What is Verasity?
Online video means different things to different people. Whether you’re watching a vlog from Smosh, a documentary from VICE, the latest episode of Stranger Things on Netflix, or a 30-second clip on Facebook, you are consuming one of the most exciting, and booming creative mediums in the world.
The advent of online video sharing platforms and consumer level access to recording and distribution means video consumption and creation has never been more accessible.
Existing platforms such as YouTube, Facebook, and Vimeo have propelled video into the mainstream. Despite this, the majority of the value generated by viewers still goes to a small fraction of top-tier creators, the video platforms, and corporations rather than being fairly distributed to all participants in the platforms. These issues aren’t getting any better either. Each day, there are new middlemen taking their cut out of the platform and higher expectations of quality from viewers.
Verasity is a video sharing platform built for the future where profits are reinvested back into the platform. Verasity is a Blockchain-enabled video economy and ecosystem which removes the middlemen, and all of the obstacles that exist between the viewer and creator/publisher. The platform/economy will disrupt the existing market model by enabling direct value exchange between viewer and creator using the VERA token.
By uncoupling the broken relationship between advertisers and creators, Verasity puts the power back into the hands of the users and will create a better video ecosystem and economy for everyone.
What are the key features of Verasity?
Get paid to watch videos
One of the biggest benefits for viewers is that once they’ve signed up and created their Verasity wallet, they will be able to earn VERA by simply watching videos. Likewise, advertising on Verasity will be strictly opt-in for the viewer, if users choose to watch adverts they will directly receive payment from the advertiser as an appreciation of their attention.
Next-generation video player
Verasity’s custom-built video player runs on centralized servers but manages to substantially reduce operating costs. This means creators/publishers won’t have their payments reduced to cover large platform costs. At the same time, viewers will be getting the best possible playback experience without suffering all the inherent problems of using peer-to-peer technology (P2P) to stream content from an extensive video library.
Verasity’s player has been in development for 4 years. It is working, and more importantly, has been proven to work at scale, powering 8 PetaBytes of video data every month. Verasity’s player will also feature an in-built wallet that facilitates simple and secure payments between viewers and creators.
Content monetization
The Verasity platform will utilize the VERA token, which will run on Verasity’s own Blockchain. This payment system will enable direct value exchange between viewers and content creators/publishers.
Creators and publishers will have access to more unified monetization options than on any other existing video platform. The funding model is set on a per video basis and rules can be put in place for groups of videos, channels, or for users with certain opt-in features enabled.
On Verasity we don’t believe there’s a one-size fits all model, in fact, it’s up to individual creators/publishers and viewers to decide how they wish to support each other.
Funding models include:
Free-to-view with optional donation. Creators receive individual VERA donations from viewers who enjoy their content;
Pay-per-view (TVOD). Creators set a rate of VERA that each viewer will pay to unlock a video — users will be able to receive a short preview of the content before paying;
Monthly subscription (SVOD). Creators charge a monthly VERA fee for their viewers to access their paid content. This could either be used to access exclusive “VIP only content” or as an alternative to SVOD video;
Advertising (AVOD). Ads are entirely optional for viewers. However, watching advertising allows users to earn VERA which they can in turn pay creators with.
Innovative Content Uploading System
With increasingly lower barriers to entry, existing platforms are buckling under an ever-increasing amount of poor-quality content. Low-quality content takes money out of the pockets of creators by inflating platform storage costs and makes it harder for viewers to find good quality content.
Verasity will operate an upload system where creators have an initial upload limit. If they are under their upload limit it’s free to upload content and when they go over their upload limit they have to pay to upload using VERA.
Upload limits increase based on global platform usage, as well as other incentives to help grow the community and ecosystem as a whole. Each creator will also increase their upload limit based on their individual channel performance.
The aim is not to penalise those who are adding value to the ecosystem or to create a pure pay-to-upload system. Creators/publishers who add value will receive VERA through all of the monetization models above, can earn VERA just by watching videos themselves, simply wait until their upload limit increases, or buy VERA so they can buy more upload credits.
On the other hand, users who want to spam the platform with low-quality content, which receives no views, will find themselves needing to pay to upload.
Channel Stake Marketplace
The Verasity platform will provide a Channel Stake Marketplace for stakes in content channels. This will enable content creators/publishers to finance additional growth and development of their content.
Creators/publishers can sell a part in their channel to VERA holders at a price set by the creator/publisher. The participation in the channel will provide the same % share of future earnings back to stakeholders in the channel. Stakeholders in a channel will then be able to sell their stake back on the Channel Stake Marketplace
The current market value of a stake will be calculated by a Verasity algorithm that takes into account verified views of the content, the revenue stream of the channel, the recommendation engine and other key parameters.
What happens next?
Read the Verasity whitepaper
Read the Verasity token sale document
Participate in the Verasity airdrop
Get rewarded with VERA by testing out the VeraPlayer
From everyone at the Verasity team, thank you for coming along with us on this exciting journey to create the future of video.
Join our community:
If you want to join the conversation about Verasity then please follow our various accounts below!
Website: https://verasity.io
Telegram: http://t.me/verasitychat
Twitter: https://twitter.com/verasitytech
Facebook: https://facebook.com/verasitytech
LinkedIn: https://www.linkedin.com/company/verasity
Reddit: https://www.reddit.com/r/verasity
