Verasity- Advertising services on Blockchain/crypto Academy/s5w7/Homework post for @wahyunahrul
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1). What is Verasity? What do you think about the performance of this platform broadly?
What Verasity Is
Veracity is a blockchain-based project which helps to strengthen the fast-growing esports industry and the gaming industry, video entertainment and digital content management by putting forth a trustworthy program, proof of view security functionality and veraplayer which has been composed into SDKs for YouTube, Kaltura, Vimeo, JWPlayer and several major video platform which helps to defeat online ad fraud. Some content creators have bots as their audience and this bot won't be interested in the products or services been displayed in the ads because they are not humans and this causes a great loss on the part of the company paying for the advertisement. Therefore, the proof of view makes sure every view recorded on the ledger is genuinely providing the stakeholders within the video ad space a single trustworthy source of truth for recording verified human views in real-time.
Performance of the Verasity Platform
I think the performance of the Verasity platform is authentic and trustworthy. Within the Verasity ecosystem Advertisers, Brands, Viewers and Video Content Creators get to interact with each other directly.
The Verasity platform is also profitable in the following ways;
1: Viewers gets rewarded and also gain more reward by referring more users.
2: Users can also stake their VRA and get rewarded daily for doing so.
3: Advertisers buy VRA and reward it to viewers for watching their ads.
4: Publishers also get to buy VRA to fund their campaign to give users a reward and create awareness thereafter building a valuable audience which they monetize through e-commerce, subscription and ads.
2). How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
In order to validate and identify real viewers, Verasity developed a Proof of view verification system module that contains computer-executable codes stored in non-volatile memory and a processor. The Proof-of-View (PoV) and its processor are configured to receive a request from a content viewer and record the data collected in the process and then compare it with available data. The Proof-of-View system is designed to detect fake viewers or bots that will mess up the algorithm of the system. The Proof of View (POV) is used in providing or creating a transparent and open system that helps determine the integrity and veracity of views. To ensure the transparency and accuracy of the PoV system, Verasity implemented Publicly auditable logs, that contains data related to views on content, content recommendations, anonymized information of users who viewed the content, all these data collected can help determine the veracity of such views and thus give real or true value to the channel, publisher, advertiser, etc.
Proof of View system prevents the manipulation of view counts and audience metrics such as the use of automated repeated viewing of videos, loading more than one video at a time, attempting to generate analysis without watching the video/content, even Verasity or any other party altering the views database. Verasity utilizes 200 touchpoints and AI to determine whether a bot or human is viewing the content and with this technology they can detect and prevent ongoing fraudulent activities. The Proof of view system ensures that only verified views are counted.
To Illustrate
Verasity integrated their video player reward system into Youtube and other platforms where viewers can enjoy contents from their favourite creators, watch ads and get rewarded in the process. The Proof of View protocol helps prevent fake views or any form of manipulation by users.
The proof of view system is able to identify when bots or humans interact with the system.
The proof of view system is able to identify if a viewer is actually viewing the content, multiple viewing of one video, and record only viewers with a verified POV using computer executable codes, AI and 200 touch points.
3). Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
Fake Viewers is so detrimental to all parties related to the video and advertisement that are shown because ads are done with the sole aim of humans getting to view it and thereafter purchase the services or products been advertised but in a situation whereby those viewing the ads are ads are bots, it hinders the growth of the ad company leaving them with great loss.
Fake Viewers also hinders growth opportunities for trustworthy broadcasters because of its artificial engagement which leads to a poorly engaged community.
4). Mention and explain ways so that we can get VRA Token rewards.
- Staking VRA token:
When a user buys and stakes a VRA token, they get a 0.07℅ reward per day which amounts to 25.55℅ at the end of the year. So, by staking VRA token you can earn more tokens as a reward for Staking.
- Watching Videos and Ads
You can also earn VRA tokens each day by watching videos and ads on other sites and advertisers. When you navigate to the 'Earn VRA' section you will find a list of Ads and websites where you can watch videos/ads and earn VRA as a reward for watching.
- Participating in Quizzes
In the Verasity mobile app, users can participate in quizzes to earn VRA.
- HODL VRA
A user may also choose to purchase and HODL VRA tokens with hope that its value appreciates with time.
- Games
In the Verasity mobile app games are available for users to play and earn more VRA when they do so.
5). What is VRA Virtuous Cycle? Explain it in detail.
The VRA virtuos cycle is a series of possibilities/capabilities made possible through the VRA token and within the VRA ecosystem. It is a circle of activities that is used to maintain the VRA ecosystem and ensure a consistent flow of funds within the VRA ecosystem. Through the VRA virtuous cycle, the Verasity ecosystem maintains its sustainability and in extension, enhanced scalability, while being rewarding to everyone within the platform. The VRA virtuous cycle is illustrated in the infographic below:
The keep the VRA ecosystem running, the virtous cycle ensures that:
- Buyers who are influencers, developers, sponsors and publishers purchase the VRA token to fund tournaments and/or campaigns.
- To reach and engage their audience, publishers, sponsors and game developers reward their users/audience with VRA tokens they have purchased.
- Through these rewards by publishers, users/audience can earn VRA tokens for their activities on VRA linked platforms.
- The Verasity ecosystem builders/developers earn a portion of funds from all activities within the Verasity ecosystem.
- VRA holders may choose to stake their VRA for daily rewards.
- The circle repeats.
6). Create a VeraWallet account and show the complete steps (Screenshot Required).
- To create a VeraWallet, simply visit Verawallet.tv, and click on "Create account":
- Next, input your email address and choose a password, thereafter, click on the "I agree to T&C, Privacy Policy", the click on "Create Account", solve the captcha that is presented as shown below:
- Thereafter, you will be sent a code to verify your email, log in to your mail, obtain the code and input on the dialogue provided and click submit:
- Next, you will be required to protect your account by setting up Two-Factor Authentication on your VeraWallet. Go to your application store, search for either Google Authenticator, Microsoft Authenticator, or Twilio Authy) and scan the QR code provided to set up 2-FA.
Next, you will be required to enter the code generated by the Authenticator App, from the authenticator app, you will find a code, simply enter the provided code. After which you will be provided with a secret key for account recovery which must be kept safely.
- Finally, click on "Save the code" to go to your Complete Account. Before you can proceed properly to the wallet view, you will be required to complete details of your name, DOB, Country of residency, and phone as shown here, enter these details and click on submit:
- With that final step, your VRA wallet is ready for use.
7). Explain what use cases the VRA Token has in the Verasity ecosystem.
The VRA token is the primary currency of the Verasity ecosystem. For this reason, all forms of transactions on the Verasity ecosystem must be done using the VRA token. The VRA token is used for rewards, transactions, payments, etc. Here are details of how the VRA tokens are mostly utilized:
The first thing to know about VRA tokens is that they are used for staking in the VeraWallet. Investors can stake the VRA token and get percentage returns in the form of VRA tokens for their efforts.
Second, publishers, content creators, and game developers purchase the VRA token in order to monetize their tournaments and videos.
Third, the VRA token is used to reward users and viewers in the Verasity ecosystem. Users, for example, may earn VRA tokens by watching videos on the Verasity platform. The VRA token is used to pay for all types of incentives.
Fourth, some of the Verasity platform's videos are also pay per watch. This implies that users must spend VRA tokens in order to see these videos.
Fifth, content producers, publishers, influencers, and game developers may utilize VRA tokens to market their work to a larger and more diverse audience using the Verasity platform.
8). Explain the steps on how to Staking VRA tokens (Screenshot Required).
To stake VRA tokens,
- First, click on the "Staking" tab, then scroll down and click on "Stake VRA".
- Next, input the amount of VRA you intend to stake and click "Continue".
With this, you have successfully staked your VRA tokens.
9). Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).
Watching videos/ads is one way to earn VRA tokens as reward, what happens is that the host or advertisers purchase a certain amount of VRA token and pays their viewers a specific amount per video viewed, such as in this video by Technews.guru, a video is worth 1 VRA per view. In any VRA supported video being watched, you will find a trophy icon on the top right, clicking on it will review the option to earn VRA through the video.
Each user in the Verasity platform have a maximum reward limit of 5 VRA each day, so the maximum amount of VRA you can earn as rewards is 5 VRA each day (1 VRA / Video). It is also vital to note that you will need to open and maintain a Verasity Rewards Program account to be able to earn rewards, the process is fairly simple and straightforward.
10). Conclusion.
Verasity was established to solve a long-standing problem in the content development and advertising industries. By adopting the Proof of View system made available by the Verasity network, these sites and platforms, such as YouTube, Vimeo, Twitch, and others, may prevent further fraudulent activities that result in the production of bogus view counts and audience metrics. Verasity creates a win-win situation for everyone involved, including users, marketers, publishers, influencers, and content creators, because everyone benefits from being a member of the network.
Thanks to Prof. @Wahyunahrul for your lectures
