Verasity - Advertising Services On Blockchain | Crypto Academy / S5W7 | Homework Post for @wahyunahrul.
Hello everyone and happy new year to the Professor. This week, the professor have explained the "Verasity-A dvertising Services On Blockchain". This is my homework post
1. What is Verasity? What do you think about the performance of this platform broadly?
Posting the content on the social media platforms like youtube is a source of income for the content creators. The Content creators post the videos and earn the money in return. The reward is high so the number of the content creators is increasing rapidly. The people post their content online and earn on the base of views they get on their video.
Whenever we watch a video on the youtube, we see the Ads multiple time in different section of the video. This is the advertisement of the companies who pay to the youtube to play their Ads in the videos. This payment which the youtube platform get from the companies for advertisement is actually the reward of the content creators. The youtube distribute this money among the content creators.
When the people watch the videos of content creators, they also see the Ads which are put at starting, end or mid of the video. In this way, people get to know about the products of the companies and the companies become famous among the public and some among them take interest in buying the product. The Videos of the content creator grab the attention of viewers toward the products of companies, that's why they are rewarded on the base of the views on their videos.
But there is a problem in this sort of the advertisement. Now instead of human, the views on the Ads are getting from the Bots programs. This is a huge disadvantage to the companies. Because they pay high amount to the video sharing platforms so that people watch their Ads and their products get famous. But when their Ads are viewed by the Bots programs and not by the human, they face lose. The fake views are shown on the Ads. This is where the concept of the Verasity has been introduced.
The Verasity is a blockchain based platform. The advertisement companies are being deceived and their money is going waste because of the Fake views on their product Adverts. Instead of showing the Ads to human being who can take interest in products and can buy them, the views on ads are taking from the Bots programs who cannot buy those products. So this is full wastage of money for the companies.
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But we know that blockchain is taking control of world and is seeing everywhere. This concept is changing the world fastly and every field is getting change because of the blockchain technology.
The Blockchain technology also use to solve the fake views problem on the video sharing platforms. The Verasity is a platform which has solved this problem by filtering out the fake views. This blockchain based platform was introduced by RJ mark in 2018 to get rid of this problem. This platform has a lot of the benefits and many people are using it throughout the world. This platform filter out the fake views which are associated to the centralized video sharing platforms.
The content creators earn the money for uploading their content on the Verasity platform. The people who watch the video are also get reward. There is also reward in the VRA token for watching the video. VRA is the native token of the verasity platform. This token is use to perform the multiple functionalities and activities on the Verasity platform.
The Advertisement companies are also getting benefits because of the Layer protocol technology which is being used in the Verasity platform . This layer protocol technology filter out the Bot and fake views and thus the real views are shown only. So the Adverts are reach to the human and the product of the companies get famous. This is the benefit of the verasity platform for the advertisement companies.
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This platform is partnerned of multiple other social media platforms such as the Youtube, VideoJS, JWPlayer Flowplayer Vimeo, etc. This platform is getting the popularity all over the world because of its unique features. It create very fair environment for all the parties who are involved in the video content.
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2. How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
The Verasity is the blockchain based platform which was introduced to solve the fake views problem. The fake views are big disadvantage for the advertisement companies. But the Verasity have been used the Proof of work consensus algorithm which filter out the fake views and thus only the real views are shown and displayed with the videos. This platform use the AI technology and 200 touch points which are use to detect whether the viewer is the Bot or human. The human have the different behavior but the Bots show the same behavior each time. The same behavior viewers are considered as bot and fake viewers.
The Proof of the View is the consensus algorithm which is use in the verasity platform. This concensus algorithm work to filter out the fake views. This consensus algorithm have a verification module which have two parts
- Computer program Code
- Processor.
The computer program is stored as the non volatile memory while the processor of the verification module is enable to get the information even without the power. Both these part of the verification module work to filter the fake views. When a view is get on a video on the verasity platform from a viewers, the verification module take it and store it in the database chunk. Then this data base chunk is hashed and after hashing the data base chunk, now it will added in the Hashed database chunk.
At the end, this chunk is added to the blockchain of the PoV verification system. This system filter out whether the view is real or fake. If the view if get on the video on the verasity platform but viewer is not identified, then the view is considered as the fake. If the view is detected and the viewer also identified using the technology which has been used in this verification system, them it is considered as the real view. .
3. Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
The Fake views are so detrimental to all the parties related to the videos. The content creator, the advertisement companies, the viewers, every one is in disadvantage because of the Fake viewers.
- Advertisement companies
The advertisement companies are one who face more lose because of the fake viewers. They are so detrimental because of the fake views. They pay huge money for advertisement of their company but all get waste because of the fake views. The advertisement companies are being deceived and their money is going waste because of the Fake views on their product Adverts. Instead of showing the Ads to human being who can take interest in products and can buy them, the views on ads are taking from the Bots programs who cannot buy those products. So this is full wastage of money for the companies.
- Content Creator
When the content create create the video and the adverts of the companies are play in their videos, they earn the money. This money come from the advertisement companies. The advertisement companies pay heavy amount for the advertisement of their products. When the adverts of their product are play in the videos of the content creators, the content creators get the money. Because the content creator's videos get the attention of the huge people toward the advertisement company. People take interest and buy the product. Thus the demand of the company's product increase and the companies get the advantage.
But when the fake views are get on the adverts, instead of showing the human, the viewers are the bots program who cannot buy the products of the company and company cannot get any benefit, then they also stop investing their money in advertisement. So the content creators are also get disturbed because they were earning from the investment of the companies.
- Viewers
When the fake views are shown on video, it is considered as a quality based video and everyone want to watch and explore its content. But when the people watch the video and it isn't worthy at all, they get disappointed. They waste time in watching the video who had the fake views.
- Video Sharing Platforms
This is also bad for the video sharing platform. When the platform get the fake views using the Bot programs, the advertisement companies stop investing their money in such platforms for the advertisement of their products and thus the video sharing platform also faced lose because the investment of the advertisement companies is the source of the income for the video sharing platform too.
4. Mention and explain ways so that we can get VRA Token rewards.
- Staking
Staking is the best way to get the VRA token reward. We all are familiar with the staking process. The people stake their assets on the blockchain based platform to increase the liquidity of the platform. In return, the liquidity provider get the reward. Same happen in the verasity platform. When the user on the platform stake their assets, they get the reward in VRA token. They lock their assets to provide the liquidity to the verasity platform and then in return, they are rewarded with the VRA token.
- Watching Videos
Another way of earning the VRA token on the verasity platform is watching the video. This platform not only beneficial for the content creator and advertisement companies, but the viewers are also reward. The viewers watch the video and in return, they are rewarded with 1 VRA token. With each video, there is reward for viewers of 1 VRA token. If you watch 2 videos, you will get 2 VRA tokens. But there is a limit of watching the videos in one day. You can watch only 5 videos per day. It's mean you can earn 5 VRA token every day.
There are a lot of the rewarded videos on the Verasity platform. To watch it, click on it. After completing the video, click on the champion trophy icon to claim the reward.
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- Winning the Contest
Multiple Contest are being organized on the verasity by multiple people. Any one can participate in these contests and can earn the reward in VRA token. The VRA token is the native token of the verasity platform which is given to the winners.
- Winning games
A lot of the games are their on the verasity platform. One can participate and win the game. Then they are rewarded with VRA token
5. What is VRA Virtuous Cycle? Explain it in detail.
The VRA virtuous cycle is the representation which show how the VRA token can be used on the verasity platform. this cycle show the activities of the VRA token on this platform. This token is use to perform a lot of the activities on the verasity platform.
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Buyer Buy VRA
In this phase of the VRA Virtuous cycle, the developers or the creators of the games and the content creator buy the VRA token. They can buy the VRA token by using the debit card or from different exchange platforms. Because of the games and the tournaments and the content, a lot of the people get attracted
- Earn VRA
This is the second phase of the VRA virtuous cycle where the viewers of the videos which are uploaded by the content creators can get the VRA tokens. When a viewer watch a video or ad, they are rewarded with 1 VRA token per video. The game players are also rewarded with VRA token by winning the games. This is also a good way to attract a lot of the people
- Verasity earn
Not just the viewers of the videos and players of games and winners of the contest and tournament are rewarded. But the game developers, contest organizers are also rewarded. They also get some percentage of the VRA token.
User Benefits
When the people participate in the tournament which are organized by the tournament developers, play games which are developed by the game developers or watch video of any content creator, the content creator, the tournament developer and the game developers also get rewarded with VRA token.
Use VRA to
There are some videos which asked to user to pay some VRA in order to watch it. There are some games to where the users need to pay some VRA to participate. Users also need to pay the tournament fee in order to participate in that tournament. To pay such fees, the users use the VRA token.
Cycle Repeat
The VRA token which are earned by the game developers, tournament developers, video contents are invested again to organize more content, develop more games, videos or develop more tournament. Thus cycle repeat itself.
6. Create a VeraWallet account and show the complete steps (Screenshot Required).
- First of all, search for the Verasity platform on google. From the first page of the verasity platform, click on the Create account option.
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- Then Enter your email address and the password. Then accept the privacy policy and click on the Create Account button
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- After that, a verification code will be send to your email address, copy the code from there and paste it. Then click on the Submit Button
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- Then a QR code will be appeared. Yo can scan this code through the microsoft scanner or Google authenticator App. I used the Google Authenticator App to scan the code. AFter scanning the code, click on the Next Button.
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- Then A code will be send to your authenticator app. Copy that code and paste it here.
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- Then a safe key will be appeared. You need to safe this key very carefully. Safe the key and then click on Save the Code. Keys will be downloaded.
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- The click on Go to Complete option
- A new page will be shown to you. Enter your city name, your own name, last name, phone number and click on Sumbit button.
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- The account has been created successfully.
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7- Explain what use cases the VRA Token has in the Verasity ecosystem.
The VRA token is the native token of the Verasity platform. It is use to perform multiple operations on the Verasity platform.
Staking
The VRA token can be use for staking purpose in the Vera wallet. The investors can stake the VRA token and they earn reward in return. There is the reward on staking the VRA token which very according to the staking amount. There is the limit on the amount which we can stake minimally or maximally per day. We can invest 10,000 VRA per day as minimum amount. As maxmally, we can stake 200,000,000 VRA token on the vera wallet.
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Reward of the viewers
When a user watch a video on the verasity platform, they get reward. Their reward is in form of the VRA token. The VRA token is use to reward all the viewers on the Verasity platform. This is the native token which is use to reward the viewers for ewatching the videos.
Paying Fee
There are some videos which asked to user to pay some VRA in order to watch it. There are some games to where the users need to pay some VRA to participate. Users also need to pay the tournament fee in order to participate in that tournament. To pay such fees, the users use the VRA token.
Reward of the developers
When the people participate in the tournament which are organized by the tournament developers, play games which are developed by the game developers or watch video of any content creator, the content creator, the tournament developer and the game developers also get rewarded with VRA token.
Not just the viewers of the videos and players of games and winners of the contest and tournament are rewarded. But the game developers, contest organizers are also rewarded. They also get some percentage of the VRA token.
To perform Different activities
The developers or the creators of the games and the content creator buy the VRA token to carry out their activities. They Buy the VRA to develop their games, tournaments, create videos, etc. They can buy the VRA token by using the debit card or from different exchange platforms.
8- Explain the steps on how to Staking VRA tokens (Screenshot Required).
- First of all, go to the Link.
A new page will be appear. CLick on the Staking Wallet Button.
Then CLick on the stake button
Enter the amount which you want to stake and click on the continue button. Your staking has been done.
Conclusion
The Verasity is a blockchain based platform which was introduce in 2018 to filter out the false and fake views. This platform use the PoV to filter out the false signals. This platform is not just beneficial for advertisement companies, but the content creators and even the video viewers can earn the reward. This platform offer staking too. Staking is also a source of earning the reward on Verasity. The people can earn the VRA token by watching video, participating in tournaments, winning contest and games.
I have explained the Use cases of VR token. I also explained the steps to create account on the verawallet. Then i shown the steps to stake the VR tokens.