerable as it can be hard to distinguish the original from a fake.
As our esports platform expands, we have been busy laying the groundwork for a major expansion of Proof of View to include Non-Fungible Tokens! NFTs are exploding in usage in many areas of sports, not just esports, and Proof of View can be applied quite readily to these digital assets.
We are following the recommendations of our lawyers to extend the previous POV patent. This shortens the patent approval process, and expands the scope of POV considerably.
POV can solve today’s NFT challenges by creating a transparent and immutable record of the NFT across its lifespan, from the way in which it was created, moved, modified and stored, to its possible destruction. Our patent filing covers all aspects of how NFTs can be created and manipulated, including in ways that are often overlooked or not yet in common practice. This is forward-thinking coverage for an evolving asset class.
POV will include a smart contract for capturing NFT details and then generate an event hash and hashed database chunk that will be verified and recorded in a block on a decentralized blockchain, such as Ethereum. The database chunk is a publicly auditable log that includes a wide array of data relevant to content views or NFTs. A Merkle hash tree will be used to minimize the data footprint while ensuring the data was unaltered. The immutable and auditable nature of this public record is key to its use in verification, accuracy and authenticity.
Transparent verification on a public blockchain provides an important assurance for the market, enabling a solid foundation of value. We will use EsportsFightClub as the initial showcase for all our tech, including POV and NFTs.
Verasity continuously strives to deliver on the promises of immutability and authenticity of blockchain with its innovative technology like Proof of View. We are excited to be expanding this to include the popular and continuously growing NFTs.
About Verasity
Verasity.io is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase engagement and monetization for video publishers on any video platform. Verasity products include: a proprietary ad stack and the VRA Rewards System integrated into SDKs for YouTube, Twitch, Vimeo and all major video platforms. Verasity’s patented Proof of View, a protocol layer technology offers transparency and immutability to defeat online ad fraud and NFT fraud.
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