Good day everyone and Happy new year to all steemians. Today I will be dropping my homework post on the course 'Verasity-Advertising Services On Blockchain' as taught by professor @wahyunahrul
IMAGE DESIGNED ON POSTERMYWALL.COM
1). What is Verasity? What do you think about the performance of this platform broadly?
2). How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
3). Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
4). Mention and explain ways so that we can get VRA Token rewards.
5). What is VRA Virtuous Cycle? Explain it in detail.
6). Create a VeraWallet account and show the complete steps (Screenshot Required).
7). Explain what use case the VRA token has in the verasity Ecosystem.
8). Explain the steps on how to Staking VRA tokens (Screenshot Required).
9). Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).
10). Conclusion.
Verasity is a blockchain innovation that provides digital platform for video games, digital products which includes both hardware and software with the sole aim of creating a fair balance between content creators and the party paying for the advertisement. This unique blockchain project was created in 2018 by Mark R.J, the platform was created to solve the online advertising problem that has been a hard nut to crack. Over time, it has been observed that most advertisers do not get value for their money as a result of some compromise in the advertising agencies. Some content creators and advertising platforms in a bid to get more views to woo advertisers employ the use of bots which increases the no of views they have on their videos. But with the introduction of verasity, it has been able to solve the problem and such acts has been reduced to the barest minimum, the verasity platform utilises the proof of view (pov) to fish out the bots that generate fake viewers.
Overall, the performance of this platform has been top-notch, this video platform has been able to separate real viewers from fake viewers using the POV protocol and hence advertisers are now willing to put in more money into the platform due to the authencity and genuity the platform has. I also believe they can keep improving on their performance by collaborating with more platforms and investors that can give them more visibility and also bring in more revenue. The verasity project has a native token known as VRA Token which will be discussed in the course of this post.
As explained earlier, the POV (Proof Of View) protocol is a specially built mechanism that is being utilized by the verasity video platform to eradicate the involvement of bots usage on advertising platform with the selfish aim of having more views. With the introduction of POV, the situation has been addressed and native users can now get real value for their money spent.
The POV protocol uses fingerprinting and Artificial Intelligence (AI) technology to authenticate viewers and discern if it's a bot or human that viewed the content. This is usually done real quick to prevent compromising performance and eliminate fraudulent advertisements. Once the genuine views from real humans have been collected, it is verified further and recorded publicly on the blockchain. Summarily, this tool has been programmed in a way that it can detect human behavior watching the videos.
Illustratively, it has also been proven that the POV protocol can be used or utilized in areas such as Non - Fungible Token which are associated with digital images, audio files, texts or any digital file, all these can be verified on the blockchain using the proof of view metric protocol.
The issue of fake viewers in the advertising space is a serious issue that can compromise the system put in place by advertisers to get more engagements. It is a bad act to engage bots to take the place of humans as far as getting views is concerned, this malicious act affects all the three parties involved which are the Advertisers, content creator and the video platform.
When fake viewers are being employed instead of real viewers, the advertisers who pay the advertising fee suffers the most as they won't get good value for their money and as such, there won't be engagements on the advert posted which in turn also affect the revenue or profit they ought to make likewise the content creators and video platforms also suffers from this because their reputation, integrity and genuity will be at stake. They will both lose more investors and once customers notice the fraudulent acts, they will stop patronising them. This is why it is highly detrimental to engage in such act.
The VRA token is the native token of the verasity blockchain project. This token can be gotten in various ways which I will be highlighting below.
One major way we can be rewarded with VRA token is through watching of online video. As we all know that verasity is in partnership with major video platforms such as YouTube, Twitch and Vimeo. Through this video platforms, viewers and users can earn the VRA token as reward.
Another way we can be rewarded with the VRA is watching and subscribing to video creators. Some video platforms pays the users in VRA token for just doing simple tasks such as subscribing to their favorite video and content creators.
It has also been realised that users can also earn the VRA tokens from referrals who sign up on video and games platforms. This is to encourage their participation.
Another way of getting VRA token is purchasing it from the major exchangers such as Kucoin, Gate.io, Bittrex, uniswap etc. Purchasing the VRA token directly can go a long way in boosting ads campaign and increasing user engagements.
Looking at the image above, it perfectly illustrates the VRA virtuous cycle. This cycle explains the various ways and levels through which users can earn rewards through different engagements such as playing games, watching videos, watching content/Ads, subscribing, staking etc. Basically, the advertisers and various platforms created by verasity benefit from each other as they both earn revenue from one another, this is possible because the viewers are real humans that are verified and authentic.
This virtuous cycle starts from when users buy the VRA token from exchanges platform, they use token bought to fund their game tournaments or campaigns, doing this, the user benefits as they get rewarded on the tournament and also from campaign ads. However, the verasity platform also get a percentage from the tournaments, campaigns and also users can use VRA to subscribe which is a form of entry fee in order to participate in Games, tournaments and staking, as a result of this, the influencers, viewers also earn VRA through Gaming or watch of content Ads. This cycle continues in this way and its repeated again and again.
A verawallet is used to save or store VRA tokens. To create the wallet, I'm going to follow the processes below
Step 1 : I will visit verawallet.tv and once the page pops out, I will click on 'create wallet' as marked in the image below.
STEP 2 : Now next thing is to create my account and to do that, I will have to input my details in the boxes below as seen in the image below.
Once all my details have been put in the boxes, then I will click on 'Create Account'.
STEP 3 : Once I click on create acct, am email was sent to me after some few seconds, this email contains my verification code that I will use to continue my registeration. The code can be seen below.
SOURCE : Gmail.com
STEP 4 : After that, I will go to the verasity email page which is the next step, then I will copy and paste the code in the box there, after which I will click on submit button as seen in the image below.
STEP 5 : Next thing is to Authenticate my Acct using the Authenticator code. I did that by copying the key in the box as seen in the image below.
STEP 6 : Then I copy and paste the code I got from goggle authenticator in that box after which I clicked on the 'Done' button.
STEP 7 : Next step is to back up the code using 2FA. I did this by simply clicking on 'save the code button'
STEP 8 : Immediately I clicked the 'save the code' button, i noticed that the 2FA code backup was downloaded instantly.
STEP 9 : Now having done all this above, I will have to complete the registration by clicking on 'Go to complete account' as seen in the image below.
****+
STEP 10: This page will pop out, and it is the KYC page. I filled in the required details and clicked on 'submit' as seen below.
STEP 11 : This image shows that my account has been successfully registered and ready for use.
The VRA token which is the native token of the verasity project can be used primarily for a lot of things within the verasity ecosystem which I will be highlighting below.
- STAKING
Recently, a new feature was added to the verasity platform which is 'staking'. This provides an avenue for users to HOLDL and at the same time earn daily commissions which stands at 0.07% daily. This staking can be done using the VRA token.
- REWARD
The VRA token also serves as a form of reward for viewers who watch videos and adverts in the verasity websites.
Not just users alone, advertisers and publishers also buy the VRA token to reward audience and users who watch their ads and subscribe to their videos. This helps the advertisers to increase engagements and revenue.
To stake on VeraWallet using the Vera token, we can follow the steps below.
Step 1 : The first thing we need to do is to top up our main wallet by topping up we are adding VRA to our VeraWallet.
Click on the top up as seen in the pic above.
STEP 2 : Copy wallet address below, note that you can also send a VRA token to the wallet. This token can be bought from popular exchange like Kucoin, Binance etc.
After sending the VRA token into the address, it will now show in the main wallet.
- Next thing now is staking, but it is be noted that one can only stake with a minimum of 10,000 VRA, that means one must buy at least 10,000 VRA token to be eligible to stake.
STEP 3 : Click on 'Stake VRA' as seen below.
STEP 4 : After that, you can now input the amount of VRA you want to stake in the box.
STEP 5 : After inputting the amount you will be asked to read the terms and conditions and click on 'Agree' if you are okay with it
STEP 6 : After agreeing to the terms and condition, you can now proceed by confirming your stake as seen below
STEP 7 : After confirming the stake, it will show in your stake wallet as seen in the image above, the recent trabscations can also be seen in the staking wallet.
Note : A staker earn 0.07% of the total VRA he staked every day, this is usually paid directly into the main wallet every 24hrs.
STEP 1 : I visited the verasity.io which is the main website. I then click on the icon at the top most corner as seen below
STEP 2 : I will click on the verasity.tv
This page shows various activities I can do to earn VRA token. So I'm going to click on any of the videos to watch now.
STEP 3 : I am going to click on 'Watch and Earn'
STEP 4 : The next page as seen below will show series of videos I can watch and Earn from.
Now, I'm going to pick one and watch.
STEP 5 : While watching this particular video, I noticed a notification popped up for me to claim my reward, I clicked on it and I was directed to create a verasity reward program acct.
STEP 6 : I was sent an email verification code and input it in the box and clicked on 'submit'.
STEP 7 :/After clicking on submit, my reward was created and now it means after watching any video, I will be rewarded with 1 VRA token per view.
Verasity has proven to be a solution to the 'fake viewers' problem encountered in the online advertising space. This project has been designed to create transparency and ensure there is true value gotten for advertisers who put in money to get engagements for their business. Not only that, the rewards and viewing monetization will benefit the viewers immensely, this will encourage them to keep it real and keep patronizing the verasity platforms.
Using the POV (Proof of View), verasity has been able to get the cutting-edge by eliminating fake and robotic viewers. The VRA token also has been successfully listed on major exchanges where it can be bought and it has huge potentials of skyrocketing in value in the nearest future.
Special thanks to professor @wahyunahrul for this wonderful piece. I have learnt a great deal from this and I hope to learn more from you in your subsequent posts, thanks !