By
Chimamanda U. Martha
April 25th, 2024
Verasity, the company offering a reward based video sharing ecosystem, joins forces with the Binance Chain. The strategic alliance calls attention to the importance of providing a transparent, fair and thriving video sharing environment.
The patent-pending video player project, Verasity, provides a reward based video sharing ecosystem with plenty of features. What distinguishes Verasity is that the product is fully integrated as an SDK into all major online video platforms (over 95%) which provides rewards for actions without changing the publishers’ workflow or the viewer’s habits or preferences.
Quality video standards have been preserved with full HD video player and already proven its functionality on various platforms including Twitch, Vimeo, JWPlayer, Brightcove and Kaltura. Through these collaborations, the Verasity player technology is already used by over 1.6M video publishers with 1.1B users and 110B monthly views.
A significant increase in content production and consumption, as audiences shift online for digital entertainment, has been observed yet inefficiencies do exist for three major participants: viewers, content creators, and advertisers. The business cycle between them is intentionally ignored because micropayment infrastructure was never convenient until blockchain.
Verasity project enables economic interactions over the course of actions in the ecosystem by VRA tokens, which participants have the option to buy, earn, spend, send or stake. VeraWallet is designed to securely serve those operations both as an entry point to the network and a cross-platform management tool for VRA’s.
Binance Chain, the main net of major cryptocurrency exchange Binance, announced a strategic partnership with Verasity which raises future hopes about the project. As predicted, Binance powering the tokenized video sharing ecosystem is a clear sign that the blockchain technology may be the ideal solution and can lead to enormous impact considering the existing growth of video platforms.
“Building on the Binance Chain protocol enhances our platform as it’s one second block time confirmations make it faster and cheaper to send and receive transactions, pivotal for the success of a microtransaction blockchain platform. The power of the Binance community and liquidity in BNB will also add great power to the Verasity project.” says the co-founder, Mark Hain.
CZ (Changpeng Zhao), CEO & Founder of Binance, appreciates the partnership by describing the video as a powerful tool to educate, engage and entertain. His words about the partnership give away the excitement:
“Verasity’s video player solution offers the perfect vehicle for viewers, publishers and content creators to benefit from the utility of blockchain technology. I’m glad that Binance and Verasity are leading that charge globally.”
Proud to become one of the first blockchain projects to move to Binance Chain, Verasity has to work even harder to satisfy the expectations. Over the long term, new features should come into question with an extended business model makes it stand out from the pack. Highlighted Proof of View (PoV) technology surely indicates a promising project in a market space but how much they will achieve? We’ll be watching closely.