You must have spotted a chatbot in the bottom right corner of websites when checking your bank account, booking a train ticket, or booking a hotel stay, and you must have also observed that it responds to you in some basic ways but transfers you to an actual human if things go out of hand. These are called bots and they can be found all over the internet.
Bots are programs that are built to perform a given activity at a rate that regular humans cannot, and because of this, they account for roughly 45 percent of all web traffic worldwide. The problem is these bots are not always nice; some of them are bad bots, and these bad bots are the internet’s main problem, gradually consuming the largest spending department: advertising. The online ad industry is worth around $400 billion, and 40% or roughly $160B worth of advertisements is seen by bots.
And that’s a sizable sum and to give you an idea Qatar’s overall GDP is 160 billion dollars. Over half of the money spent on web advertisements is for views that aren’t even visible to humans. Brands don’t want to pay a lot of money for their advertisements, according to the content creator, because they aren’t sure if the ads on their content are being watched by humans or bots. For years, many businesses have been attempting to combat this. Here is where veracity comes in.
Hello and welcome to cryptos monopoly, my name is Daksh, this is the 100x crypto series, and in this episode, I will tell you about a very interesting project solving a major issue of the media world. And at the end, I will give you my opinion on the veracity and also give my prediction, so make sure you read this content till the end.
Verasity is all over the news nowadays and it’s in the news because it has recently received the US patent for its Proof of view algorithm, and it is the flagship algorithm of veracity that can differentiate between real and fake views solving the biggest problem of the Advertising industry. When a content creator submits a content to a veracity-enabled platform, the bot views are instantly detected and removed, ensuring that only real human views are allowed in their content.
It also ensures that the content viewed on the site is genuine, then confirms and records it as a permanent and irreversible public record. PoV was developed to provide solutions to two problems. 1. Fake views.
2. Big tech companies monopoly over ads. We have already seen how veracity is solving the first big problem that is the fake views now let us see how are they gonna stop the monopoly of big-tech companies over ads. And this is going to be important for you if you are planning to invest in veracity as this explains the whole ecosystem of veracity so make sure you pay attention to this.
Now before we move forward, if you are enjoying this content make sure you hit the like button. The way of viewing contents over the internet has changed significantly. People nowadays focus on independent creators on free platforms like YouTube, Facebook, and Vimeo.
The content creators, publishers, and small corporations in these existing mainstream sites get a small fraction of the value generated by viewers, and a large part goes to these big platform companies, and nowadays various mediums and middlemen, everyone wants their cut, and demand higher quality content.
So, veracity saw this major problem and came with a solution. On the Verasity content sharing service, they restructured how people get paid. Instead of Creators getting paid by Advertisers, Viewers reward Creators. This removes the influence that advertisers and other third parties have on how content is ranked or surfaced.
Content is now surfaced based on its value to the audience. All content views are then assessed by the Proof-of-View (PoV)™ technology to ensure that they’re real and the content has been seen by a real person who is actually watching the content. Once a view has been confirmed as legitimate it is anonymized and then added to the Verasity Blockchain for 100% transparency.
By eliminating fake views, the Verasity ecosystem is able to fairly value content regardless of content type, audience demographic, or a third party’s monetization strategy. For all our users, this means a better, more fair, and valuable platform. Verasity has got something for everyone, here everyone wins. For Viewers: Such content is recommended and surfaced that has been seen and engaged by real users.
A true value of the content can, therefore, be established and the most appropriate content for the viewer is surfaced. As viewers transact directly with creators, content can be accurately valued by the audience rather than distorted by a third party.
For Creators: By building a real, engaged audience you can grow the value of your content and channel on Verasity With donations, pay-per-view, and subscription models all built-in, everything from high reach quick clips to in-depth niche lectures can find a home with Verasity For Advertisers and Sponsors: They can Get seen by real users — no more inflated metrics.
Get real views and real reach By paying viewers directly for their attention, reach engaged and opt-in audiences rather than people just waiting for the “skip” button So, this is how veracity is tackling the two biggest problems of the advertisement industry.
But that’s not it Verasity has also developed its very own wallet called vera wallet. VeraWallet is the official wallet for VRA tokens. It has over 80,000 users worldwide, it’s safe secure, and provides one of the best staking returns in the industry. Yes, if you hold your VRA in Verawallet and stake it you get up to 25% interest annually and that’s an insane interest.
Btw, I am soon going to add a contentwhere I will show you how to stake VRA and earn free money so make sure you subscribe to this channel so that you don’t miss out on that content. Now let us see what has the veracity team achieved so far and pay attention to this because it will help you see how the team is working. Verasity was launched in 2019 and so far in this year, it (VRA) has risen almost 100x times.
The coin opened in 2021 trading at $0.0004482, but now VRA has valued at approximately $0.01266. It has a market capitalization of $49m and makes it the 407th largest cryptocurrency. So far, 2021 has been great for veracity, they’ve got their flagship algorithm Proof-Of-View patented.
They’ve launched various products and projects in the first quarter of 2021, like the content-On-Demand sharing platform, it also acquired content for VOD, and it also launched Esports Fight Club video player. In the second and third quarters, they’ve organized branded tournaments for influencers and streamers on their platform, and also launched an in-game advertisement with a gaming partnership.
The fourth quarter is going to be amazing for veracity as, In the fourth quarter, they have got NFTs, which is quite a big thing for veracity, Previously NFT faced various challenges but according to veracity- The proof-Of-View can solve the major NFT’s challenges by creating transparent and unchangeable records of the NFT. They’ve also launched the EFC store and verawallet mobile apps.
Now that you know everything you need to about veracity I would like to give my opinion and prediction of this coin. But before that, I want to clarify that this is just my opinion and not financial advice and before you invest you should always do your own research. Look, the advertisement industry spends around $400 billion on ads, and approx.
$160B wasted through ads watched by bots, and this is the main problem not only for advertisement companies, but also for advertisement providers, and content creators. So sooner or later people will realize this problem and they will move towards such technologies which not only save their money from being wasted but also provide money to the content viewer. Just think about it if Verasity covers only the 10% percent market of that wasted $160B ads market.
It will be huge for investors. If that happens the market cap of veracity will be at 1.6 billion dollars and the price will shoot up. The market cap of veracity is around 49 million dollars and the circulating supply is 3.8 billion. So, if the circulating supply stays the same at the time the market cap increases to 1.6 billion, the price of vra could easily reach 40 cents.
So, Verasity’s VRA is one of those tokens that are functional and potentially profitable. Verasity not only has an impressive vision but also has dedication towards its plan and they already have released products with proper planning. For Q2 they planned an upgrade that will integrate through PoV enabled smart contract. If everything goes according to plan then, this will be the most supported blockchain technology in future days because of its customer-centred projects.
I think this coin could be closing in 2021 years near the $0.1 but only if the bull run resumes. I truly think in two years or maybe sooner it will hit $1. And Simply because it is consistent, it has a good reputation over the years and it has patented PoV.
Now before I end this content, Let me tell you one more thing, Verasity has recently applied for a new patent in competition with IBM, in which they can use NFT’s to host patents globally. So if you have new inventions or maybe a new product and you want to patent that, you could put that in veracity’s blockchain.
Read More: Verasity Keynote Speech at CoinTelegraph