Verasity is an open ledger ecosystem that aims to bring trust and transparency to digital advertising and payments while combating advertising fraud. Their mission is to boost engagement and revenue for publishers, especially video publishers, on any platform through the blockchain revolution.
VeraViews Ad stack utilizes Verasity's patented protocol as a layer on the VeraChain Blockchain. This technology, called PoV, helps increase advertising revenue for video publishers. It ensures immutability and transparency for both advertisers and publishers within the Verasity ecosystem. #blockchain
On October 2, 2023, Verasity burned 50% of its maximum token supply 10 billions in VRA Tokens , marking one of the largest community consultations in crypto history. They also plan to release 90 billion tokens currently reserved for data circulation.
They held a high-profile Influencers Roundtable meeting, including Mando CT, Elliot, Nurbrks, and others.
Following the consultation, they decided to burn 10 billion VRA tokens that were initially minted for a strategic reserve wallet called the VRA WarChest, which was intended for future business use. #tokenburn
After the WarChest burn, VRA's circulating supply is reduced to just 10 billion tokens, which will be used within the VeraViews advertising ecosystem as payment for clients. The company had already announced in early 2023 that Veraviews was being used by their clients. These tokens will also be used for the VeraWallet Staking ecosystem and will undergo periodic burns to reduce supply. In the first half of 2023 alone, over 155 million VRA tokens were burned, making it one of the largest token burns in the crypto industry.
Here are the key reasons behind the WarChest burn.
VeraViews has now generated revenue and a clear path to commercial adoption. As a result, there is no longer a need to burn tokens from the WarChest.
The Verasity product team has successfully implemented VeraViews across all major video players to strengthen support for video publishers.
Initially, the WarChest was reserved for strategic acquisitions, but due to the successful commercial rollout of VeraViews and the onboarding of new clients, there is no longer a need for the WarChest. However, the technical efforts required for this significant token burn are actively underway.
Remarkable day of Warchest Burn:
VRA was trending on Coingecko and Coinmarketcap.
VRA experienced a surge in daily trading volume on certain exchanges.
VRA was ranked number 1 at LunarCrush in AltRank.
VRA was trending on X.
More than 20,000 members attended the VRA roundtable live on Twitter Spaces.
The $VRA team has done an incredible job in the past few weeks. It's truly a community-owned project, and they are separating the POV marker tokens from $VRA. They gave up a potential $56 million in funding because they anticipate huge demand for their advertising solutions in 2024, which will be more than enough to support their growth.
The Problem Verasity is Solving:
There are clear opportunities for Verasity's technology in both the #advertising and video-on-demand markets. In 2021, more than $455 billion was spent worldwide, and this is expected to grow to $525 billion by 2024. However, 40% of this spending is lost to fraud. VRA Technology aims to solve this problem.
VeraViews will protect against fraud in the multi-billion-dollar on-demand video market. More than 2 million video publishers are struggling to promote their content, as brands are hesitant to advertise due to doubts about whether people are actually watching their ads. Even giants like Facebook and Google face substantial losses due to ad fraud.
To address these issues, Verasity developed Proof of View technology and the Veraview Ad tech stack. VRA technology detects fraud in real-time, using over 200 touch points and AI to determine with high confidence whether a bot or a human is watching an ad or content.
VRA tokenomics represent one of the most successful community-led projects in the history of crypto. VRA's circulating supply retains its utility and is used as the primary payment option for advertising campaigns in the VeraViews Stack. Verasity is a billion-dollar project, and I urge all my followers to do their research and uncover its hidden potential. The community asked, and #Verasity delivered.
