Verasity - Advertising Services On Blockchain | Crypto Academy / S5W7 | Homework Post for @wahyunahrul .

Hey guys,
Welcome to the 7th week of the season 5 SteemitCryptoAcademy intermediate lecture by Professor @wahyunahrul
Without wasting time, I will quickly proceed with the given tasks.

QUESTION 1

What is Verasity? What do you think about the performance of this platform broadly?

_Veracity
Verasity is a decentralized blockchain based platform which was developed in 2018 following the idea of an entrepreneur and software developer by name RJ Mark.

The platform was created with the primary aim of solving the issue of bot views (fake views) associated with centralized advertent (video) platforms by employing a layer protocol which works to filter out fake views using "Proof of View (POV)".

• Performance Of The Platfrom

Just as we have already seen above, the Veracity platform works in filtering out fake views which is the major problem associated with centralized video platforms. It does this by making use of layer protocol which filters out robot views on the platform thereby making apparent the exact number of real viewers.

The platform reward content creators for uploading their content and also allows viewers to earn merely by streaming through content uploaded on the platform.

Also, the platform is quite favorable to advertisement companies that place ads on various content on the platform in such a way that it saves them from wasting extra money on bots because of the absence of bots on video content.

Adding to the above, the platform already has a series of partnerships with popular video platforms like YouTube, Flowplayer, Videos, etc. This I believe will increase its popularity and make it attractive to more users and platforms who will be curious to know what has attracted these already popular platforms to it.

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QUESTION 2

How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.

The major problem with centralized video platforms is the fact that there are numerous undictatable fake views issued by programmed bots. This fake views is what that is being filtered by the Proof of View system which is an important feature of the Verasity platform.

This Proof of View system has a confirmation component which is a computer code stored on stable storage and processor capable of retaining data in the absence of power supply.

The component together with the processor receives feedback from the contents viewed by viewers and these contents are hashed and stored in the hashed database chuck before being lastly attached to the blockchain of POV verification system.

• illustration

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QUESTION 3

Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?

Fake views which is the major problem faced by centralized platforms is quite detrimental to all parties related to videos and advertisements.

Advertisement companies pay video platforms in other to place ads on various content uploaded by content creators on these platforms.

The money paid by the advertisement companies are shared among the platform owners and the content creators but most times, advertisement companies tend not to get a good return on various amount spent on advertisements due to an increase in bot views.

The fact that advertisement companies place ads in other get real viewers of those ads to buy their products or sign up to whatsoever they are advertising. This aim is defeated due to a high increase in bot views thereby leaving advertisement companies at loss as a result of low turn up.

Video platform owners and content creators are on the other hand affected because advertisement companies will tend to reduce the rate at which they place adverts on such platforms due to low turn up which is a result of high bot views.

This reduction in the advertisement will lead to low income for content creators alongside platform owners.

QUESTION 4

Mention and explain ways that we can get VRA Token rewards.

Below are the steps required to get VRA Token rewards:

• First visit the official Vera wallet using Official Vera wallet.com. On the homepage, scroll down to see a list of different videos and ad links uploaded by content creators and select anyone of choice to watch.

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• After clicking on the link of choice, I saw a series of tech-related videos and I choose one to watch. On watching it, a white trophy was displayed which I was asked to click on in other to create a reward wallet.

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• After creating a reward wallet, I completed watching the already selected video and after which the white trophy turned green indicating that I have earned a reward of 1 VRA Token.

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• I watched several other videos until I earned 5 VRA Token which is the daily maximum reward.

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QUESTION 5

What is VRA Virtuous Cycle? Explain it in detail

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There are six important features that make up the VRA Virtuous Cycle and they include;

1. Watch Ad
2. Earn VRA
3. Cycle repeats
4. Ad Benefit Publishers
5. Use VRA
6. VRA OTC

WATCH Ad

This is a feature that allows users to watch Ads and earn rewards in VRA Token. The more ads a user watch, the more rewards, and users are only allowed to earn a maximum of 5 VRA daily. This feature benefits the VRA ecosystem by generating a fiat revenue that is deposited in the VRA economy.

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EARN VRA

As a user, the easiest way to earn VRA Token is by watching various ads on the platform. This feature encourages users to participate actively on the platform which in turn encourages advertisement companies in placing ads on the platform.

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CYCLE REPEATS

VRA earned by users who watch ads are replenished using the revenue gotten from advertising companies who place ads on various content on the platform.

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Ad BENEFIT PUBLISHERS

In as much as viewers earn VRA by watching ads, this VRA is not much compared to what publishers earn as a result of having their content viewed. This VRA earned by publishers is used to create more engaging content on the platform.

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USE VRA

The VRA earned by users of the platform is used in various ways. The owner can decide to deposit the VRA into the liquidity pool and earn interest or choose to denote to publishers in other for them to be able to create more content which will in turn yield more return when viewed.

Also, a user might choose to sell his or her VRA for various goods and services on the platform or simply exchange it for other cryptocurrencies such as ETH or BTC.

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VRA OTC

This feature allows publishers and content creators to easily purchase VRA using their credit or debit cards in other to have enough to fund their various projects.

QUESTION 6

Create a VeraWallet account and show the complete steps (Screenshot Required)

Below I will be showing the complete step required to create a VeraWallet account.

• Firstly, visit the VeraWalletofficial website and click on create an account.

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• After Inputting your email address and desired password for account creation, you will be asked to input a verification code which will be sent to the email registered.

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• A 2FA will be required in other to make the account more secure. I encountered a minor challenge in setting up Two-factor authentication. This lead me into downloading different authentication apps before finally downloading the one that enabled it for me successfully.

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• Also I was asked to secure the key generated after the authentication which I did by downloading and saving it on my Gmail. This will enable me to restore my account in the future.

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After downloading the keys, I clicked on "Go to account completion" in other to proceed with account creation.

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In the last step, I was asked to fill in various personal information in other to complete the account creation.

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Looking at the above screenshot, you will see that the VeraWallet has been successfully created and is ready to be used to carry out different activities on the platform.

QUESTION 7

Explain what use cases the VRA Token has in the Verasity ecosystem

The VRA Token is the native token of Verasity platform. It is used in perform different activities of the platform which includes;

• Staking

Holders of VRA Token can stake their tokens on the VRA pool. This will enable them to earn interest of 0.1% daily on their deposited token. This interest is paid directly to their VRA wallet daily.

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• Viewers Rewards

Viewers on the VRA platform earn rewards by watching videos and ads. Each video gives a viewer a reward of 1 VRA and only but a maximum of 5 VRA is allowed to be earned daily from viewing ads.

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• Publishers Rewards

We have previously talked about rewards earned by publishers. This reward is more like a payment to publishers and content creators who make and post content on the platform. They earn this reward based on the number of views their content gets and the reward is in VRA.

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• DONATION

Users can always donate VRA tokens to publishers and content creators in other for them to have enough VRA Token to complete their various campaigns. This will in turn yield more VRA tokens for those publishers and the various users who donated can get interested in their donation.

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• PAID CONTENTS

There are also paid contents on the VRA platform which users are required to pay with their VRA Token in other to view such contents.

QUESTION 8

Explain the steps on how Staking VRA tokens (Screenshot Required).

I will be explaining below the steps involved in staking VRA tokens.

• log into your already created VeraWallet and click on "staking wallet"_{(wallet was created in question no 6)}.
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After that, you will be directed to another page where you will have to click on "stake"

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After clicking on stake, a provision will be made which I will have to enter the amount of VRA Token that I want to stake.

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I entered 5 VRA which was the amount I initially earned by watching videos in question number 4 but sadly, it happened that the minimum amount to be staked is 10,000 VRA.

QUESTION 9

Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).

On the question, I will be showing you some steps on how to get rewards from watching videos on Verasity website.

• Firstly, you will first of all log into the Verasity website using VeraWallet. When you are already on the website, scroll down and you will see varieties of topics different contents have been made on. For me, I will be choosing Tech in other to view tech-related videos.
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• After that, select a video to watch from the list of videos displayed. Due to my love for cars, I will be watching a video on Range rover Velar.

In the video, you will notice a white trophy at the right-hand top. Click on it in other to create a reward wallet if you don't have one yet.

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Towards the end of the video or at the end of the video you will notice that the white trophy has changed to green and after the Video, you will be directed to your VeraWallet where you will see the just received VRA Token.

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CONCLUSION

The Verasity is a blockchain based video platform which was developed in other to fix issue of fake views which is a major problem that is being faced by centralized video platforms.

The platform attracts and encourages viewers by rewarding them with VRA Token as they watch ads and videos on the platform. This VRA Token is the native token of the Verasity platform which is used to form numerous activities on the platform.

This lecture by Professor @wahyunahrul has enlightened me and I will from now be actively using the Verasity platform in other to be earning VRA rewards as a viewer until I have enough to stake.