KuCoin AMA With Verasity (VRA) — The Future of Esports, Digital Entertainment, and AdTech is on the Blockchain

2022/03/25 02:42:54

Dear KuCoin Users,

Time: March 16, 2022, 11:00-12:01 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with Elliot, Communications Director of Verasity, in the KuCoin Exchange Group.

Project Introduction

Verasity is a protocol and product layer blockchain platform for esports and digital content. It is committed to delivering a better user experience for all stakeholders within the digital content space. By offering transparency, security, and trust with our patented Proof of View technology, we are working to eliminate online ad fraud and NFT fraud - ultimately changing how digital advertising is done today. Within esports, Verasity promises to dominate the industry with VeraEsports, using superior blockchain technology and the best-gamified viewership experience.

Official Website: https://verasity.io/

Whitepaper: https://verasity.io/documents/verasity_whitepaper_eng.pdf

Follow Verasity on Twitter and Telegram.


Elliot — Communication Director at Verasity

Q&A from KuCoin

Q: Can you make a brief introduction to Verasity and the attractive features or the uniqueness of your project in the crypto market?

Elliot: Yes. We have been trading on KuCoin for a while, and we have great volume there! I think a lot of our community members use KuCoin regularly!

Verasity.io is an ad tech protocol and product layer blockchain platform for digital content, which focuses on Esports content through our product, VeraEsports.

Verasity is committed to delivering a better user experience for all stakeholders within the digital content space. By offering transparency, security, and trust with our patented Proof of View technology, we are working to eliminate online ad fraud and NFT fraud - ultimately changing how digital advertising is done today.

It’s worth mentioning that we recently completed an integration with the Brightcove Marketplace, making our technology available to thousands of publishers by extension. With over 3,000 customers in over 70 countries worldwide, Brightcove delivers the world’s most reliable, scalable, and secure video technology solutions to media and enterprise organizations, and we work with them to deliver our market-leading ad tech solutions.

Q: What products are launched by Verasity at present? What are the challenges for your project and the problems you want to solve/solutions you are proposing?

Elliot: That's a great question, actually, because part of my job since joining Verasity in January has been to distill our many different products into a single clear message. We have a number of separate product verticals, which all live under the Verasity' family' but can be taken alone as separate components.

These are VeraViews, VeraWallet, VeraPlayer, VeraEsports, and soon, our VeraVerse NFT Marketplace. These will be represented through different branding and color schemes, as some of our users might have noticed, under a single Verasity 'V' brand.

However, VeraViews and the technology powering it is our core business use case. Through VeraViews, we deploy our proprietary Proof of View (PoV) technology, patented in both the U.S. and China for immutability and decentralized storage of ad fraud data for publishers and advertisers of video content worldwide.

Ad fraud is a huge issue worldwide, with some 11% of global advertising traffic wasted on bots, costing an estimated $81 billion per year in 2022 and estimated to rise to $100 billion by the end of 2023.

With Verasity, we enable both publishers and advertisers to enhance their content through Watch & Earn (which rewards viewers in $VRA for their attention, check it out here, and through our tailor-made ad tech stack, which is a superior solution for fighting ad fraud across digital content!

Through our solution, publishers can prove they are serving ads to real viewers, and advertisers can fight back against the ~45% of their ad budget lost to fraud. We do this through a mix of off-chain and on-chain components delivered through our VeraViews ad tech stack, which comprises 13 separate modules - including Proof of View - that identify and prevent ad fraud at its source.

Our initial stress testing for our beta product shows that we block at least ~75% of fraudulent views, well above the industry average and backed up by blockchain technology, and this will improve as we grow. We will expand on this in the coming weeks.

We are also growing our Esports offering considerably through VeraEsports. We recently signed exclusive tournament content deals for the GalAxie Cup 2022 and Riot for the VALORANT Champions Tour APAC 2022. Likewise, we just brought on a new Head of VeraEsports, Perry Smith, to lead our growth in that area! This will help support the rollout of our NFT marketplace later this year!

Q: What is the economic model of Verasity token, $VRA? Can you talk about the utilities of the $VRA tokens?

Elliot: Yes. You can already use VeraPlayer, Watch & Earn, and VeraEsports!

VeraViews is actually our enterprise-focused product, which is ready and deployable now for advertisers and publishers. We will make a clearer distinction between this and our other product verticals as we move forward. Our $VRA token is central to everything we do as a platform and is essential for our ad tech stack, VeraViews, to function.

VRA serves as marker tokens for enterprises using our VeraViews technology to pay for advertising campaigns and power their use of our Proof of View solution. By working with our partners, such as Brightcove, adoption of our VeraViews ad tech stack is increased, which also increases our revenues, and Verasity’s revenues are used for operating expenses and $VRA buyback.

We also have a $VRA staking program, which will generate 18.25% APY from April 1, 2022!

Learn more about that here: https://verawallet.tv

Q: Verasity has made a big impact on the online video industry. Can you tell us more other details here? Like the main achievements in 2021 and what's next moving forward in 2022? Please share your roadmap with us.

Elliot: Where do I start? It's been the busiest couple of months of my career, I guess, and I think the same could be said for the whole Verasity team. Just since the beginning of 2022, we have already achieved a huge amount!

During January and February alone, we achieved patent approval in China for our Proof of View technology, becoming the first blockchain-based ad tech project to receive a patent in China, adding to our U.S. patent approval from 2019.

We also integrated into the Brightcove Marketplace, gaining the potential to provide ~3,000 Brightcove customers with access to our VeraPlayer and VeraViews ad tech stack.

On the VeraEsports side during this year, we secured exclusive rights, and we were named as Official Esports Partners to the VALORANT Champions Tour APAC region 2022 SEA Challengers; and we also secured exclusive rights, and we were named as Official Esports Platform Partner for the second year running for Axie Infinity's GalAxie Cup 2022!

Both of those tournaments are live on VeraEsports.com today, and we actually deployed a brand new landing page for the GalaxieCup 2022 today! Check it out here. There's a chance to win an exclusive Axie Land NFT!

And finally, in our wider ecosystem, we completed a major corporate rebrand to all of our site properties and product verticals, a new look and feel for our growth during 2022!

Q: What is the status of this technology patent? What application value does it bring?

Elliot: Verasity is unique and notable among blockchain ad tech projects for our Proof of View technology, which is secured through exclusive patents in both the U.S. and China, and we are also the first ad tech project based on blockchain technology to receive patent approval for the Chinese market.

Verasity's PoV technology ensures that content and advertisements viewed via content players with a PoV integration are served to real viewers — verifiable on-chain and recorded immutably through Verasity's purpose-built distributed ledger technology.

Proof of View empowers advertisers to lower their ad spend lost to bots and fake viewers and enables publishers to get paid faster for served ads through transparent viewership metrics.

We are also deploying our patented PoV tech for NFTs, which will help end the huge fraud issue in the NFT industry. Verasity's Proof of View enabled smart contracts for NFT verification to leverage a unique combination of our core blockchain-based technology and select off-chain components.

This is paired with tailor-made smart contracts that provide versatile and sustainable on-chain functionality for NFTs, powered by PoV, ensuring that NFT data is traceable during changes in ownership!

We are very proud of our patent approval in China, which is a tough market to break into for blockchain-based solutions, so that's a huge step forward for us!

Q: Are there any more big news you would like to share with the KuCoin Community?

Elliot: In the medium-term, we are looking forward to the release of our NFT Marketplace, and we are working on some articles with journalists now about the NFT creation and verification flow through PoV, so keep an eye out for that!

And we have also been working hard recently to make our Medium a great information source, so if you’re looking to learn the basics of our project and business proposition, then you can find that here.

We also recommend that users join our official Telegram group, follow us on Twitter, and hop into Discord for more focused discussions! We just reached 250,000 Twitter followers and got Discord Partner Status!

Free-Ask from KuCoin Community

Q: I would like to know more about your project! What makes VRA special compared to other projects? Why is your max supply changing? Do you have a plan to provide it on other ecosystems, like BSC?

Elliot: So this seems like a targeted question from a real user. Let's address this!

Our tokenomics aren't changing direction, and we are just clearer with our messaging.

I think there's been some ambiguity up to this point on how our PoV system works and how enterprise users will use $VRA tokens for VeraViews.

VeraViews needs VRA tokens to work, but we call the tokens used in this system 'marker tokens'. While they are part of the total supply (limit of tokens that can ever be minted), they are not counted in the circulating supply as they aren't freely traded on the market.

Q: What are your top 3 priorities in 2021? Could you share some plans for the upcoming year?


1) Growing VeraEsports through attracting more broadcasting partners and Esports partners;

2) Developing our NFT marketplace and bringing it to public beta, which will arrive in H2 2022;

3) Increasing the VeraViews ad tech stack adoption through our partner companies, such as Brightcove!

Q: How is Verasity related to Esports Fight Club? Can you tell us about EFC and what breakthroughs Verasity has made in the esports space?

Elliot: So Esports Fight Club is now VeraEsports. We completely transformed the branding to make the link between VeraEsports and Verasity clearer, as Esports is now a huge focus for us.

This rebrand and renewed focus ties in very closely with our NFT strategy! I wrote the following for a journalist who wanted to know more about our NFT/Esports focus. Let me copy it here because I think you will find it interesting:

"We're anticipating huge growth at the intersection of gaming and NFTs, and Verasity is well-positioned to expand into this market. There's already a huge number of thriving in-game economies, and most games now have some kind of marketplace for digital items, skins, land in the metaverse, avatars, character boosts, and a whole host of other items. Many of these digital items have incredibly high valuations based on their rarity or the difficulty required to acquire them.

This isn't a new phenomenon either. Even back in the early days of MMOs, like Runescape, in-game items were fetching eye-watering sums. Take the infamous Blue Party Hat, for instance, a Runescape wearable that cost upwards of $7,500. These transactions typically relied solely on trust - one party had to transfer funds, and the other had to deliver the item. Official in-game marketplaces solved this to an extent, but transactions weren't immutable, and everything existed at the mercy of the game developers. Escrow services helped, but they were cumbersome and expensive.

Now, with blockchain-based NFTs and marketplaces like Verasity has planned, we have a trustless and immutable option to trade a multitude of digital items, which can outlast virtual worlds and be ported into new games if there's enough demand, as they will always exist on the blockchain. It is really a natural evolution for digital gaming assets - and we're at the forefront of this revolution for both Esports players and viewers."

Q: Do you have an ambassador program available? If yes, how can I join? And may I know what's the benefit available for the ambassador?

Elliot: We don't have ambassadors, but we do have our VeraLeaders, who are committed community members that lead our different language communities and provide moderator services across our huge number of channels. They are highly regarded community members, and we handpick them according to their activity within our ecosystem. If you're interested in that, I would say join our channels and become active in our community.

Q: Current NFT is a hot topic, but NFT is not just for art. Does your project think that more real-world use cases will emerge for NFTs as time goes on? Why should we take NFTs seriously?

Elliot: NFTs didn't previously have the infrastructure to be taken seriously, IMO, but now that's rapidly changing.

Again, I think I can copy something I wrote for a journalist a week ago, as it's a pretty interesting overview of where the NFT market is heading as a whole!

"NFT adoption is probably similar to the concerns with any new innovation in gaming - is adoption really going to be that significant, is there going to be a lasting market for NFTs, or is it just a transient fad? These are questions that business and finance departments have to ask before embarking on the adoption of any new technology.

We could look at the slow adoption of live internet gaming here as an example, and it took a long time to be adopted because the infrastructure simply wasn't there. Apple actually released the first internet-connected console back in 1996 with the Apple Pippin, but it seriously suffered at gaining traction. In fact, in 1997, Sony's Phil Harrison famously compared early internet gaming to a Ferrari - flashy and attractive but costly and difficult to run. Conversely, it's now almost impossible to find a game with split-screen capabilities because everything is played online.

Up until now, NFTs have existed in a similar limbo state - clearly useful and innovative but lacking effective infrastructure. We're now at a stage where the necessary infrastructure is expanding at a rapid rate - from scalable NFT minting protocols and marketplaces that game developers can leverage through simple API's to NFT anti-fraud solutions such as Proof of View developed by Verasity. With these hurdles in the rear-view mirror, it's my view that widespread adoption of NFT technology is now much more likely by major game companies.”

Our NFT marketplace is going to provide this infrastructure.

Q: How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, Korea, and so on?

Elliot: We actually have a huge number of different language channels already, including all of the languages you just mentioned! We do this through our VeraLeaders:

Africa — https://t.me/VerasityOfficialAfrican

Arabic — https://t.me/VerasityOfficialArabic

Chinese — https://t.me/VerasityOfficialChinese

Dutch — https://t.me/VerasityOfficialDutch

Farsi — https://t.me/VerasityOfficialFarsi

French — https://t.me/VerasityOfficialFrench

German — https://t.me/VerasityOfficialGerman

Indian — https://t.me/VerasityOfficialIndian

Indonesian — https://t.me/VerasityOfficialIndonesian

Italian — https://t.me/VerasityOfficialItalian

Japanese — https://t.me/VerasityOfficialJapanese

Korean — https://t.me/VerasityOfficialKorean

Malaysian — https://t.me/VerasityOfficialMalaysian

Philippines — https://t.me/VerasityOfficiaIFilipino

Portuguese — https://t.me/VerasityOfficialPortuguese

Spanish — https://t.me/VerasityOfficialSpanish

Swedish — https://t.me/VerasityOfficialSwedish

Turkish — https://t.me/VerasityOfficialTurkish

Vietnamese — https://t.me/VerasityOfficialVietnamese

And we have plenty more too! As you can see, our community team is very busy.

Q: Where can I get the latest updates or more information about the project?

Elliot: Great question! In addition to all of the channels I've shared above, I recommend you follow us on Twitter, where we share our latest news!

Giveaway Section

KuCoin and Verasity have prepared a total of 102,000 VRA to give away to AMA participants.

1. Free-ask section: 3,375 VRA

2. AMA activity: 98,625 VRA

Activity 1 — Quiz: 67,500 VRA

Activity 2 — Price Guess: 25,500 VRA

Participation Rewards: 5,625 VRA

. . .

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