Hello, Verasity community,
We’re pleased to bring you our Q2 Update for 2022. We have a lot to pack into this update, including the first announcement of our official partners for the VeraCard rollout, so make sure you read to the bottom!
But if you’re short on time, check out our summary below:
- VeraWallet automated KYC is live,
- The VeraCard will be issued in partnership with Damex.io, a digital asset challenger bank established in 2017,
- The NFT marketplace has reached a key milestone, though given market conditions and product readiness our VeraViews adtech stack adoption has taken priority,
- Proof of View / VeraViews is live with select Brightcove customers, site and login portal deployed with back-end campaign tracking and new marketing collateral to attract new customers,
1) VeraWallet — Automated KYC
Automated KYC is now live. This is not a highly visible feature for our community and, likely, you won’t notice any major changes, but it significantly reduces the time it takes for the Verasity compliance team to validate VeraWallet users’ identity, and as a result, we can focus our efforts in other places. In addition, automated KYC improves the user’s journey.
We work with a reputable third-party KYC provider to power our automated KYC. This feature will be rolled out to all jurisdictions. The KYC flow is as follows:
2) VeraCard
The VeraCard is a hotly anticipated feature which will enable more use cases for the Verasity community! We expect this new utility for VRA to complement our staking program, enabling our token holders to use the $VRA they earn from staking for real-life purchases if they so choose.
We are working with Damex.io to explore card options. Established in 2017, Damex assists in the buying, managing, sending, and storing crypto in a seamless mobile app. Damex will be deployed for both the iOS App Store and the Google Play Store.
We’re looking forward to soon sharing the first glance at the design of the VeraCard as well as revealing which token holders will be the first to be eligible for a VeraCard!
Learn more about Damex here.
3) PoV-enabled smart contracts for NFTs and NFT marketplace development
The NFT marketplace is at a stage of final development. We have the UX & UI ready and finalised, our tech implementation and design logic is ready to go, and we are at a stage where we are ready to roll out the VeraVerse given the right market opportunity.
That said, with the current challenges and significantly reduced volumes for NFT sales, we have focused on other core aspects of the business until the market can recover. As we are sure the community would agree, launching an NFT marketplace into the current market would not give our product the recognition it deserves.
We elaborate on our rationale for this decision in our final remarks below, although we expect that many of our community will agree that it is self-evident that the greatest opportunity for Verasity in the short-to-mid term lies in VeraViews adoption — Which is entirely independent of the crypto markets. In fact, advertising is going through a period of unparalleled growth. Read on to find out more about our significant progress on enterprise adoption.
4) Proof of View Live with Brightcove Customers, and a Heavier Focus on VeraViews Adoption
At the beginning of Q2, we reviewed our positioning as a business in light of the changing crypto landscape and identified that VeraViews and its adoption was the single most important short-to-mid term goal for Verasity and our token holders.
This position was crystallised by our attendance at several key industry events this quarter, most notably Cannes Lions 2022, but also iAB Engage 2022, where upon holding discussions with target users of our tech we realised that the time to go all-in and deploy VeraViews commercially is now.
This, as some of you have likely recognised, was a core reason why Dan Hodgson was brought in as Director of Business Development this quarter, and why we gave great attention to ensuring our presence was known at Cannes Lion.
Naturally, this also meant reallocating developer resources to VeraViews, with the majority of our development team now dedicated to taking VeraViews out of its closed beta and into a live environment.
To this end, we have now rolled out VeraViews.com, which serves two purposes. Firstly, it is a website dedicated to lead generation and onboarding for new enterprise partners. Secondly, it is a login portal to our VeraViews back-end campaign management tools for those customers who are currently in beta with VeraViews and PoV (e.g. Brightcove customers).
A key question our community asks is in relation to the readiness of PoV on the Brightcove platform. To be clear, Proof of View as a module is already live having passed beta testing with selected publishers. The next step is PoV’s full rollout, making its functionality available to all of the publishers on Brightcove who choose to implement our ad stack. It is at this point that we will be ready to announce our clients, should they agree.
Proof of View as a technology is a back-end service, therefore the main interfaces and public-facing deliverables for its adoption will be seen through the VeraViews campaign management tool.
From some of our community’s questions, we have gathered that it’s sometimes expected that users will be able to ‘see’ PoV in action, but this is not exactly the case — instead it will work away in the background preventing invalid views in the VeraViews ad stack.
Like a balance wheel keeps time in a watch while the hands show the time, PoV fights fraud in the VeraViews ad stack while the VeraViews.com campaign management analytics shows the statistics. The diagram above shows how the PoV module sits at the centre of the VeraViews backend, interfacing with the VeraViews data API to show valid views to advertisers and publishers.
Within the VeraViews.com dashboard, our enterprise users can track their campaign performance, including total impressions, valid impressions after PoV has identified and removed invalid traffic, and their CPM (cost per thousand valid impressions). They may easily track the revenue from their ad campaign over multiple site properties, and compare revenue to previous periods (e.g. quarterly revenues). This data can be exported, and payments for ads can be made (i.e. an advertiser paying a publisher) through the VeraViews backend portal.
In addition to completing the closed Beta with our first Brightcove customers and bringing these partnerships to a point where we can publicly announce who is using our platform, we’re also exploring more co-marking initiatives with Brightcove, in readiness for the live roll out VeraViews to their entire publisher base (i.e. available to anyone using Brightcove who chooses to adopt our tech).
Finally, from the meeting and integration workshops we held at Cannes Lions 2022, we are now exploring the rollout of VeraViews to an advertising network. We expect that the way in which VeraViews delivers unrivalled transparency by virtue of our blockchain-backend will be particularly useful for distinguishing this network from competitors, who obfuscate their true views and ad delivery statistics.
Final Remarks
We need the option to be flexible and agile during challenging times in the market, and as such we want to reiterate to our community that our roadmap is set out at the beginning of each calendar year as a forecast of where we see the biggest market opportunities.
If our competitive landscape or the wider market changes, and we believe that a different avenue of growth is likely to be more fruitful in the short-to mid-term, we will divert resources accordingly to pursue that goal.
Our roadmap items reflect our long-term goals and milestones, and while we work on all of these goals in parallel, we would of course be short-sighted not to take opportunities as they arise.
As U.S. President Eisenhower said, “Plans are useless, but planning is indispensable”. In other words, and applied to our industry, the market changes, and while Verasity retains its long-term vision, we pivot to deliver maximum value to our project and token holders from quarter to quarter.
This quarter, we have received overwhelmingly positive feedback from the advertising industry about our VeraViews AdTech stack, and it makes commercial sense to pursue these leads with full effort from our development and product teams.
While this means that the NFT marketplace will still be rolled out when we believe it will have improved product-market fit, it has allowed us to move closer than ever to gaining recognition as the leading invalid traffic solution for digital advertising worldwide — and we will continue that vision throughout Q3 & Q4 2022.
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