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Greeting Everyone,
Welcome to the 7th week of the crypto academy. In this homework, I will be sharing information about Verasity which is a renowned video platform built on blockchain. I have gained extraordinary information through the lecture provided by @wahyunahrul. So, I will be answering all the questions assigned by the professor in the homework task.
1). What is Verasity? What do you think about the performance of this platform broadly?
1). What is Verasity? What do you think about the performance of this platform broadly?
Verasity is a renowned advertising service provider and the unique feature is that it is based on the blockchain. It was developed in 2018 by RJ Mark who is widely known for developing several hardware and software since the 19s. The core purpose of Verasity is to provide a crystal-clear environment to the content creators and advertisers. It is a video-sharing platform where peoples share their advert and content and get rewards for doing so.
Several related platforms offer this service but the main issue was that the users were not getting enough reward as it was based on the number of views. Plus, the bots ruined the platforms due to which advertisers were not getting the desired result and the investment was going in vain. So, it became difficult for them to differentiate between bots and real viewers.
However, Verasity became the ultimate solution for everything as it put an end to a prevailing issue that was affecting the industry seriously. Verasity uses the Proof of View (POV) consensus mechanism through which it filters out the bots and only counts the real viewers. Now the world major platforms like YouTube, VideoJS, Twitch, and others are leveraging this platform to make their services better.
I think that performance of Verasity is exceptional. It has eliminated the world’s most crucial problem that was faced by the advertisers. It has created a fair ecosystem as not only do content creators get paid, but viewers also enjoy handsome rewards in the form of VRA token. Further, eliminating fake viewers has made it possible to create an equal and clean environment for everyone. While the PoV has also made an unmatched impact throughout the industry as major platforms have collaborated with Verasity as well.
2). How does the Proof of View system used by Verasity validate real viewers? Explain in detail and make an illustration about it.
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 platform is widely acclaimed for filtering out real viewers and eliminating bots. It is done with the help of Artificial Intelligence as the consensus mechanism is an AI model that studies the behavior when the person views the video and takes action accordingly. It can find out bots because as they are said to have the same behavior while watching the video. So, when it discovers an irregular behavior, then the system won’t record that view and the reward won’t be given.
On the other hand, when a human watches a video, it studies the behavior and once it is recognized by the system, then the reward will be given in the end. That’s how Verasity create a fair ecosystem through an AI-based consensus mechanism.
3). Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
3). Why is "fake viewers" so detrimental to all parties related to videos and advertisements that are shown?
Fake viewers can be considered as the enemy of advertisers. People invest a lot of money in advertising to sell their products, services, or whatnot. However, if a bot views the advert, then it is of no use to the advertiser although it will only result in loss as a person pays a great sum of money. So, everyone tries to avoid the fake viewers so that the advert can reach the target audience who can take action accordingly otherwise if the bots view the video, then the total advertising cost will go in vain and the reason for advertising won’t be achieved at all.
4). Mention and explain ways so that we can get VRA Token rewards.
4). Mention and explain ways so that we can get VRA Token rewards.
Verasity gives reward in the form of VRA token and it can be earned in several ways. I will explain some of the easiest and most common methods that can help a person to earn VRA tokens with utmost convenience.
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Watching Video:
The easiest and the entertaining way to earn a VRA token is by watching videos. There are a few content creators that offer free tokens to viewers and you can find them out from the official website of Vera Wallet. All you need is to stream your favorite video and click on the trophy on the right side when it becomes green. The reward is provided instantly.
Staking:
If you have got some VRA tokens in your wallet, then you can stake them on its official website and get to earn 0.07% of the VRA token daily. You can minimum stake of around 10000 VRA which will get you daily 7 tokens. So, it’s one of the best ways to earn tokens but you have to make some investment.
Becoming A Content Creator:
Verasity offers VRA tokens to content creators. The more views your video gets, the more reward you will earn in the form of a token. This is the core reason due to which it doesn’t allow fake viewers at all.
5). What is VRA Virtuous Cycle? Explain it in detail.
5). What is VRA Virtuous Cycle? Explain it in detail.
Verasity has a VRA Virtuous Cycle which shows how things are done with the help of the VRA token. You can learn more about this from the following sections:
Publishers buy VRA:
In this cycle, the publishers purchase the native token VRA from exchange platforms for their campaigns.
Earn VRA:
In this cycle, the registered viewers are allowed to watch quality content and get rewarded for doing so.
Watch ADS:
In this cycle, the registered viewers watch ads and get rewards just like for watching videos.
Ads Benefits publishers:
In this cycle, the publishers generate revenue via ads that are used to purchase VRA tokens. In that way, more campaigns are created to get more viewers with the help of the VRA token.
Use VRA:
In this cycle, the use of the VRA token is distributed. The uses include staking, distributing to publishers, purchasing goods, and the exchange of VRA tokens to BTC or ETH.
Cycle Repeat:
In this cycle, all revenue generated through advertisement is used to purchase the VRA token from exchange platforms.
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6). Create a VeraWallet account and show the complete steps (Screenshot Required).
6). Create a VeraWallet account and show the complete steps (Screenshot Required).
Now I will show you how an account is created at VeraWallet in a step-by-step manner so that you can understand the entire procedure.
1. Visit www.verawallet.tv and click on create an account. Once done, you have to provide details like email addresses and choose a strong password. After doing so, click on the tick box and then click “Create Account”.
2. It will send a code in the email for verification. We have to paste it into the highlighted box and click on Submit to proceed further.
3. In this step, it will ask you to scan the QR code so that the key can be saved which can be done manually as well. I used the Google authenticator and the wallet was saved in the mobile app. Once, done with this, click on next.
4. It will ask you to enter the code generated on the Google Authenticator mobile app for security. After doing so, then click on Done.
5. The account will be protected and it will ask you to keep a copy of the secret key. Once it is done, click on Save This Code which will download a file, and then you will have to click on the same box again.
6. Now you have to provide some personal details for security purposes.
7. That’s how you create a wallet account.
7). Explain what use cases the VRA Token has in the Verasity ecosystem.
7). Explain what use cases the VRA Token has in the Verasity ecosystem.
There are several applications of VRA tokens on the Verasity ecosystem. Plus, this token is essential because it is the native token and is used in every operation. I will explain some of the use cases in the following sections:
- VRA token is used for staking through which great reward can be earned.
- Viewers get to earn rewards in the form of a VRA token.
- Content creators get handsome rewards in the form of VRA tokens.
- Advertisers have to purchase VRA tokens to advertise the message.
- VRA token is used to purchase goods and services.
8). Explain the steps on how to Staking VRA tokens (Screenshot Required).
8). Explain the steps on how to Staking VRA tokens (Screenshot Required).
Staking VRA token is a great investment opportunity that can help you to make a handsome gain. I will show you complete steps in the following sections:
1. Visit www.verawallet.tv and click on Staking Wallet which is highlighted.
2. A form will appear showing the total amount of VRA, you have to click on Stake as highlighted.
3. Now you have to choose the total amount of token that you want to stake. Choose the amount and click on continue. However, a minimum of 10,000 VRA can be staked. I didn’t have enough tokens to continue the procedure.
9). Watch one of the videos on the Verasity Website and show how we can get rewards from watching the video (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).
Watching videos and earning on Verasity is very easy and can be done by everyone in just a few steps. I will be demonstrating every step so that you can find out how it is done.
1. The first step is to visit www.verawallet.tv/earn-vra.com and scroll down to find the active video that provides tokens as a reward. I have chosen one of the videos of ThatCelebStyle.com.
2. Once you click on the link, you will be redirected to another page where you can choose the preferred video to watch.
3. Once you watch a video to the end, the sign of the trophy will become green which indicates that you have received your reward.
4. That’s how you can earn the reward by watching videos on Verasity.
10). Conclusion.
10). Conclusion.
The conclusion is that I learned about Verasity which is one of the best platforms that has eliminated fake viewers from the industry and created a fair ecosystem. It uses Proof of View mechanisms that can differentiate between real viewers and fake. Plus, Verasity provides unmatched benefits to viewers and content publishers as well. There’s a great return in staking of VRA tokens as well. I also learned to make a wallet and how the token can be earned by watching videos. Overall, I would like to show my utmost appreciation to the professor for an amazing lecture.
Thanks For Visiting My Post And Your Appreciation
Cc:
@wahyunahrul
