Verasity Token Sale Update

As VRA is to be listed on HitBTC on 11th March 2019, this is a good time to recap the sale, token economics, and our next steps.

It has been just under a year since we first announced Verasity publically and 8 months since we began the public token sale process. While this is a short time for most businesses, in the blockchain and cryptocurrency industry, a lot can change in this time. And it has.

When we first launched the sale, ETH was trading at around $800. In the summer of 2018, and at the end of our first sale phase, that had already dropped to under $600. At the time of this blog, the price is bouncing around $100.

This significant drop in the value of ETH has had a large effect on the industry as a whole and presented many challenges for Verasity during the year and during our sale. Despite these difficulties, our team has weathered these challenges through a combination of a strong long term vision and adapting to these changing market conditions.

With that being said, let’s dive into the numbers:

VRA Sold: 3,495,653,656
USD Equivalent Raised: $8,621,730
Goods & Services Equivalent Raised: $8,569,881
Total Sale Value (Equivalent USD + Value of Goods & Services): $17,191,611
Unsold VRA: 2,750,096,344

Considering market conditions we are happy with the result of the sale. Because of the market volatility, we steadily converted the collected ETH to fiat in a responsible way. This means that we tried our best to minimize our exposure to the markets downward trend and volatility.

We also sold a significant amount of VRA in exchange for goods and services, including long term partnerships essential for Verasity’s platform to function going forward. The VRA was sold at a beneficial rate with long lock-up periods. This will significantly reduce the running costs of the platform over the coming years.

Our team also focused efforts on revenue generating activities in the 2nd half of 2018 to cover some development costs. As a result, we are pleased to be in a strong position for a tech company of our size.

Next Steps:

Earlier in January, we announced some changes to the Verasity Whitepaper, roadmap, and tokenomics. The key changes are:

  1. A new staking program, VRApool, will be launching that rewards users holding VRA. The rewards for this will be funded from a part of the unsold sale tokens.
  2. We have delayed the launch of verasity.tv, our video sharing platform, to focus our efforts on providing solutions to existing video publishers who already have an established audience. This already has proven to be a successful model with many publishers jumping on board.
  3. We will continue the token sale until the staking program launches on March 8. This will provide users the opportunity to join the staking program.
  4. VRA tokens will be unlocked on March 10th 24 hours ahead of the first listing.

These changes, along with developments throughout the year, have resulted in the need to change some of the token allocations.

  1. We will be burning approximately 1 billion VRA*. This burn will be from unsold tokens, the founder's pool, and the advisor's pools.
  2. The burn will happen before the listing date.
  3. Founders tokens’ lock-up period has increased to 4 years from 18 months.
  4. We will use the rewards and referral pool to incentivize large publishers to adopt our platform and reward more users.
  5. We will create a new staking pool with 1,498,980,000 VRA.

*pending final sale results

Full Breakdown:

After the burn has been completed, the circulating supply will be 11,491,500,000 VRA.

Public & Private Sales — 3,495,653,656 VRA — 30.4%

Staking Program — 1,498,980,000 VRA — 13.0%

Rewards & Referrals — 463,403,844 VRA — 4.0%

Founders & Team — 2,298,300,000 VRA — 20.0%

Advisors & Partners — 861,862,500 VRA — 7.5%

Foundation Reserve — 2,873,300,000 VRA — 25.0%

Summary

Although market conditions in 2018 were difficult, business prioritization by Verasity management has put us in a strong position to fulfill our objectives.

The addition of the VRApool staking program provides a powerful incentive for users to hold VRA and will provide additional demand for VRA once we list on exchanges. The first exchange listing for VRA will be on HitBTC. Listing price will be $0.0175 and is live from March 11 2019.

With a defined focus for the project in 2019, along with adjusted token allocations, we have positioned VRA and Verasity in the strongest possible position moving into the years ahead.

About Verasity

Verasity is a leading video platform providing unique Rewarded Player Technology to major publishers across the globe.

Our patent pending Rewards-as-a-Service (RaaS) Player enables VRA rewards, monetization and loyalty schemes within the player wallet. Our player technology is already available to 280,000 publishers with 240 million users and 50 billion monthly views. This brings engagement, audiences and revenues back to publisher sites. Our attention-based model creates a thriving VRA token economy between viewers, publishers and advertisers.

Verasity is the future of online video — Reach, Reward, Retain.