Verasity x Binance DEX Telegram AMA Summary

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Verasity

8 min readOct 23, 2019

You may have recently seen that we have been busy hosting AMAs on large communities such as the Binance DEX and TrustWallet Telegrams. Both AMAs were a huge success and it was a pleasure to see thousands of people being inquisitive about our project. A warm welcome to all the new Verasians and thanks again to all for taking part.

We also have one more AMA lined up with Crypto Daku Robin Hooders on October 30th at 2.30pm UTC! Link to telegram: https://t.me/cryptodakuofficial

In this post, we are going to summarise the AMA that took place on the Binance DEX Telegram. It features:

A short introduction with Chris Gale (Co-Founder of Verasity) and Richie (Binance Staff)
5 Questions from Richie about Verasity that Chris answers
5 selected questions from the Binance Community

Let’s get into it!

1) A short introduction with Chris Gale (Co-Founder of Verasity) and Richie (Binance Staff)

Hi BinanceDex community,

My name is Chris Gale and I am Co-founder of Verasity and based out of Singapore.

I am a serial entrepreneur, specializing in the ad tech and video tech space and been in Blockchain since 2016.

Verasity is a platform used by publishers and creators to reward users in crypto for watching their videos which we have been building for the past 2 years.

Verasity was one of the early projects to join the Binance Chain and list on the DEX back in May 2019. And today we have the highest daily volume on DEX with 7260 BNB traded in the past 24 hours.

2) 5 Questions from Richie about Verasity that Chris answers

Q1.

So please tell us more about how Verasity works.

A1.

Sure. Verasity has developed Verawallet.io — the first crypto wallet that lives within the video player and rewards viewers crypto based on their attention and engagement all across the web.

Publishers and creators want more views. Views equals revenue. With adopting Verasity’s solution, their users are now rewarded to spend more time on their sites and watch more videos.

Users lookout for the trophy icon on the top right-hand side of the player of a participating website. It lights up once a user has watched 80% of the video. A user clicks this and creates a wallet and claims tokens.

You can try it out on a partner site here cryptonews.com here — https://cryptonews.com/videos/when-will-facebook-s-libra-launch-384.htm

Q2.

What problem is Verasity solving?

A2.

Google and Facebook made $172B in ad revenues in 2018. That is a lot larger than the entire Bitcoin market cap of $150b today.

We believe users deserve a return in some of the value they generate for their attention and data.

Our solution brings engagement, audiences, and revenues back to video publisher sites from YouTube or Facebook.

Verasity can bring crypto to the masses, change the playing field and reward users for their valuable time, data and attention. This generates a thriving token economy among viewers, publishers, and advertisers.

Q3.

What traction have you seen since launching?

A3.

Since launching we have on-boarded numerous mid-size publishers and have a dedicated sales team to increase adoption.

The most important signs are its performance. We have seen the solution works well and delivers a positive ROI for publishers. One case study with eBonus.gg, their CEO reported an 18% increase in views and a 35% increase in total watch time, which significantly increased their revenues.

“And these % values have persisted! Really impressive gains in an industry where even a few % points make all the difference in profitability. Thank you Verasity!”

Here are the platform growth numbers:

Next, we are working on increasing the utility of the VRA token which will entice more mainstream publishers to the platform who today are holding back due to the complexity of crypto.

And we have a staking program which is proving very popular with our community, rewarding 0.1% a day or 36.5% a year.

Q4:

What integrations and platforms does Verasity work across? Do you have any example sites or products where we can see technology working?

A4.

Verasity has built a full-stack online video platform built for web 3.0. We have written over 1 million lines of code and a patent pending for our technology

Verasity technology is now integrated into the following video players on publishers’ sites: YouTube, Twitch, Vimeo, JWPlayer, Brightcove, Kaltura, VideoJS, Flowplayer, and Ooyala which represents over 95% of all the video players utilized.

This means its available to over 1.6m publishers with 550m users and more than 110 billion monthly views.

Verasity’s SDK also works across desktop and mobile, with Android and iOS apps using the technology.

Our Crypto Exchange product is also starting to gain traction. We have built a library of the top 400 crypto project explainer videos and offer a bespoke player to integrate directly into the trading page. Now a user can watch the video to learn about a crypto asset and earn VRA while then trading that asset. Coinsuper is an early partner and results are showing higher engagement, traffic, and trade volumes by adding a video. More exchange partners will be announced.

You can explore a number of our participating publishers at verawallet.io.earn-vra.

Q5.

How do the Tokenomics work?

A5.

Good question Richie. Publishers and advertisers create an account and purchase VRA. They set up how much they want to reward users for their videos and set the campaign live. Users earn micropayments of VRA for their attention.

The additional revenues the publishers and advertisers are now making from increased sales is used to finance the purchase of VRA. This is from the budget they currently use to acquire new users or advertise in other environments.

From the revenues Verasity generates from programmatic advertising, a percentage is used to buy back tokens from the market every quarter through our buyback program.

3. 5 selected questions from the Binance Community

1) Telegram User: @paraphan

Q) How will Verasity team prevent click/view fraud which is the biggest problem in the advertisement industry

A) Click/view fraud has been a huge issue over the years in the advertisement industry and we identified this core problem during inception of Verasity.

As our roadmap states, we are aiming to release the beta for our Patent-Pending Proof of View technology alongside our own blockchain. This blockchain will be made purely with the intent to facilitate Proof of View, we will remain on BEP2/ERC20 for transactions.

Our Proof of View technology is what will enable us to eradicate any click/view fraud that occurs. We have been hitting our targets on the roadmap very consistently so you can expect that Proof of View and our own blockchain will be ready during Q2 2020.

2) Telegram User: @bheghe

Q) What has been the biggest technical challenge that you overcame this year?

A) The biggest technical challenge we faced this year stemmed from the need to change the direction of our business model. Initially, Verasity wanted to be a video sharing platform, we quickly realised that this was never going to be feasible, there are tons of case studies around this subject. The best example is the move by the largest YouTuber, Pewdiepie, to DLive. A paltry 0.25% of his 95 million YouTube fans moved with him. So much for that idea.

We also realized that if we wanted to offer Verasity’s video player itself, it would pose too many problems with publishers because they would have to change their entire workflow just to facilitate rewarded video technology because over 95% of the internet use YouTube, Twitch, Vimeo, JWPlayer, Brightcove, Kaltura, VideoJS, Flowplayer, and Ooyala for video on their website. Any hurdles to publishers’ workflows or users’ habits and preferences limits scale to early adopters and will find it challenging if not possible to get to the early majority.

We overcame this by working on our technology so that our SDK could be very easily implemented onto any of the big video players. This means that any publisher looking to use Verasity technology can implement our tech very easily and without changing their workflow!

3) Telegram User: @Bnblover45

Q) What are your main advantages compared to your competitors?

A) Basic Attention Token is a peer, but also could be a partner. The only similarity is that BAT provides rewards, but at the browser interface. In their case all publishers are on one vanilla browser interface with no control over their monetization or workflow. Verasity provides publishers with an SDK which seamlessly integrates into their current online video platform and allows publishers complete control over their rewarded campaigns and monetization. Furthermore, viewers do not have to install a new browser, change their habits or preferences to be a part of the Verasity ecosystem. In our view, the Verasity solution scales without significant hurdles.

4) Telegram User: @Zaferce

Q) How do you see the project develop in 3–5 years from now, both business wise & company wise? What are the plans to expand in different regions? Will you outsource the team/skills or keep it centralized and set up offices?

A) Our ultimate goal is to build rewarded and loyalty programs for video with the verawallet so that any publisher can utilize this technology to reward crypto as well any type of reward or loyalty scheme. This market is over $200B and we have started to bring in specialty people to market our products worldwide. We now have offices in London, Poland and Singapore.

5) Telegram User: @endtimeprophet

Q) Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period?

A) Yes we have survived a tough bear market. Many did not. We only need to be 0.5% of google or facebook to be extremely successful project. Given our thesis that users want more of a value exchange, and publishers want to accommodate this to win traffic from Google and Facebook, we are in a great place!

This marks the end of the Binance DEX AMA summary. We hope you enjoyed it. If you’ve made it this far — well done! Send us a tweet on Twitter saying #WeMadeIt and we’ll give you a follow back ;)

We are going to be posting our TrustWallet AMA summary soon so keep an eye out for that.

About Verasity

Verasity is a leading company providing rewarded video player technology to major publishers across the globe. The patent-pending video player enables tokenized rewards (VRA) as well as loyalty schemes within a video player wallet. The unique technology is already available to more than 2 million video publishers with 550 million users and 110 billion monthly views bringing engagement and revenues back to publishers’ sites. Verasity’s attention-based model creates a thriving VRA token economy between viewers, video publishers and advertisers.

Verasity has a partnership with Binance Chain, a blockchain software system developed by Binance in a move that will bring about a new incentivised video economy.

Verasity is the future of online video.

Verasity Products include: VeraWallet: verawallet.tv

📈 VRA/VRAB (ticker) is trading on:

https://medium.com/verasity/verasity-list-of-exchanges-81a396a3efff

VRA and VRAB can be staked for 36.5% annual interest at https://verawallet.tv.

Follow the VRA token at CoinMarketCap.

Follow Us:

Medium: https://medium.com/verasity

Twitter: https://twitter.com/verasitytech

Website: https://verasity.io

Telegram Token Discussion: http://t.me/verasitychat

Telegram Token Announcements: https://t.me/verasity