Welcome once again to another wonderful episode in the crypto Academy community. Before I present my homework post, I would like to acknowledge the professors and the crypto Academy community for making such an educative lecture possible. Today’s topic is simple Verasity - Advertising Services On Blockchain
Without wasting enough time I would present my homework post systematically based on the questions from the professor @wahyunahrul
1. What is Verasity? What do you think about the performance of this platform broadly?
People can work and make money on social media in today's environment. Popular social media platforms such as YouTube, TikTok, and twitch are used to distribute content. On YouTube, in particular, there are millionaire content creators.
The views and streams that content creators receive are how they make money. Advertisements are the primary source of revenue for content and social media owners. particularly on YouTube, several advertisements appear throughout videos, some at the beginning, some at the end, some in the middle, and others outside the videos.
Advertisers pay social media owners based on the number of people who see their ads. It is no doubt that the major drivers of the audience on social media platforms are content creators. People visit various social to view posts of their favorite content creators.
It is in the best interest of both advertisers and social media owners to get more views from people who will be able to patronize their products or services.
The big disadvantage advertising companies face nowadays is most people replace humans with computers and robots. This audience will view the contents but will not patronize the content which would be a big disadvantage to the advertisers. Now there is the need for Verasity.
Verasity is an innovative software created by a software developer and entrepreneur called RJ Mark. This software was created in 2018 for content creators to share videos. This software was created to solve the issues of fake views in centralized video sharing platforms. The fake users are identified by a technology called layer protocol.
This software is great because it is not only going to make contacts creators earn but it is going to protect advertisers from fake views and also this platform reward the viewers to watch video content.
Verasity has partnered with some video playing platforms like YouTube and Twitch.
With all these good features of the software, the Verasity software is a great innovation and should be adopted by most video playing platforms.
2. How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
As mentioned earlier the problem of centralized video platforms like YouTube is most of the viewers of the content are fake. With these fake viewers, advertisers waste their money because they don’t get many people to patronize their products or services. The veracity platform will help advertisers from wasting money.
Verasity uses a proof-of-View system as a solution to fake viewers. This system can sort out fake viewers from the real ones and validate the real viewers in a very clean and pure manner. The proof of view uses **200 touchpoints and Artificial intelligence to detect the behavior of the person to know if it’s a person or a bot.
The proof-of-view uses computer programmable code stored on nonvolatile storage and processor that can keep data without power supply for verification. When videos are viewed, the response is taken and stored in a database chunk by the verification module. The chunk is added to the blockchain after becoming a block. The data is compared to the block to detect the real viewers by the Proof-of-view system.
Proof-of-View uses this system to filter fake viewers and validate the real ones, record their data, and add it to the blockchain.
3. Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
As we discussed, fake viewers are a big disadvantage to anybody on the video playing platforms, especially the advertisers. Advertisers are the biggest losers in a situation if there are fake viewers in a video playing and sharing platform.
Advertisers pay money to advertise their product or service to get exposure and customers to patronize them. In a situation where the viewers are bots and computers, the advertisers lose their advertising money because they won’t get the expected return, bots and computers can’t patronize a product or service. Fake views are a big risk for advertisers because they don’t only lose their advertising money but the opportunity cost of the amount and time wasted.
Not only do advertisers lose money in the case of fake followers in a video playing and sharing platform. The platform owners and content creators also lose. If an advertiser doesn’t say the results of advertising, a rational advertiser will decide to use different ways to reach their target market. Hence, they will part ways with the video-sharing platform. The owners will now lose their customers who advertise their product and also the content creators' earnings will decline because their income is directly proportional to the advertisements.
4. Mention and explain ways so that we can get VRA Token rewards.
VRA tokens can be earned by watching video content and ads posted by content creators.
Steps In earning VRA tokens by watching video contents
Visit the website https://verawallet.tv/earn-vra
scroll down to see the available videos
- Choose any rewarded video that’s active
I chose Verasity
- When the page opens, click on play to watch the video.
Click on “click here to sign in to earn rewards”
- Sign In.
Enter your email and password and click on sign in.
- Now you can know how many tokens you have earned in the day and how many more tokens you can earn.
I have zero tokens
An email containing a verification code will be sent then you put in the verification as required before earning your token
- After watching the video I earned my token by confirming my rewards.
5. What is VRA Virtuous Cycle? Explain it in detail.
The above picture shows the virtuous cycle. It has 6 features; Buyer buy VRA, Verasity earn, Earn VRA, User benefit, Use VRA to and Cycle repeat.
Buyers buy VRA: With this, the buyers who are the content creators, game developers influencers, and publishers buy VRA tokens with their credit card to use them as rewards for their tournament to get more audience
Earn VRA: As I proved earlier. Users can earn VRA tokens by watching ads and videos of content creators. Game developers also buy VRA to reward participants in their tournaments.
Verasity Earn: Verasity earns a portion of all activities on the platform. Verasity earns from activities like tournaments, ads, and sponsorship.
Use VRA to holders of VRA can use their token to do staking and earn rewards and can also use their token as entry to tournaments.
Users Benefit: As said earlier, content creators, game developers, and publishers get a portion of the earnings from tournaments, ads, content uploads, and campaigns.
Cycle Repeat: The VRA tokens contents creators, publishers and game developers earn are used to create more games, tournaments, and campaigns.
6. Create a VeraWallet account and show the complete steps (Screenshot Required).
To create a VeraWallet account,
First, visit the VeraWallet website https://verawallet.tv/Click on create account
Input your details
Your language
Valid Email address
Password (must contain at least 8 letters with at least one upper case and lower case and at least one digit l).
Check the Terms and conditions
Click create account
- Solve the puzzle
A verification code will be sent to the email you used to create the account
copy and paste the code and click on submit
A third party two-step verification is required
I used google Authenticator to protect my account
- A code is generated on the google authentication app.
Input the code and click on done
A security key is generated for your account
Click on the save security key to continue
Input your details
Your name (first name and last name)
Country
Date of birth
Address
Phone Number
Click on submit after inputting them
_____After this step your account is now created.
7. Explain what use cases the VRA Token has in the Verasity ecosystem.
VRA is the token of the Verasity ecosystem. It had several uses. These are the uses of the VRA token in the Verasity ecosystem;
The first use of VRA tokens is it being used for staking in the VeraWallet. VRA tokens can be staked to proportional rewards of the stake in a form of VRA tokens.
VRA token is used as a reward to viewers in the Verasity ecosystem. People can watch ads and content uploaded by content creators and publishers to earn rewards. This reward comes in the form of VRA tokens. 1 VRA token can be earned from each video you watch. There is a specific duration to how long you have to watch a video before earning a VRA token.
VRA tokens can be used as payment to watch pay-per-view content.
VRA tokens can be used to monetize tournaments and games. content creators use VRA tokens as rewards in tournaments and games to attract more audiences.
8. Explain the steps on how to Staking VRA tokens (Screenshot Required).
Staking can be done in Verasity to earn tokens.
To stake, you need a VeraWallet.
Visit the VeraWallet website https://verawallet.tv/
Sign in with your email and password
Solve the puzzle
After your account is opened, click on “staking wallet”
Click on “stake”
Enter the amount of VRA tokens you want to stake. The minimum amount of VRA tokens you can stake is 10000 VRA tokens and the maximum amount of VRA tokens you can stake is 200000000 VRA tokens. With my wallet which has less than the minimum amount of VRA tokens required, I cannot stake.
9. Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).
To earn rewards from watching videos on Verasity you have to visit this website https://verawallet.tv/earn-vra.
Choose from the list of videos available
Choose a rewarded video that is active
I chose the Verasity video
A new page will open where you will watch the video
Click on “click here to sign in to earn reward”
After signing in, you’ll see your daily limit, reward per view, VRA tokens earned today, campaign limit and VRA tokens earned so far
Close the window and watch your video
Watch till the trophy sign on the upper right corner of the video turns green.
There is a limit to how long you have to watch each video before you earn rewards
Click on the trophy sign after it turns green indicating that rewards are ready.
Now you will see your new earned VRA tokens today and earned so far will go up by one
CONCLUSION
Verasity platform is a video playing and sharing platform which can filter out fake viewers. Unlike other video playing and sharing platforms like YouTube and Twitch where there are fake viewers, Verasity uses the proof-of-view system to prevent fake viewers such as bots to view videos and ads of content creators and advertisers.
Verasity platform allows viewers to earn rewards in VRA tokens when they watch videos. Detailed steps in creating a VeraWallet and how to earn rewards have been stated above.
Finally, I gave detailed steps in staking VRA tokens on the Verasity platform. The minimum number of VRA tokens you can stake is 10 000 and the maximum tokens you can stake is 200 000 000.
Thanks to professor @wahyunahrul for this amazing lecture. I have learned a lot and hope to learn more from your next lessons.