ICO Review: Verasity
Verasity is developing a blockchain-based video sharing platform with the goal of empowering creators and improve video watching online.
Looking to create an ecosystem for video creators and viewers to directly transact on the blockchain, they hope to create a marketplace for video via their VERA token. While most video creators have a difficult time monetizing off of their creations on platforms like YouTube, Verasity looks to change that with their patent-pending Proof Of View model, which might be a gamechanger for the industry.
In looking to raise a hard cap of $25,000,000 with a soft cap of $4,000,000 reached, Verasity could be a pretty exciting project to keep an eye on. Here’s what we think of their whitepaper:
Verasity lists out the most significant ways they aim to change the video streaming industry as:
- Developing their patent-pending Proof Of View system, providing an accurate, secure, and auditable audience metrics.
- Disrupt commercial dynamics by making viewers the center of the content transaction.
- The success of content is determined by the organic consumption/valuation of the content by the viewer community.
- Encapsulates the whole video sharing ecosystem and economy for all participants, which results in all value exchange being retained within the economy and community.
- Spark Marketplace, which will provide funding to content channels in exchange for a portion of the channels future revenue.
Current Problems In The Video Sharing Market
The biggest problems that Verasity views in the video-sharing marketing include:
- User concerns over personal data, as well as how it’s centrally stored in a database.
- Forced to view advertising.
- Delays in paying creators by up to 60 days.
- Creators are forced to focus on quantity over quality to increase revenue streams.
- Because of the “volume game” played in streaming, incentives to use bots or fake views to boost revenues.
- No control by creator on the type of advertising that’s posted alongside their content.
- Paywalls act as a barrier to entry, stifling creators from their fanbase.
- Top platforms are also becoming publishes, which puts them in direct competition with creators.
- Competing with national brands can be tough
How Verasity Looks To Solve Them
From a philosophical standpoint, Verasity lists out their fundamental principles as:
- Providing a platform that’s based on trust, transparency, and integrity.
- Viewers should be able to purchase and view high-quality video across multiple devices and operating systems anywhere without buffering, latency, or playback issues.
- Viewers should have the opportunity to sell their time-based attention to the highest bidder, but not required to do so in order to engage with content.
- Viewers should be able to decide if they want to receive targeted advertisements.
- Creators should be able to easily upload, share, monetize, and retain control of the distribution of their content.
- The platform should optimize for high-quality consumer experiences while minimizing the cost of distribution.
- There should be multiple monetization methods to suit the needs of each participant in the ecosystem
- All value exchange should stay within the economy and ecosystem supporting both growth and innovation.
From here, Verasity goes into the specifics of their marketplace, which they list out the services of:
Video Hosting and Distribution
This is a product Verasity has already developed. They look to include a next-generation video player, white label options, and distribution infrastructure partnerships for quality/scale.
Verasity’s blockchain will include VeraPay (to handle microtransactions), Proof Of View (ensure the integrity of engagement metrics), and Smart Contracts to create efficiency between participants.
Channel Venture Backing
VeraSpark, which is a mechanism for creators and publishers to accelerate growth in the development of their channel by offering part ownership in the channel to other participants.
Spark Market, which is a marketplace for participants in the Verasity ecosystem to buy/sell VeraSparks with VERA.
Finally, Verasity also looks to include content management/analytics, recommendation surfacing engine, and content moderation tools.
Verasity also includes designs for hosting platform, wallet, and marketplace. Their whitepaper goes into significant detail on the different components of these, as we’ve barely scratched the surface. This is definitely a team that’s done their homework, which is why these components could be a gamechanger.
Verasity is a well-thought-out project that’s already well underway. They do an excellent job of outlining the specifics of their mission and don’t skimp on any details, including how items like their Proof Of View functions. Furthermore, they have an excellent understanding of how the infrastructure of the industry works, as well as how their blockchain solution contributes. Their whitepaper hits every major point that it needs to (from development and timeline to go-to-market strategy and competition), which goes to show they’re serious about changing the world with their market. Overall, this is a great ICO to buy into, especially if you think blockchain can transform this industry.
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