There is an interesting future ahead for the video content creation industry. This is especially true when it comes to blockchain technology and its potential impact in this area. Verasity is intent on bringing together the best of both worlds, although doing so will prove incredibly challenging.
Verasity in a Nutshell
Various blockchain firms are looking to disrupt existing industries and business models. It will not be that easy to do so, although Verasity has come up with an interesting approach. This platform is mainly focused on video sharing as well as offering an innovative economic model and putting viewers first. Additionally, content advertisers will have some interesting options to look forward to as well.
How Does it Work?
There will be three main pillars to the Verasity ecosystem. First of all, viewers will benefit from microtransactions, as they will earn VERA tokens by browsing content. Furthermore, users can elect to view specific advertisements and video content on the platform.
Secondly, content creators can benefit from various innovative features. They include donations for viewers, exclusive pay-per-view content, subscriptions, and the Spark Marketplace. This latter item is a rather unique feature, as it allows content creators to sell “rates” on their channels to other participants. As such, an original content creator will earn a share of the income from his or her channel. It’s an intriguing concept that warrants further investigation.
Last but not least, Verasity wants to appease advertisers as much as possible. Rather than force them to pay viewers to watch their ads, Verasity aims to do things differently, which can only be considered a good thing. Advertisers will get the most bang for their buck based on the Verasity Proof of View technology to provide auditable audience metrics.
The VERA Token
Yet again, we see a new blockchain venture which feels it needs its own token instead of embracing Ethereum or Bitcoin. The VERA token will facilitate all token transactions taking place on the platform. It will also utilize a unique distribution model to negate volatility. New tokens will be added to the bonus pool, creating a strategic distribution model. The tokens are currently being sold through an initial coin offering.
The Road Ahead
While the Verasity concept sounds appealing, the public will not see this technology go live until Q3 of 2018, which is when the MVP versions of the native player, desktop apps, and wallet will be introduced. A beta version of the native VeraPay solution will not be activated until Q4 of 2018, which is when the full version of the Verasity blockchain will be unveiled as well. There’s a lot to look forward to, assuming the developers can deliver on their initial promises.