Verasity Q3 2023 Report

Published in

Verasity

11 min readOct 9, 2023

Another quarter has come to an end, and we’re now a third of the way through 2023! Already an explosive year for Verasity so far, every roadmap item and major milestone we’ve reached brings us one step closer to achieving our commercial goals, and placing us in the strongest position for new growth and opportunities.

Before we get started, you may want to recap on Q2 2023 to see how we’ve evolved into Q3. A full roadmap deep-dive for Q2 can be found here, or you can listen to our Twitter Space where we explore everything that happened in Q2 2023 here.

This quarterly report includes the tokenomics consultation and its conclusion with the burning of the Warchest and proposal for PoV tokens, which occurred right at the end of Q3. Here, we’re going to explore our roadmap items in more detail, before discovering how our tokenomics consultation shaped Q3, and how its conclusion will shape Verasity and $VRA through 2024 and beyond.

1. Q3 2023 Roadmap Items

Each quarter, we publish roadmap items as a guideline for our developmental progress and product roll-out. While each roadmap item is not a ‘set-in-stone’ deadline, they do represent an important insight into how our product team is building out and improving on the VeraViews adstack and other product verticals.

You may have noticed that our roadmap items now focus more on continuous improvements rather than shipping entire product verticals. This is because we are live with clients and the focus is now on improving the customer experience for our publishers, and providing a feature-rich product that can attract new clients to our ecosystem.

As a result, our roadmap items for Q3 2023 were mostly commercially-focused, with a strong emphasis on VeraViews improvements, and building out new infrastructure for publishers using our advertising stack. Let’s take a look at Q3’s roadmap items in closer detail.

1.1) VeraViews — New integration option available for non-Brightcove publishers

In late 2021, we announced that Verasity had integrated with NASDAQ-listed video player Brightcove in order to make our advertising stack technology available to over 3,000 publishers using the Brightcove web player.

We’re still available on the Brightcove Marketplace, as you can find here, however we knew that to expand VeraViews’ list of potential publishers, we would need to add integration options for publishers utilising different video player ecosystems. This was further proven by several publishers who reached out to use VeraViews, but required a solution which could be seamlessly tailored and integrated to their pre-existing video player environment.

To this end, we’ve now developed an integration option for publishers that is compatible with a range of video player environments, increasing the number of clients we can reach out to and onboard. It also enables those publishers who have reached out to us previously, but are unwilling to change their video player stack, to now explore integration of VeraViews in a more seamless way.

We also expect that this latest integration option will improve other metrics related to overall campaign performance, such as ad viewability, impressions, and performance — resulting in a higher click through rate and revenue for our publishers and advertisers. This will be a very important milestone for VeraViews roll-out.

1.2) VeraViews — Billing and accounting, payment history

We’ve made it easier for VeraViews clients to manage billing and accounting cycles and information related to their advertising campaigns. This also includes payment history for publishers and advertisers running ad campaigns through VeraViews.

With budgets for advertising campaigns regularly extending into the tens of thousands of dollars, VeraViews must provide tailored billing and accounting solutions for publishers using our advertising stack, and ensure that such solutions are market leading and exceed other offerings in the advertising space.

Our billing and accounting capabilities enable clients to more easily export their campaign data into accounting software of their choice, or as raw data files. This is a seemingly small but significant update for the user experience within the VeraViews ad stack.

1.3) VeraCard — VeraCard available to European residents

The VeraCard rolled out in full to UK residents during Q3, with no more waiting lists and instant access to the card ordering process for any VRA holder with a VeraWallet and Damex account.

We’ve already seen loads of exciting ways that UK cardholders have used their VeraCard, from beers to meals, and even utilising staking rewards to cover grocery costs!

We’re pleased to announce that our card issuing partners, Damex, have now begun making their own crypto debit card available to European residents. Pending the necessary regulatory approvals, we expect the VeraCard debit card to follow in the near future, subject to regulations.

1.4) VeraWallet — Notification updates — email and within VeraWallet

VeraWallet recently received a whole host of updates for the launch of the VeraCard, including an instant transfer ability for VRA between VeraWallet accounts and the Damex app, and an entirely redesigned user interface which brought VeraWallet into 2023.

The next steps of VeraWallet’s transformation will be in Q4, where a multitude of changes are planned and being developed for user experience, entirely changing the core functionality and features within VeraWallet.

Notifications and email updates will now be shipped at the same date as other changes to the VeraWallet offering, to ensure one complete rollout. This will include notifications on withdrawals, staking, and deposits — increasing account security and visibility.

1.5) VeraViews — Demo account available for publishers

Publishers on-boarding into our advertising stack will be able to trial our technology using a demo account, which enables them to set up campaigns in a test environment before pushing them live.

This is an important feature for the marketing and promotion of VeraViews as a platform, because it enables prospective clients to use our advertising stack with no costs involved, in an environment which closely mimics real campaigns. This will enable our commercial team to showcase VeraViews at events, offer trials to prospects, and streamline the on-boarding process.

For clients that are already live with VeraViews, the demo account offers an opportunity to test new campaign parameters without affecting live campaigns, and without using campaign budgets. This could be used to increase ad visibility, tailor campaigns to new audiences, and more.

1.6) VeraViews — DMEXCO 2023 Event

The full VeraViews commercial team was in attendance for this year’s DMEXCO event in Cologne, Germany, including Dan Hodgson, our Head of Sales; Sandip Ray, Publishing Director; David Murray, Demand Director; and Niles Allen, Data Analyst at VeraViews.

DMEXCO, which stands for Digital Marketing Exposition & Conference, is a major trade event and conference for the digital marketing and advertising industries. Taking place annually, it serves as a key meeting point for professionals, offering extensive networking opportunities, a showcase of the latest technologies in digital marketing, and insightful education sessions on new tech.

This year, VeraViews sponsored post-conference events at the number one destination for conference attendees, the OM Club. A chance to invite clients and potential publishers to join us, the VeraViews team used DMEXCO primarily as a networking and meeting opportunity to discover publishers and evangelize VeraViews technology.

DMEXCO was particularly useful for evaluating the European market and the leading publishers that may be interested in on-boarding with VeraViews.

2. Other Milestones

2.1. Tokenomics Consultation

Earlier this quarter we embarked on what has turned out to be one of the most important milestones for Verasity to date. We launched a community consultation into our tokenomics, where we asked for your feedback on prominent issues regarding the distribution and circulation of VRA tokens.

Running from August 4th to the 29th of September, the anonymous consultation was one of the biggest of its kind in blockchain — open to over 500,000 VRA holders and community members, with thousands of responses received.

From our responses, the majority of participants agreed that the Warchest, and our 90bn PoV marker tokens, were the most significant obstacles in our current tokenomics, which we addressed in this deep-dive tokenomics article. We’re going to explore our biggest changes later in this article, but here’s some great feedback we received from the community consultation in the ‘what do you like most about Verasity’ question!

We asked: “Finally, one last question to help us improve generally — What do you love most about Verasity?”. Some of your responses:

“A large engaged community as well as a team developing the project even in a period of weak cryptocurrency market sentiment!”
“The Vision, the roadmap, the community and the potential in the future. The wallet is easy to use.”
“VRA team always keeps the community up to date with their projects and their achievements, great work, this is why I still hold VRA coins and still believe in the future value.”
“You’ve created something that can actually be used in the real world, not just the crypto world. Ad fraud is a massive issue and a genuine problem for small and large businesses. I have a small business and if I’m going to spend money on advertising, I want to know that actual human beings are seeing those ads.”

The Verasity community consultation was one of the largest of its kind in crypto, and we believe it can set a blueprint for community-led tokenomics discussions for the future of other projects.

2.2. Warchest Burn & Plans for PoV Marker Tokens

The biggest news this quarter was our Warchest burn, and subsequent tokenomics deep dive where we detailed our next steps for the 90 billion marker tokens that currently power our Proof of View technology.

It was clear from our consultation that our corporate Warchest tokens, 10 billion VRA in total, represented a significant ‘overhang’ to our tokenomics which could be inflationary, with many token holders wondering if and when these tokens would enter circulation. The Warchest has now been burnt in its entirety. The transaction address for the token burn can be viewed here.

Likewise, as many of our community know, there are currently 90 billion Proof of View (PoV) Tokens issued on the same contract as circulating VRA and essentially are the same as VRA tokens and are nearly impossible to separate and therefore impact Circulating Supply.

Therefore, the Verasity team has concluded that VRA may benefit from PoV Tokens being moved to a wholly separate blockchain. Read more about this process here.

2.3. Quarterly VRA Token Burn

For Q3, our quarterly burn was 86,599,632 VRA tokens. In Q3 we continue to scale up our commercial aims, build out our technology, and expand our development team. We also invested more into upcoming events and industry sponsorships this quarter.

This brings the total burn for 2023 to date to 242,171,105 VRA tokens.

You can find this quarter’s burn transaction here.

3. Socials Growth and Achievements

Q3 marked a period of significant social growth and expansion for Verasity, and we’re pleased to share the achievements we’ve amassed along the way. The announcement of the Warchest burn on 𝕏 attracted over 1.3 million views, setting a new all-time engagement record for Verasity on the platform. Additionally, VRA consistently held the top position on KuCoin’s GemBox and achieved the #1 rank on LunarCrush’s Altrank several times.

During this period, our official Telegram channel was verified, strengthening our ability to combat fraudulent scam channels by confirming our group’s authenticity and our CoinMarketCap Community reached over 200,000+ followers.

Let’s take a closer look at some of our key social milestones from Q3:

4. Press Coverage

Most of our press coverage this quarter came from our landmark Warchest burn, which made huge waves across the crypto industry, and beyond. We’re proud to have been featured in some of the world’s biggest publications in Q3 2023, including:

5. Verasity Elites Club

We also launched the Verasity Elites Club this quarter. The Elites Club is our way of spotlighting those who’ve consistently supported Verasity and made our ecosystem a great place to be.

Being a member of the Verasity Elites Club is about more than just having a title or being frequently active on social media. It’s about embodying the values and principles that Verasity stands for.

When we talk about being Elite, we’re referring to those who step up as guiding lights for newcomers, making sure they don’t feel lost but instead feel welcomed and valued in our ecosystem. It’s about taking the time to mentor, to share knowledge, and to be a source of encouragement for those just starting their journey with us.

While we started the Elites Club with Discord, our vision extends beyond to multiple channels. We aim to recognize members from all our platforms, ensuring dedication across our community is acknowledged and celebrated. Find out more here.

6. Future Outlook

This quarter has been one of the most important for Verasity as a project. With our clear vision for commercial expansion, and a community-centric approach to our tokenomics, we’re transforming Verasity ready for 2024.

RJ Mark, CEO and Co-Founder at Verasity, says:

“The swift action we took following the community led tokenomics consultation is proof that we are taking your feedback seriously and creating an ecosystem that not only has a robust business model, but also one of the strongest communities in crypto. This will remain a focus through Q4 2023 and into next year, where we will be once again opening our doors to the community for recommendations.”

The community will soon be able to give their recommendations for a new blockchain system for Proof of View, and we’ll also open up requests for proposals from blockchain layer-1 solutions.

As always, we want to give a huge thank you to our community for your support and engagement over the past quarter. We can’t wait to share what Q4 has to offer with you shortly!

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