Verasity (VRA) Blockchain eliminates ad fraud on digital media
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From Fortnie to League of Legends, the gaming industry generates billions of dollars worth of revenue from these electronic sports (esports). However, a huge amount of this revenue is lost due to fraudulent activities in the advertising industry. Verasity, a blockchain-based solution integrated with a patented PoV protocol, was created to challenge this problem. This protocol empowers advertisers and publishers to combat fraud prevalent in the online advertising industry.
What is the core of Verasity?
According to Verasity’s whitepaper, of the $450 billion spent on advertising, nearly $160 billion (about 40%) of that spending is wasted on ad fraud due to bots viewing the ads instead of real people. To offset the losses in wasted ad spend, brands and advertisers simply cut the number of ads or reduce their ad budget.
Verasity is an open ledger ecosystem designed to combat the systematic fraud and swindling that plagues digital advertising. Launched in 2018 through an initial coin offering (ICO), Verasity is a protocol and product layer platform based on blockchain technology that is growing rapidly across the video entertainment, esports and ad technology industries.
This project is the only solution that uses a distributed ledger backend together with its revolutionary PoV protocol (secured in both the US and China), to eliminate ad fraud (e.g. domain spoofing, bot traffic and ad stacking) in the digital advertising sector and makes the more authentic, reliable, secure and transparent for both publishers and brands.
Another key goal of Verasity is to integrate the proprietary ad stack and crypto reward system into the SDKs of major video platforms (eg YouTube, Twitch, Vimeo), which will significantly increase engagement and ad revenue for content creators on these platforms.
Since its patented PoV module differentiates between humans and robots in real time, Verasity has expanded its application in the non-fungible tokens (NFT) sector. The fraud detection module limits malicious activities by enabling marketplaces and buyers to verify the authenticity and accuracy of NFTs.
VRA is the native currency of Verasity. VRA tokens are exclusively created for betting, earning and spending in the ecosystem, which includes eSports, NFTs, digital content and games.
Verasity provides VRA tokens as a reward to its users for viewing video content and ads and subscribing to video creators. VRA tokens started out as ERC-20 tokens, but the upgrade to ERC-777 tokens is mostly complete.
How does Verasity Protocol work?
The unique approach of Verasity to protect the ad tech sector from fraudulent activities is the duo of two different strategies viz. VeraView’s ad technology stack and Proof-of-View technology.
Contrary to the current standard where the frauds are analyzed after they are discovered, ad fraud is detected immediately using the Verasity solution. VeraViews, a blockchain-based, enterprise-grade anti-fraud solution, uses a combination of off-chain and on-chain elements to prevent bots from viewing ads.
Using artificial intelligence and over 200 touch points, VeraViews confidently detects whether a human or a bot is viewing the ad content based on the viewer’s behavior in real time.
The second part of the system, i.e. the PoV protocol, prevents the manipulation of view counts by securely verifying audience views and then recording the retrieved metrics in a publicly available blockchain database
Verasity’s key product verticals
Aside from VeraViews, the other key products that make up the ecosystem of the Verasity platform include:
- VeraWallet– It is the official wallet of Verasity’s ecosystem that can be used by users to store, earn and stake their VRA tokens. VeraWallet also stores rewarded VRA tokens and can act as a payment system offering both crypto and non-crypto options.
- VeraPlayer– VeraPlayer is the project’s own online video player platform which is a cost-effective and user-friendly alternative for the broadcasters. It features the VeraViews ad stack built to optimize ad revenue, and VeraWallet to enable users to track their rewards from watching video content.
- VeraEsports– It is a platform equipped with PoV and VeraViews technology where esports gaming enthusiasts are rewarded in VRA tokens for watching and competing in gaming tournaments.
- See and earn– Through this program by Verasity, viewers receive token incentives for viewing content on SDK-integrated video publisher sites such as YouTube, Twitch, Brightcove and JW player.
Conclusion
In recent years, Verasity has emerged as a platform that has leveraged blockchain technology to reduce fraud in the digital advertising industry. The patented PoV protocol is equipped with several metrics that help detect and eliminate ad fraud, thereby creating a secure and authentic ecosystem for brands as well as publishers. Furthermore, by incentivizing users with VRA tokens on the various platforms, Verasity has brought significant changes to the video and gaming economy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
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