Hey Steemit!
Here is my homework post for Professor @wahyunahrul. It was a great lesson, and I hope you will enjoy reading my post.
.png)
1). What is Verasity? What do you think about the performance of this platform broadly?
Verasity is a protocol and is also a product layer platform. It aims to help video publishers in terms of their user engagement and increase the income they generate through advertisements. We all know that advertisers place advertisements to bring engagement to their product or service. Due to the views brought by bots, their engagement is reduced. Therefore, they cannot get the full engagement out of the money they have invested in the advertisements. So Verasity saves the money of advertisers by making sure that their advertisements are seen by authentic users.
Verasity uses a protocol called Proof of View (PoV). PoV records original views by using AI technology, immutability and also transparency. Apart from this, this platform also serves the esports community by their servers which are quite reliable. It also has a product, VeraPlayer, which it uses for the purpose of video entertainment. This platform also allows its users to earn by watching content on their platform. It is a major platform that is helping to connect the esports community with the crypto industry.
We know that NFTs are tokens that can’t be replicated. Authenticity is a major thing connected to NFTs. Verasity has entered the NFT industry too. Its Proof of View protocol would help in the verification of the NFTs and the users who upload them so that authenticity can be maintained.
Verasity is a great platform as it has been successful in providing a solution to a very major problem. This platform, through its Proof of View system, saves a lot of money for the advertising companies, which gets wasted due to bot views. It's not a small platform as it has collaborated with major streaming sites such as YouTube and Twitch. Also, the number of platforms that reward their viewers for watching the content is very rare. This platform, apart from rewarding the content publishers, also reward the viewers. It's also focusing on the esports industry, which is a rapidly growing industry. With the growth of the esports industry, this platform will also grow in the coming time.
2). How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
The Proof of View System used by Verasity helps to identify fake viewers. This algorithm uses 200 touchpoints and Artificial Intelligence which perfectly allows the platform to detect any fake viewers immediately. There is a specific way in which the bots behave, so the system has that behaviour recorded. When a viewer behaves in the same way as a bot, it is clear that it is a fake view, and the algorithm identifies it this way. If a viewer has a different behaviour than the behaviour of the bot, then he is verified as a real viewer.
When a real viewer has been identified, then his view has to be made transparent on the platform so that the number of views can be seen and recorded on the blockchain. Each view, in this case, is a transaction on the blockchain. When users create an account on Verasity, they are assigned a hashed ID. This hash ID is used as a record of the view when the view has been verified as genuine.
3). Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
If we talk about advertisers, they pay to get engagement to their content, product or service. Let's suppose you place an advertisement on a video. If the person watching your video likes your content, they will click on the advertisement, which will increase the number of engagements you have on your content. If your advertisement contains a product or a service, and if someone likes it and opens the advertisement and eventually buys your product or service, this would increase your sales.
Now, this was the case for human interaction, but if there is a bot, or a fake viewer, watching a video, it will not engage with your advertisement as he is a bot. The bot is just there to increase the views; that's it, it can't engage with your content organically. This leads to the wastage of the advertiser's money as he pays to bring engagement to his content.
4). Mention and explain ways so that we can get VRA Token rewards.
There are three ways through which VRA Token rewards can be earned on Verasity:
Watching Videos: Verasity pays its users VRA Tokens to watch videos on the platform. Users are required to watch the videos which have a trophy icon on the top right of the video. After watching the video, the trophy icon turns green. Once it turns green, you can click on the trophy to claim your reward. Watching one video earns you one VRA Token. The amount of VRA Tokens is claimed in your Verasity Reward Program account.
Publishing Videos: Apart from rewarding viewers, verasity also rewards the creators. Video creators on the platform are rewarded in VRA tokens.
Staking VRA Tokens: You can stake VRA Tokens in your Verawallet. The daily staking reward is 0.07%, and the yearly staking reward is 25.55%. You can stake a minimum of 10,000 VRA tokens which would earn you 7 VRA tokens per day and a maximum of 200,000,000 VRA tokens which would earn you 140,000 VRA tokens per day.
5). What is VRA Virtuous Cycle? Explain it in detail.
VRA Virtuous Cycle is a cycle that involves the funding of tournaments/campaigns and the distribution of VRA tokens among the platform and users. The tournament/campaign organizers buy VRA tokens for funding. VRA tokens are also bought to reward the users who play or view the tournaments. This means that everyone, influencers too, on the platform can earn VRA tokens by doing activities.
Now, the platform itself earns a certain percentage of VRA tokens from the activities taking place, including sponsorships and advertisements. The cycle also contains the staking of VRA tokens for daily rewards, which is beneficial for the economy of the token. Lastly, the cycle includes targeting non-crypto users too, apart from just crypto users, by allowing them to use Credit Cards, which is widely used.
6). Create a VeraWallet account and show the complete steps (Screenshot Required).
First of all, in order to access the webpage, go to the link: https://verawallet.tv/.
Once you are on the page, you need to click on the "create account" option right below the sign-in option.
Then after that, you will have to type your info, like Gmail and password.
There are also various languages to choose from, which is extremely convenient for people who aren't familiar with the English language.
Once that's don't, and you have typed your info, you will get a verification puzzle which is very simple.
After the puzzle is done, the site will send a verification code to your Gmail address.
After you copy and paste the verification code, the site will tell give you some options that will protect your account. You can scan the QR code using an authenticator app like Google authenticator, or you can just put the Wallet name and the private key it provides to get a code that you have to provide.
Now your two-step authentication has been set up and enabled.
Once all of that is done now, you will have to type more info like your first and last name, phone number, county and address; if you aren't comfortable with typing your address, just type in the city you live.
After that, your wallet has been created.
7). Explain what use cases the VRA Token has in the Verasity ecosystem.
VRA token is the native token of the platform. Therefore, it is obvious that it has a lot of uses as this is the token used to carry out the operations taking place on the platform. It has a lot of uses, some of which are the following:
- Viewers are rewarded through VRA tokens by the platform. When you watch content on the Verasity platform, you are paid in VRA tokens. The daily limit for earning VRA tokens through watching content is 5 VRA tokens.
- The VRA token is used in tournaments. Some tournaments are funded through the VRA tokens, which means that the winners are paid in VRA tokens along with different activities taking place in the tournament.
- Another use the VRA token has is also related to rewarding; when people publish content on the Verasity platform, the reward they receive is in VRA tokens.
- We have previously discussed that VRA tokens can be staked in order to receive returns on the investment. The Staking takes place on the platform, and the return on investments is also given in VRA tokens.
8). Explain the steps on how to Staking VRA tokens (Screenshot Required).
It's only a matter of clicks on this site to start staking your VRA tokens. So first, you will have "my wallet" once you have logged into your account.
After that, simply click on the stake option.
After that, click on the "stake VRA" option, and you will be sent to a page where you'll be able to put an amount that you want to stake (the minimum amount of VRA you need to stake is 10,000).
9). Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (Screenshot Required).
For this question I went to verasity.tv and then I clicked on the "Watch&Earn button.
After that, you will see videos that you can watch to earn VRA tokens.
I scrolled down, and then I clicked on a video; you can watch any video but make sure that it has a trophy icon on its top right.
Once I reached the end of the video, the trophy icon turned green. This means that now I can claim the reward.
When you click on the green trophy icon, you will be required to sign in to your Verasity Rewards Program account. Those who don't have an account on the platform can create one. Once you sign in, you will see your earned token there.
Verasity is a great platform, and it has a great future. It is a heaven for advertisers as it provides a solution to their major problems. It uses its Proof of View (PoV) algorithm to detect and eliminate fake views immediately, saving a huge amount of advertisers. Its collaboration with major streaming platforms like Youtube, Vimeo and Twitch shows how authentic this platform is and how great its performance is. This platform rewards both creators and viewers, which is a very great thing. It was a great lesson, and I thank Professor @wahyunahrul for this wonderful lesson.