Verasity (VRA) Blockchain Eliminating Ad Frauds on Digital Media

From Fortnie to League of Legends, the gaming industry is generating revenue worth billions of dollars from these electronic sports (esports). However, a huge sum of this income is getting lost due to fraudulent activities in the advertisement industry. Verasity, a blockchain-based solution integrated with a patented PoV protocol, was created to challenge this issue. This protocol empowers advertisers and publishers to combat frauds prevalent in the online ad industry.

What is the Core of Verasity?

As per Verasity’s whitepaper, out of the $450 Billion spent on the advertisements, almost $160 Billion (approx 40%) of the expenses are wasted on ad frauds due to bots watching the advertisements instead of real people. To counter the losses suffered in wasted ad spend, brands, and advertisers simply cut the number of ads or decrease their ad budget.

Verasity is an open ledger ecosystem designed to fight the systematic scams and frauds plaguing 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 industry, esports, and ad tech.

This project is the only solution that uses a distributed ledger backend along with its revolutionary PoV protocol (secured in both US and China), to eliminate ad frauds (e.g., domain spoofing, bot traffic, and ad stacking) in the digital advertising sector and make it more authentic, trustworthy, secure, and transparent to both publishers and brands.

Another major aim of Verasity is to integrate its proprietary ad stack and crypto reward system into the SDKs of major video platforms (e.g., YouTube, Twitch, Vimeo), which will significantly increase engagement and advertisement revenue for the content creators on these platforms.

Since the patented PoV module distinguishes between humans and bots in real-time, Verasity has expanded its application in the sector of non-fungible tokens (NFTs). The fraud detection module curbs 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 staking, earning, and spending in the ecosystem, which includes esports, NFTs, digital content, and gaming.

Verasity grants VRA tokens as rewards to its users for watching video content and advertisements and subscribing to video creators. VRA tokens started as ERC-20 tokens, but the upgrade to ERC-777 tokens has largely been completed.

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, i.e., VeraViews ad tech stack and Proof-of-View technology.

Unlike the current standard where the frauds are analyzed after they are detected, 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.

With the help of AI and over 200 touch points, VeraViews confidently detect whether it is a human or a bot watching the ad content based on the viewer’s behavior in real-time.

The other part of the system, i.e., PoV protocol, prevents the manipulation of view counts by securely verifying audience views and then recording the retrieved metrics on a publicly available blockchain database

Verasity’s Key Product Verticals

Apart from the VeraViews, the other key products that comprise 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 serve as a payment system providing both crypto and non-crypto options.

VeraPlayer– VeraPlayer is the project’s own online video player platform that is a cost-effective and user-friendly alternative for the broadcasters. It contains the VeraViews ad stack built to optimize the advertisement revenue, and VeraWallet to enable the users 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 game tournaments.

Watch and Earn– Through this program of Verasity, viewers receive token incentives for watching content on SDK-integrated video publisher sites such as YouTube, Twitch, Brightcove, and JW player.

Conclusion

In the last few years, Verasity has emerged as a platform that has leveraged blockchain technology to reduce fraud instances in the digital ad industry. Its patented PoV protocol is equipped with several metrics that help in the detection and elimination of ad frauds, and thereby, create a secure and authentic ecosystem for brands as well as publishers. Moreover, by incentivizing users with VRA tokens on its different platforms, Verasity has also been bringing significant changes in the video and gaming economy.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing