Verasity - Advertising Services On Blockchain | Crypto Academy / S5W7 | Homework Post for @wahyunahrul.
What is Verasity? What do you think about the performance of this platform broadly?
We could trace advertisement down to 17th century, in the absence of some technologies such as; television, and Mobile phone, where advertisements were done through newspapers and public displays by people.
Advertisement is the medium to promote or announce a product, services, job vacancy, events, and a lot more to the public, in other to attract more business customers to so called products.
Advertisement, otherwise called a promotional action, aims at selling a product or service to the audience. Advertisement has been one of the oldest forms of marketing due to the idea of creating awareness to a target audience over a product, goods, or service.
We can see that advertisement deals with alerting the public over a product in other for the product makers to profit, by selling their goods to the mass audience.
Advertizement evolved from newspapers and public displays to televisions and mobile phones.
The Bulova watches was the first product to be advertised on the worlds first television which was commercially aired on the 1st of July 1941 at the baseball game between the Brooklyn Dodgers and the Philadelphia Phillies.
All this as I said is not just to create awareness, but to promote the producer's business. Advertisement, as we all know, is now viral and vast, that advertisement can be done anywhere, even in our different social media applications.
We can see a lot of people, even our close friends on different social networks advertise their products on their timelines for the audience to view, refer and patronize them. This is the purpose of advertisement.
Nowadays, the different social media platforms as I said, are now used as means of advertising products and services to people. Some of which are content creators on Youtube, vimeo, videoJS and other different social media applications.
This content creators earn from the content they create on these applications and of which many had succeeded in improving their lives and background due to the huge earnings they acquire from content creating.
Using youtube as an instance, we would notice the short clip video that plays on YouTube before the main video we want to view would open? This advertisements can occure within the video, before the video or after the video of interest.
All of these videos or images are paid advertisements by the advertisers which the part of this advertising fees are dispersed by the owner of the platform to the subject creators.
This is sort of a reward because, the created contents (videos) from the content creator will be able to convey an amount of spectators that can be transformed into buyers of the advertised product.
But as we all are humans, we are prone to cheat and deceive others in other to profit or gain from them. This has affected the advertising world in various platforms where the target audience(Humans) who should be watching this ads are exchanged for bots programmed with a computer.
This brings a fake audience, resulting to a disadvantage to the advertisers who paid for their product to be seen and patronized if need be.
But not knowing that the views acquired are not humans, but programmed computer bot that has no interest in the products. This resulted into the creation/invention of the platform called Verasity
VERASITY
Verasity is a platform created by RJ Mark, an entrepreneur in technology who has been a developer in hard and software products for numerous mobile gadgets such as Laptops, IOS and Android.
Veracity was developed in 2018, it is a product layer protocol for e-sports (video player) and video activities.
Verasity playform gives an amount of gratifications to spectators who follow or oversee videos through their website.
The earned reward is in a Native Token form named VRA. This is veracity native token used in rewarding viewers.
Verasity developments includes the following; verified ad stack and VRA Rewards System. A hybrid of SDKs which stands for Software Development Kits, which is mainly for YouTube and all vital video protocols.
Verasity grants access to content creator's and supporters to createu and operate their reward applications, and is different from all other third-party sites used in video sharing.
Verasity has eliminated the fraudulent act by content creators who are been paid for the promotion of certain products, goods, or services. But instead of this already paid product to be viewed by the target audience, the content creators manipulate with the use of a computer program, a bot that acts as viewers to the advertised product, resulting to a large number of fake views which is non profiting to the producer.
As of recent, this large number of fake views have spread on several video player protocols, coming from bots created intentionally, increasing the views of the video, even though the video views are not from humans.
This is destructive to the producing team paying for the advertisement of their products, due to lack of much attention and earnings from paid advertisements.
This was the major reason for the invention of Verasity, to bring a solution to this fraudulent act.
Verasity protocol came up with a Layer Protocol as a solution that has the ability to filter out the fake views/viewers with a protocol layer known as Proof of View (PoV).
PoV is established on ERC-777 token standard, a recent standard token of the Ethereum network. PoV is a mechanism adopted by Verasity protocol to filter fake viewers from programmed bots.
The PoV does not record views by bots, but only human because the video is made for them, to understand, make choices of interest, refer if they wish to, and also patronize when they see fit.
So far, Verasity has banded with 8 various video player programs, which consist of; YouTube, Vimeo, Twitch, VideoJS, Brightcove, Flowplayer, JWPlayer, and Kaltura. These platforms are some that we are familiar with, which tells us that verasity has attracted a relative number of partners.
In relation to NFT I would say that in the world of crypto currently, it is not possible to ignore the advancement of NFTs due to the surprising numbers produced in a little time
Using the PoV mechanism adopted by verasity in the discovery to NFTs, potential shoppers can deduce the actual value of a Non-fungible token.
Users can now identify the real value of tokens through the unchangeable public reports provided by Verasity,and this is because These NFTs needs protection against fraud which could also be in use DeFi space as insurance for business partnerships and loans as well.
I would say that the performance and improvement of verasity have influenced the world of adverts for both viewers and producers, giving rewards to both parties as it omits fake views from created content and as well pays viewers of created content.
How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
Proof of view(PoV)
PoV which stands for Proof of View is a protocol layer which is established and made use of by Verasity. The Layer Protocol adopted by verasity was innovated to dispute the advancement of fake views by bots or other manipulated means which aren't real, which are detected frequently as advertisement viewers.
In refreshing our memory on the function of the PoV protocol layer, I would elaborate more on it's mechanism in detecting real viewers.
Fake views has been a big dilemma for advertisers and brands all over the world in the past years. After spending an enormous amount on product advertisements, what they get in return is fake views, which are manipulated by content creators with the use of a bot, leading to poor results from advertisements.
It is estimated to have Over 50% of advertisement views which are not seen by humans, according to the Association of National Advertisers more than $250b are spent on advertisement each year on marketing. Now we can estimate how much the would spend on ads viewed by bots, which is Approximately $175b.
How proof of view validates real users
PoV has two functional components, which are;
- Detection (this is related to the owner/producer)
- Blockchain accounting (an open-source that is unchangeable)
Detection-
Currently, the criterion is for inquiry to occur after the produced content has been published. With the use of Verasity, its technology figures out advertisement conspiracy as it occurs.
With the use of 200 touchpoints and Artificial Intelligence(AI), Verasity protocol is able to deduce with exceptionally increased assurance as at to when a programmed bot or human is seeing a created content, in actual moment. These two technologies can detect whether the character of the viewer is a human or a bot by reading the viewers behaviour.
Detected advert fraud is eliminated instantly without any refunds to producers. Let's take for instance the YouTube channel which makes use of post-event detection that makes it difficult to assess validated views on the blockchain.
Proof of View(PoV) inhibits different techniques content creators may use to alter the number of views the get and number of audience.
After the genuine verification of created contents the next step is the Blockchain accounting. In other to provide accountability and view transparency, a personal identifier is allotted to all involved groups.
An anonymous and hashed ID is allocated to a viewer when they create an account on verasity, which video views generated by the user is marked. Views are dealt with like recorded transactions on blockchain.
Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
Fake viewers are detrimental to producers in the sense that the huge amount of money assigned for advertisement in the hope of creating awareness and attracting customers to the company is spent in vain.
The products or contents paid for, rather than being viewed by humans who would find interest in the product, this content is viewed by bots programmed by the so-called content producers, depiction fake views.
These fake views give hope to the producers, but in reality, those views are manipulated and aren't real.
The detrimental effect here is the process where these products paid for are not viewed by anyone, or by very view people, yielding to a negative/poor result from advertisement. Whereas the company has spent an enormous amount in paying the content creators or publishers.
This is a very detrimental effect because it keeps bringing the company down instead of profiting the company. They would lose money, awareness, customers, and other significant demerits due to fake impressions created by bots as views.
Mention and explain ways so that we can get VRA Token rewards
There are two ways in which one can earn the VRA token which is the native token for varsity, they are;
- Staking
- Content watch (videos $ ads)
Staking
Users who possess the native token VRA, can stake their assets to gain some percentage return as profit. Users who stake their assets gain 25.55% of staked assets each year.
Content watching (video & ads)
A user can acquire the VRA token in verasity platforms when the view the active video content or ads.
Clicking on the red box indicated option, we would be directed to page( a new site) where we would be able to open the video of interest, just as shown in the image below
Ads can also be viewed by users in other to earn the native token VRA as a reward.
What is VRA Virtuous Cycle? Explain it in detail.
VRA Virtuous cycle
VRA virtuous cycle deals with the activities carried out on verasity protocol with the use of its native token “VRA”, which gives users access to stake their coin and earn rewards, and as well as participating in other relevant and profitable activities.
How it works
1. Publishers buy VRA:
Credit cards/Exchanges are used by game developers/inventors, publishers and influencers, to purchase VRA token in other to sponsor their campaigns which attracts profitable audiences, and significant revenue earning.
2. Publishers reward VRA:
Tournament, campaign or Ads gives % revenues to game developers, influencers, and sponsors.
3. Earn VRA:
VRA can be earned by influencers, gamers and as well as viewers from their different activities.
4. Verasity earnings:
A % of all the activities is earned by verasity, this activities are; tournaments, sponsorship, Ads and campaign.
5. VRA staking:
Holders of the native token “VRA” stakes their asset in other to gain some daily rewards. The staking protocol encourages the economy into holding VRA, which of beneficial to the holder and also to the system.
6. Cycle repeats:
The income gained by game inventors, influencers, sponsors, publishers are used in the funding of more game tournaments and campaigns.
Create a VeraWallet account and show the complete steps (Screenshot Required)
A Verawallet is used In storing the crypto asset VRA, and also used in staking, and acquiring VRA. So here, I would be showing the different steps on how to create a verawallet.
In other to create an account on verawallet, visit the page on verawallet. A page would open, in this page, we would see sign in, Email address and password, this dashboard are for people who already have an existing account on Verawallet. Then beneath the sign in box(green Colour) we would see create account, this option is for newcomers who does not yet have an account registered on verawallet.
Click on create account as indicated by the red box.
The next page is the page where you would input you details in other to create an account, such as; email, and password as indicated by a yellow and green box respectively. The first bar (indicated by a red box) is used to alter the language settings into preferable language, either to **english, espanol, or Chinese, etc. After filling in the boxes, below this boxes, we would see a little box (indicated by a red circle), close to this box it says; I agree to the T&C, privacy policy
click on the box for it to show a marked sign(good), then advance to create account
A verification captcha would pop-up for us to complete the puzzle, by sliding the labeled area(indicated by a red box) to the right, to fill in the empty space. This is to verify that the person creating the account is not a bot, rather a human.
NB: T&C means terms and conditions
An email verification code was sent to my gmail for the confirmation of the email account used on their platform. I then copied this verification code sent to me.
Next, I went back to verawallet to continue my verification by inputting the copied verification code from my mail in the box, then I clicked on submit to continue the account creation process.
Next is the activation of the Authenticator, this is done by either scanning the QR code which is the black and white structure covered with a green box or we manually input the key in the Authenticator app that we use. After this, click on Next to continue.
Input the key gotten from the Authenticator app in the space provided which is indicated by a red box, then click on Done to continue the process.
The next step is to backup the code from the two factor Authenticator. In other to do this, we can either write the code on a hard copy or we can click on save the code indicated by a red box.
IOS users are unable to download this keys when clicking on save the code, therefore I decided to write down my key on a hard copy. This is also for a safer purposes just as directed by the app.
Lastly, we would fill in the blank spaces, which would contain the following; Names (first and last name), Date of birth, country of origin, addresses, and mobile phone number. After filling in this informations click on submit.
Done!!
My Vera wallet account is successfully created. I can now view my wallet, my account and as well my staking.
Explain what use cases the VRA Token has in the Verasity ecosystem.
One crucial feature of the VRA token is
It's multi-purpose use in Verasity’s platform that gives privileges to its users.
There are a certain group of users in verasity protocol who benefits from the VRA token, they are; the publishers, the traders, the hodlers, the advertisers and lastly the viewers. Let's talk more about VRA use cases.
-STAKING
The staking program was added in verasity in 2019, to give users a more use case to their acquired VRA.
These staking programs are part of the multiple means in which a user can gain VRA token, because when you stake your VRA token, you earn 0.07% of you staked asset in VRA daily, which is equivalent to 25.55% yearly, just as mentioned at the beginning of my task.
The reward gotten from staked VRA is added to the users verasity wallet at every 24hrs.
-VIEWERS EARN VRA TOKEN
Users who watch videos and ads on Verasity platform or any Verasity technology website is rewarded with VRA token. Users as well obtains more profits by referring others.
So, we could see here that VRA token can be used to reward users for participating.
-PUBLISHERS REWARD
Publishers of a video or ads purchases VRA token which the use in rewarding users who watch any of their videos or ads.
With the act of rewarding VRA token to users, the Publishers get increase in the number of attention, and revenue.
We can still see that VRA token is purchased by publishers in other to reward their viewers.
-ADVERTISERS REWARD
In other to commit possible buyers who views ads, and videos, Advertisers purchases VRA token in other to reward spectators who watch their videos and ads and as well as acquiring knowledge about their stocks.
-CONTENT ASSESSMENT
Contents through pay-per-view, contributions and subscriptions can be accessed with VRA tokens.
Explain the steps on how to Stake VRA tokens (Screenshot Required)
I logged into my verawallet account by inputting my mail address and password. After that click on sign in.
Next, Click on staking at the top right corner of the page indicated by a red box. After that click on stake VRA as indicated by a red box to complete your staking process.
As we can see that the staking status is Active till 31st March 2022. With a current APY reward of 25.55%.
In the box provided, you are required to stake a minimum of 10,000VRA which is equivalent to $350 when multiplied by the price of VRA ($0.03).
I don't have enough funds in my wallet therefore, I couldn't complete the above staking.
After that, we proceed to the next step by clicking continue
Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).
I logged into verasity.tv, and opened a video of interest. After watching the video I clicked on the trophy sign indicated by the red box. This trophy sign turns green after watching the video, which indicates that the user can now claim their reward.
I clicked on Account, in other to create a video account in verasity.tv, and also to submit my details, for instance; my country.
I ensured that my account details which I uploaded was correct and up to date in other to be able to claim my reward, which I got from watching a video on verasity. After that click on submit
Here, we could see the rewards I earned so far. There are also daily limits to which a user can earn from watching a video or an ads.
We can also login to our verawallet to view our wallets, click on view in verawallet as indicated by a red box.
I was requested to sign in with my registered mail address and the matching password. Then I clicked on sign in after inputting my password.
Done ✅
As we can see, I was rewarded 1VRA for watching a video on verasity, which is equivalent to $0.03
Verasity is a platform developed on the 18th of may 2018, which has brought a lot of benefits to the advertising industries. Verasity has come to conquer the crucial dilemma surrounding companies who wishes to expand their products through advertisement to the world with the use of the internet.
Verasity has come to detect and eliminate fake audiences that shows as views, these views are computer programmed bots or internet manipulations by the content creators.
These Fake views are by bots who can neither refer, or patronize the advertised products, leading to loss of money and potential downfall of the industry.
Verasity has also collaborated with various known video provider platforms which I mentioned earlier in this task, such as the popular one we know to be youtube, Twitch, etc, attracting a relative number of collaborators signaling to us that the verasity project is a serious and prestigious project.
Verasity also have a native token that is rewarded to users who are already registered on the verasity platform, by watching a video or an ads on the platform.
The name of this native token is VRA, and the following are the details of the VRA token.
| VRA | FEATURES |
|---|---|
| Price | $0.035 |
| Market cap | $158,102,137 |
| Volume (24hrs) | $44,845,682 |
| Circulating supply | 4.47B VRA |
| Max supply | 10,356,466,695 |
| Total supply | 19,400,882,350 |
| Rank | 351 |
Thanks you and happy Holiday 🎄
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