ICO Review: Verasity
After looking at 36 token announcements, we’re picking Verasity as our ICO of the Day. Verasity is a next-generation video sharing platform.
Premise – 3.5
Online video sharing and viewing is a fast-growing market. By 2021, it will account for 82% of all consumer internet traffic, with a market valuation estimated at $312 billion. It’s safe to say the traditional online video market is being challenged by streaming video which is much more accessible to the end user.
Current marketing and advertising models, adopted by companies like Google and Facebook, generated a whopping $191.8 billion in revenue in 2017 for online advertising. The problem is big companies are in full control of users’ content. They dictate the distribution as well as the advertising, turning audiences into a commodity.
Online publishers and content creators have caught on . Many are aware that increasingly users are leveraging AdBlock technology to control the content they’re watching, and preventing intrusive ads from interfering with their viewig experience.
Advertisers, publishers and content creators are turning their heads to the Blockchain in the hopes that the technology can help disrupt an inflexible, faulty system. Verasity is a next-generation type of video sharing platform aimed at liberating creators and streamlining viewer’s experience. The new Blockchain-based project facilitates transparent, direct value exchange between content creators or publishers and video viewers.
By creating an improved ecosystem for all, Verasity aims to put the data back into the hands of content providers and users. The project has a blockchain-based patent-pending “proof of view” system in place. Its purpose is to provide secure, auditable, and accurate audience metrics. Verasity’s second goal is to disrupt the commercial dynamic of today’s media ecosystem by putting the viewer at the heart of all content-generated transactions. Direct transactions between viewers and all other participants like advertisers and content creators guarantees that the value and consumption is organic within the community and not influenced in any way by a third-party monetization strategy.
In spite of Verasity’s potential, the project has a few competitors. Although the idea is good, the only way they can stand above the crowd is with a really solid and well-thought value proposition.
Team – 2.5
The team behind Verasity is not all-star, but they do have skilled people involved in domains such as investment, venture capital, blockchain engineering, economics. Also, their investor and contributor team is not very solid. On their whitepaper, they listed only 2 direct investors, both of them are entrepreneurs with little experience in Blockchain technology.
Token – 3.5
Verasity’s utility token is “VERA”, the exchange and reward medium on the platform. Users can leverage the coin to create, share or view content with the Verasity community. All users who choose to watch videos on the platform can earn VERA tokens.
There are lots of monetization opportunities for publishers and creators, too. The mission and vision of Verasity is to help them increase the value of your content. To guarantee transactional transparency, all transactions are tracked and stored on the platform using DPoS (delegated proof-of-stake) consensus.
One of Verasity’s strong points is that it will have its very own blockchain and blockchain token powered by a smart contract known as VeraSpark; which entitles owners to VERA when they hold coins. Through Spark, Verasity aims to develop decentralized marketplace for viewers who can reward content creators with VERA token.
Risks – 3.5
Verasity seems like a solid Blockchain-based platform. The business model highlights a working MVP on a third party video platform. However, it will be difficult for Verasity to compete with YouTube, for example. They might succeed if they focus on an untapped niche and emphasize more on the technology stack they utilize.
With 10k fans on Telegram and 500+ on Twitter, currently we would say Versity is a decent project with a realistic mission and vision as well as decent hype. Their goal is to develop a decentralized next-generation type of video sharing platform for content creators, viewers, publishers, and advertisers.
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Disclaimer: ICOBriefing does extremely early-stage research of token offerings. As the project progresses, details may change significantly or completely. Always do your own research and do not invest more than you can afford to lose.