Veracity is a unique blockchain ecosystem that makes use of a patented consensus mechanism called the Proof of View (PoV) to solve the problem of video advertising and NFT-related fraud schemes. The protocol is mainly used as a product layer for esports, video entertainment, and digital content creation.
There are multiple products connected to the ecosystem, like the VeraWallet, the VeraPlayer, and the native VRA token that can be used to participate in the online gaming and video content economy.
This article is a guide to Verasity and contains everything there is that you need to know about the project to help you decide whether it is a good investment.
So, without further ado, let us get started.
What is Verasity and How Does it Work?
Veracity is a blockchain platform designed to power esports, video entertainment, and manage digital content. It includes a proprietary ad stack and a rewards system that has been integrated into the software development kits (SDKs) for YouTube, Twitch, Vimeo, and other major video streaming platforms.
The blockchain functions on a patented consensus mechanism called the Proof of View that uses AI, transparency, and immutability to combat online ad fraud. PoV ensures that each content viewed by a user is authentic and the data is recorded on Verasity’s public ledger. Moreover, the platform provides stakeholders within the video ad space with a trusted source for capturing verified human view counts in real-time.
Veracity aims to support the fast-growing esports industry and gaming community by providing them with a reliable server infrastructure, Proof of View security, and a product layer platform for video entertainment called the VeraPlayer.
The Proof of View consensus also includes NFTs, providing marketplaces and buyers the ability to verify the authenticity of the digital collectibles they wish to list, buy, or sell. This also ensures that those minting or selling NFTs are actually who they say they are and the collectible is what it truly claims to be.
Features of Verasity Blockchain
Here are some of the unique features offered by the Verasity blockchain:
Proof of View consensus serves as a countermeasure to manipulation and fraud in online video advertisements. It is estimated that around 65% of all video ads views are fraudulent. The PoV system ensures that the view counts on videos are genuine and are recorded and verified on the public blockchain.
VeraEsports is designed to be the next-generation esports gaming platform that allows users to access content from global creators. Users can also earn rewards in the VRA token by watching, participating in, and creating tournaments on VeraEsports.
The Watch and Earn program incentivizes users for genuine viewership, also enabling them to earn redeemable points by following their favorite esports tournament streams. It provides a new social and economic opportunity for video gamers, teams, tournament organizers, viewers, and brands in the esports sector.
VeraWallet is the native wallet and payment gateway that allows users to store, stake, and trade VRA tokens. The wallet leverages cold storage capabilities to maximize security and allows users to stake VRA to earn rewards. It is estimated that VeraWallet has over 250,000 users and is continuously growing.
Verasity has a scheduled buyback and burn program where the network uses fiat to buy VRA from crypto exchanges and then burn the tokens. This way the blockchain’s operators ensure an increased demand for VRA by reducing its overall supply.
What is the VRA Token?
VRA is the native utility and governance token of the Verasity blockchain. The crypto token can be used for a variety of purposes in the ecosystem, such as staking, earning rewards, and spending.
VRA has a maximum supply of 100.2 billion tokens, out of which, 10.2 billion VRA are currently in circulation. At the time of writing, VRA has had a 24-hour trading volume of $16.3 million.
The total market capitalization of VRA is $57.4 million, and the fully diluted valuation of the whole supply is $561.67 million.
VRA is trading at $0.00557 – down 4.7% in the last 24 hours.
Is Verasity a Good Investment?
The esports sector has grown by 50% since 2022 and could reach a valuation of $1.6 billion in 2024. This indicates that the online gaming industry has a huge potential as its prominence in the field of sports is only going to rise.
Veracity enables esports and video entertainment markets to host streams on its blockchain, while its VRA token allows creators, gamers, and players to earn rewards and grow their wealth.
Considering the upward trajectory of the esports and gaming industry, it is only wise to invest in a crypto project like Verasity that has a major role to play. As the cryptocurrency market is on the rise with the listing of Bitcoin ETFs, experts predict a bull run in the coming months.
Therefore, it is a good time to invest in crypto, and most importantly, credible projects like Verasity.
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