As the first quarter of 2024, Q1 marked a significant phase for Verasity with the announcement of a major integration of our Proof of View (PoV) technology, our upcoming presence at two key offline Web3 events, new exchange listings, and an early look at our future dual token ecosystem. This quarterly review will analyse our progress against our published roadmap, along with off-roadmap successes beyond our planned goals.
Before diving in, consider revisiting our Q4 2023 recap article to understand our progression into Q1. Additionally, a complete breakdown of our 2024 roadmap can be found here. Now, let’s move on to discuss the milestones achieved in Q1.
1. Q1 2024 Roadmap Items
This quarter, we focused on beta testing VeraWallet 2.0 before its H2 release and integrating our Proof of View (PoV) technology into Carbon Browser. On the marketing front, we introduced VeraAds pitch materials and are in the final stages of preparing to launch a Merch Store to engage with our community through tangible, branded items.
1.1) Proof of View — Carbon Browser Extension
A hugely important milestone, we have fully integrated our Proof of View (PoV) technology into Carbon Browser, a free, open-source, and privacy-focused Web3 browser with more than 7 million downloads. The integration is realized through a browser add-on/extension — as shown in the screenshot above — which is enabled by default for users who install or are already using Carbon Browser.
This development arrives as we actively explore opportunities to integrate and deploy our technologies across various Web3 ecosystems, intending to scale these operations to complement our successful applications in the traditional advertising world. The integration is already allowing us to collect valuable data to improve our ad stack and fraud detection capabilities, with more details on this integration to come soon.
1.2) VeraWallet — VeraWallet 2.0 Beta Testing
We are now actively testing VeraWallet 2.0 functionality. Development is going according to plan and everything is on track. Specifically, as the VeraCard faced distribution delays and low uptake by our initial community cohort, we wanted to explore other methods to offer a direct and simple offramp for VRA, a highly requested feature by our community. Instead of adding yet another physical card to your wallet, we have been identifying services which would enable our users to directly withdraw from their VeraWallet and receive fiat to a linked Debit card of their choice.
This functionality greatly improves on the VeraCard because it does not require our users to maintain new accounts or cards. We are pleased to report that we are working with Transak on this functionality through VeraWallet. The screenshot below shows how this functionality will look. This implementation is now in active testing.
1.3) Verasity.io — Unified Contact Form Processing
We have implemented and rolled into production a unified contact form processing and notification service allowing us to easily add and manage live notifications along with traditional emailing and SMS. This includes notifications for VeraWallet, but also other parts of our ecosystem such as VeraViews.
This greatly improves scalability and security of our products, as well as streamlining the communication guidance process which allows product updates to reach users in a simple way.
1.4) VeraAds — Pitch Materials Launched
VeraAds has been quickly gaining ground, with our Marketing and Commercial team already in touch with many Web3 publishers and tool providers. In Q1, we released a one-pager outlining our services, which we utilize for preliminary engagements with prospects and interested parties.
Additionally, we’re attending our first-ever event under the VeraAds brand, details of which will be discussed later in this article (see: Section 2.5). This event, attended by many high-traffic publishers, will feature a VeraAds-branded booth, informative brochures, and more, presenting a prime exposure opportunity for our offerings with our entire commercial team in attendance.
1.5) Verasity.io — Merch Store Launched
The Merch Store, a deliverable long in demand by our community, is almost ready for launch. It will feature official Verasity items and accept cryptocurrency payments — including VRA — adding a new layer of micro-utility to our ecosystem’s native token.
We are in the final stages of product testing to ensure top item quality before opening to our Verasian community. With campaigns, co-branding announcements, and more planned, the Merch Store will serve as an essential cog in our marketing engine throughout 2024.
2. Other Milestones
2.1. Full US Patent Allowance for Rewarded Video
At the beginning of 2024, we received a Full Patent Allowance for our Rewarded Video technology in the USA, marking the final step in the patent process.
Rewarded Video, now a patented technology, includes videos that reward users, for example, with in-game currency for watching. Spending on these videos in the US is projected to hit $4.2 billion by 2024.
Moving forward, Verasity will leverage the newly acquired patent status to pursue licensing fees from companies using our technology.
2.2. Staking Program Extended to 2025
We announced that our Staking Program, offered through VeraWallet, has been extended for another year to March 31, 2025, with the 15% per annum reward rate remaining unchanged. The continued rate is already in effect, requiring no action from users.
2.3. Patent Issue Notification for Content Stake
Further expanding our patent portfolio, Verasity received a Patent Issue Notification for “System and Method for Content Stake via Blockchain”. This enables Verasity to transparently verify individual views on a multitude of content platforms, verify content platforms for the integrity of their total views, and make them a better ecosystem for advertisers; and extend this functionality to NFTs — improving attribution of author rights and authenticity. This is in addition to Proof of View (PoV), which protects advertising campaigns from fraud and bots.
2.4. Paris Blockchain Week Attendance
Our commercial team attended Paris Blockchain Week from the 10th to the 11th of April. This event ended yesterday, and we’ll be recapping on the event in more detail shortly, but the event was a great opportunity to meet with publishers and brands looking for content monetisation solutions.
2.5. VeraAds at CONF3RENCE 2024
As part of our ongoing strategy to increase our presence at Web3 events, we announced that Verasity is an official partner of CONF3RENCE, a leading Web3 event in Europe for businesses and enterprises. This May, we’re making our first appearance under the VeraAds brand at an offline event. We’ll be present in Dortmund, Germany showcasing our latest offering at our VeraAds-branded booth alongside the entire Verasity Marketing and Commercial team.
We have already identified a list of prominent Web3 publishers who will be attending the event and are in the process of arranging networking opportunities. More information to be provided soon, along with a line-up of exciting campaigns, events, and activities for our online community members and those joining us in person.
2.6. Plans for Dual Token Ecosystem
Migration of Proof of View (PoV) tokens is progressing at pace and in line with our roadmap schedule for Q2 2024. We are testing a couple of shortlisted blockchain environments, however the most likely blockchain contender for PoV migration is Tron (TRX), due to its consistently low fees, ease of development, recognition in the market, global accessibility, and interoperability with other blockchains.
We explored the migration in depth here. Further information can be found here. We are still working on final functionality and utlity enhancements for VRA and POV. We will shortly publish a detailed FAQ to address the questions raised over the last couple of weeks.
2.7. Quarterly VRA Token Burn
Lastly, Verasity burned 61,996,500 VRA, representing ~$500k, from the circulating supply in Q1. This brings the cumulative circulating VRA burned to date to 355,085,556, equivalent to ~$2.5m at the respective times of each event.
The new circulating supply of VRA now stands at 10,001,381,139, with this figure being reflected across platforms: CoinMarketCap and CoinGecko.
Find the TXID here.
3. Social Growth and Marketing
Following the trend of previous quarters, our social media presence not only continued to expand but also set new benchmarks. VRA became the most tweeted altcoin for five consecutive days, trended on 𝕏, and also appeared on the CoinMarketCap Community’s trending list, where we have over 280,000 followers. Additionally, the official Verasity 𝕏 account received a gold checkmark, enhancing our credibility and helping protect our community from bad actors aiming to mislead under the guise of our brand.
Find our key social milestones from this quarter below:
- #1 rank on KuCoin Primary Market
- Most tweeted altcoin in 24 hours
- Received gold checkmark on 𝕏
- Most tweeted altcoin for 5 days in a row
- Top gainer on KuCoin
- Trending on 𝕏
- Trending on CMC Community
- Social contributors up by 2,000% YoY
3.1. Exchange Listings
VRA, our ecosystem’s native token, was added to several exchanges in Q1. This includes CoinDCX, one of India’s highest volume and most trusted exchanges where you can now trade VRA against USDT, USDC, and the Indian Rupee (INR). VRA was also listed on BLOX, one of the largest exchanges in The Netherlands, and Klever Wallet, a self-custody crypto wallet. Lastly, VRA was fully integrated into Bitpanda, following our Spotlight listing last year.
As always, we are actively working to list VRA on more trusted and regulated exchanges that openly provide their Proof-of-Reserves and have a “High” Confidence Indicator on market data platform, CoinMarketCap.
Learn more about the measures we’re taking to safeguard VRA token holders here.
3.2. Community Campaigns
We wrapped up the last few weeks of Q1 by launching on two Web3 Quest-to-Earn platforms, tapping into our 2024 vision of supercharging engagement and drawing in new faces to our community.
Our first campaign took place on QuestN, celebrating our recent partnership and integration with Carbon Browser, attracting over 13,000 participants — a remarkable turnout.
Presently, we’re running a questing event on TaskOn to mark our attendance at CONF3RENCE 2024. You’ve got until April 17th to participate, so don’t miss out.
Looking ahead, we’re excited about rolling out even more engaging campaigns and exploring new territories such as Galxe. So, keep an eye out; there’s plenty more coming from us.
3.3. AMAs and Podcasts
4. VRA Token Unlock Update
From its inception, the Verasity foundation has strategically managed VRA tokens in project-owned wallets, earmarking them for team incentives and operational costs crucial for ecosystem growth. These tokens, planned for phased release, are unlocked based on specific conditions, including the USDT price of VRA and time elapsed since initial lockup.
Despite the option for earlier unlocks in 2020–2023, the Verasity team chose to extend the lock period to reinforce commitment to the project’s stability. With a portion of these tokens now unlocked, we have published a detailed update, accessible here.
5. Final Outlook
This quarter has been nothing short of transformative for the Verasity ecosystem. We’re soon attending our first offline event under VeraAds, ramping up our marketing efforts with campaigns on new Web3 platforms to leverage the bull market’s growth, and embarking on a transition to a dual token ecosystem.
As always, thank you to everyone in our community for their support; we are excited to progress into Q2 with plenty of on- and off-roadmap items to ship.
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