Verasity (VRA) ICO Review – ICO Token News
Verasity is developing a next-generation video sharing platform. This platform will empower Creators and improve the experience of watching video online. There are many existing challenges identified with the online video space today. Verasity’s team of media, technology and blockchain experts are building a new model where Creators and Viewers transact directly on the Blockchain, removing the need for intermediaries. The Verasity Player and online video platform is fully functional and can be seen at: verasity.io This includes the Verasity Player Wallet prototype.
The “VERA” ICO token is a new medium of exchange and reward for video creation, sharing and viewing across the Verasity community. Anyone watching videos can earn VERA currency. If they choose to watch adverts or share the videos with their network, they will then receive further rewards in VERA. The platform gives Creators and Publishers a variety of monetization solutions to choose from. Verasity’s mission is to help them generate more value from their content. All transactions of the VERA token will be tracked and stored on the Blockchain utilising Delegated Proof of Stake (DPoS). To ensure transparency and integrity for the community, Verasity are developing a proprietary “Proof of View” technology. Every video view will be securely tracked and stored on the Blockchain. This provides the security, flexibility and scale to support a flourishing new environment for Content Publishers, Advertisers and Viewers. The project vision is for the Verasity Protocol to also be adopted across the wider web and for VERA to become the cryptocurrency to power the future of online video.
Next Generation Video Player
Verasity’s custom-built video player is optimized for providing high quality video experiences, at scale, as economically as possible. The VeraPlayer utilizes several novel technologies for enabling the seamless commercial ecosystem, combined with the latest Internet protocol performance standards like QUIC (Quick UDP Internet Connections). This is an innovative use of secure Transport Layer Security(TLS) and User Datagram Protocol (UDP) reducing buffering, and increasing video resolution for Viewers. Viewers can access content from a variety of modern browsers without having to install any additional plug-ins or player software. The video player technology has already been proven to work at scale, powering over 8 PetaBytes of video traffic per month. VeraPlayer has been in continuous development for 3 years.
CDN and Dedicated Server Infrastructure
Verasity utilizes a custom built online video platform which partners with Akamai, a leading global CDN network. Using a CDN guarantees high playback quality, with low buffering, on a global scale. It also enables all content to be securely hosted, stored and managed on Verasity servers. Reliable video delivery using a scaled and trusted network such as Akamai guarantees superior user playback experience which is critical for mass adoption. If Viewers experience delayed video starts, low quality streams and long buffering times, they will not adopt a new platform, nor will they happily pay for content, meaning that platform could never scale.
Channel Venture Backing: VeraSpark / Spark Marketplace
The Verasity platform will provide a mechanism for Creators and Publishers to both build brand loyalty and to accelerate growth in the development of their channel by offering a revenue share in the channel to other participants within the Verasity ecosystem via VeraSparks. VeraSparks are a Smart Contract, purchased with VERA, which entitles the owner to a portion of the VERA collected on the channel while they hold the VeraSpark.
The Spark Marketplace is an internal marketplace for VeraSpark owners to buy and sell VeraSparks with other ecosystem participants. Participants will be able to trade VeraSparks above or below the market value. To help guide users who participate in the Spark Marketplace, Verasity will provide a “recommended market value” of a particular channels VeraSpark, calculated by a Verasity algorithm that takes into account verified Proof of View (PoV)™ of the content, the revenue stream of the channel, the recommendation engine and other key parameters. Through the Spark Marketplace, Verasity provides a new mechanism for VERA Speculators to participate directly in the Verasity economy. Users who purchase VeraSparks will receive a share of channel earnings and may see an appreciation in the value of the VeraSparks they own.
The Verasity platform and economy is powered by VERA which is a utility token that functions as a medium exchange between participants within the Verasity ecosystem. New VERA supply will be minted and distributed to the community based on both the organic growth of the platform and governance via the velocity of money as explained below. VERA will be purchased by users and investors, which will drive the value of VERA.
What are the token supply mechanics?
The total token supply for the Verasity ecosystem will be variable and based on an inflation target of 3%. The key to growing a video content economy is returning value to those who create value. Verasity has designed the ecosystem mechanics so that all participants will be rewarded for positive interactions on the platform. In the Verasity DPoS system, Verafiers are rewarded for their resources dedicated to verifying transactions on the Blockchain. This involves newly minted VERA being added to the Reward Pool to further incentivize the growth of the economy. To ensure sufficient liquidity in the market minting of VERA will be directly related to the the velocity of money in the Verasity ecosystem. Newly minted VERAs are allocated to the Reward Pool. The Reward Pool is distributed to Viewers, Content Creators and Verafiers. Unlike the traditional PoW means of distribution, where miners are competing over raw computing power, the actors in the Verasity network are incentivized to compete in ways that add value to the network. Check ICO list to know more about ICOs.
- Christian JaagFounder, Center for Cryptoeconomics
- Matt HeimanAdvisor, Investor, Media Expert
- Andy LongBlockchain & Data Centre Expert
- Kyrylo BybykSenior Blockchain Developer
- Ievgen IegorochkinBlockchain Developer
- Dmytro MedianikHigh-load back-end developer & security Engineer
- Mykolai ChapnyBlockchain and back-end Developer
- Anton LukashenkoFull-stack Developer
- Tom HillmanCommunity & Communications
- David OrmanCEO
- Scott BrownProject and Video Network Expert
- Chris MorofLead Engineer
- 1Q3 2017
Founders identified opportunity for Blockchain based video platform and started investigations. - Delivered
Adapted an existing white label UDP video player and CDN which has proven scale - Delivered
UDP Video Player technology built into Chromium. TCP fallback integrated into player for seamless use on non-UDP enabled browsers - Delivered.
- 2Q4 2017
UDP video player tested with Akamai at 30m+ unique users per month - Delivered. Assemble core team and advisors - Delivered. Write and validate white paper - Delivered. Investigation into Blockchain ledger - Delivered.
- 3Q1 2018
Creation of foundation structure - Delivered.
Public launch of project - Ongoing.
Fundraise through private sale - Ongoing.
Launch dedicated landing page to support KYC/AML - Ongoing.
- 4Q2 2018
Launch public sale. Release VeraPlayer prototype. Release VeraWallet prototype. Expand team of engineers.
- 5Q3 2018
Release and test Blockchain.
Airdrop VERA onto Verasity Blockchain.
- 6Q4 2018
Launch beta of VeraCast.tv to a select group of creators. Launch CMS and Analytics. Launch internal exchange.
Launch full version of VeraCast.tv.
Launch Channel Stake Marketplace.
Add advertising as a monetisation option.
Target non crypto viewers for mass adoption.
Launch mobile apps. Scale platform to 5m Vera wallet holders.
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