You know Verasity (VRA)
Considering the great interest in the world of cryptocurrencies today, an important number of investors (and also curious ones) are increasingly daring to place their funds in these projects, especially the so-called altcoins, in the hope of conquering a good amount of funds by investing in that 'second Bitcoin'. However, the However, this road to glory can be full of traps, a feature that is usually found in many of the many cryptocurrencies that abound in the cryptosphere.
That is why today we are going to analyze the project called Verasity (VRA), which according to its whitepaper is defined as a video player that establishes a technology that offers rewards to the most outstanding content creators and followers. This video player developed by Verasity allows receiving rewards in its native VRA token either through content monetization or through some loyalty schemes within the project's wallet. According to its developers, the technology applied in Verasity is capable of holding more than 280,000 video publishers, 240 million users and 50 billion monthly views.
The project started its journey in 2017 while its whitepaper was published in 2018 and was intended for both content creators and community support to earn rewards in the form of VRA tokens. Basically this project is not trying to create a cryptocurrency-friendly YouTube in the style of Dlive, rather it is designed to integrate with existing platforms such as Twitch, YouTube itself or Vimeo.
Like much of the projects in the crytosphere Verasity has been devoting much of its effort into attracting investors from Asia's lucrative streaming market through a partnership with Jun Capital, while a token burn has seen 17% of VRA's supply taken out of circulation, reporting an increase equivalent to 20 times its price.
Verasity charges a small fee on transactions made on the network and uses this money to fund further development of the platform. Verasity uses 50% of all advertising revenue and transaction fees to buy back and burn VRA tokens , which will ultimately result in a deflationary token offering. As of today the platform has burned over 2.1 billion VRA tokens since inception, the equivalent of 17% of the total supply.
The tokens needed to pay Staking rewards will continue to come from the Rewards Pool, according to the whitepaper. If the Rewards Pool is depleted, the tokens needed to pay Staking rewards will be purchased from external VRA exchanges. Therefore, the additional tokens needed to fund the new, later Staking end date will not have an inflationary impact on the project's tokenomics. Apart from content creation VRAs can be obtained by watching advertisements, whose funds are distributed to publishers on a fiduciary basis. A member of the community can also receive rewards by watching videos from the publishers.
Initially VRAs could be purchased on Ethereum from where it moved to Binance considering the higher transmission speed of this network. Verasity applies its own blockchain technology, which produces accurate, secure and auditable audience verification metrics called "Proof of View". The blockchain stores all non-video data, such as the record of all microtransactions and various smart contracts.
Proof of View is a system that records user views through a series of hashes that are stored on the public blockchain. PoV works in conjunction with the platform's video viewer to ensure that views are legitimate. A view will not be counted if the video player is not actually displayed on the screen, to prevent users from repeatedly viewing the content in another browser tab.
To buy the Verasity VRA token, you can use different exchanges, the most popular ones being Uniswap, KuCoin or Binance itself. To buy Verasity on Uniswap, the best alternative is to buy Ethereum on Binance to pass them later to your metamask or other wallet you use.
It is important to highlight that the information offered here does not represent a form of advice or recommendation aimed at investing in Verasity, keep in mind that as an interested party in this or any other project it is your duty to collect and confirm all information about the cryptocurrency of your interest before involving your money in this adventure.
