Verasity Basic Review
|Start ICO||21 May 2018|
|End ICO||11 Jul 2018|
Ticker symbol: VRA
Project type: Blockchain service
Project description (detailed): Verasity is a video sharing platform. Users receive VERA tokens as rewards for watching videos.
Company: VeraTech Ltd
Public ICO start date: 21st May 2018
Public ICO end date: 11th July 2018
Token sale duration (weeks): 7 weeks 1 day
Token type: ERC-20
Total token supply: 12,491,500,000
Tokens to be sold (Pre-Sale + Public ICO): 2,745,750,000
1 VERA = $0.0075
Accepted Currencies: ETH, BTC
Bounty program: Active
Token functionality: utility
Team (number of people): 20
Advisors and Partners (number of people): 9
With Verasity, video creators will be able to share their videos with viewers. Users receive VERA tokens as rewards for watching videos.
The platform’s ecosystem includes the following participants:
- content creators
- sponsors and advertisers.
Verasity viewers will be able to decide whether they want to watch ads and will receive rewards for watching videos. Channel owners will be able to offer viewers the opportunity to support their channels and upload video content.
The platform will offer the following services:
- video purchasing and watching
- data provision for targeting
- video content uploading and distribution
- user channel funding
- Dr. Christian Jaag (LinkedIn) - provides economic advice for the project. Dr. Jaag founded the Center for Cryptoeconomics. He is a Managing Partner of Swiss Economics and a lecturer at the Universities of St.Gallen and Zürich. He provides strategic blockchain and cryptoeconomics advice for corporate and government clients.
- Andy Long (LinkedIn) is a blockchain and data center expert. Over the past twenty years he has worked in telecommunication, finances, and business development and management. Andy is a Strategic Development Director for Black Green Capital. He was responsible for the development and launch of the Hydro66 startup; he provides strategic advice on blockchain and data center technologies.
- Matt Heiman (LinkedIn) is an advisor to, investor in and founder of Diagonal View, Mobix Trading, and Mobix Interactive. He provides advice for Channel 4, Vizimo, the Cloud and Palringo.
- Simon Wajcenberg (LinkedIn) is an advisor to, investor in and founder of North Block Capital. He has also founded several digital businesses such as tocknet.co.uk, Freequotes.co.uk, StrikeAd and POW Token.
- Jon Hook (LinkedIn) is a digital marketing expert and entrepreneur. He has experience in launching, building and running mobile, ad tech and digital technology businesses. Jon has held executive positions at WPP and Adcolony (Opera) Odyssey. He has also worked for the Mobile Marketing Association, the IAB and BPA Worldwide.
- Sangjin Hong (LinkedIn) is a cofounder and CEO of Chain Cabinet (blockchain startup platform). He is also a partner of Kstartup (Korean startup accelerator). Sangjin Hong formerly worked for Microsoft as a product manager.
- Christopher Keshian (LinkedIn) is the CEO of APEX Token Funds, a crypto funds investment group (including Pantera and Multicoin Capital). Christopher is also a managing partner and leading blockchain expert of Neural Capital.
- Merv Leslie (LinkedIn) is a social video specialist and consultant. He has held executive positions in multiplatform video technology companies, such as ZEFR, Brave Bison and Little Dot Studios.
- NorthBlock Capital is a company involved in digital asset management and blockchain technology investment.
- Black Green Capital is a consulting firm specializing in venture capital.
- Cryptecon is a cryptoeconomics center that provides analytical and consulting services for blockchain and cryptocurrency related businesses.
- MLG is a global consulting firm with its head office in Toronto. They specialize in blockchain technology development.
- Tokeny is a platform enabling secure blockchain token issuance and management for businesses,
- TechRacers provides blockchain solutions for businesses (smart contract audit, ICO launch, cryptocurrency development, etc.).
- The Crypto CPAs is an accounting company. It provides services for tax payers (both American and from other countries) who are involved in cryptocurrency trading or exchange.
- Akamai provides website acceleration services. It also furnishes platforms for content and apps delivery. The company employs 240,000 dispersed servers to facilitate fast content delivery.
- Hypercube creates promo videos.
- Crypto Valley is an independent government-supported crypto association.
- Pitmans Law - law firm.
Attracted funds: n/a
The project is essentially a video content sharing platform.
- It is entering a rapidly developing market.
- An experienced team and advisors.
- Available MVP.
- Implementation will take up a considerable amount of time.
- A highly competitive market environment featuring experienced companies.
As per a report by Technavio, the online video platform market is projected to grow steadily over the next four years (from 2018 to 2022) at a CAGR of 15%.
The fastest growing market will be North America. [https://www.technavio.com/report/global-enterprise-application-global-online-video-platform-market-2016-2020]
Analysts predict the online video platform market to obtain 82% of total consumer internet traffic by 2021 and reach a value of $312 billion.
Comment: The market is showing high growth rates, which makes it possible for the project to fill a niche.
The WP mentions the following competitors:
- Basic Attention Token - a video content sharing platform.
- Steem is a social network enabling users to share content and receive rewards.
- Props is a decentralized video sharing ecosystem.
- Flixxo is a video content distribution platform.
More traditional video hosting services Youtube, Vimeo, Dailymotion, Rutube can also be considered as the project’s competitors.
Conclusion: What makes Verasity stand out is that it plans to involve funding of video content. Plus, the project team aim to develop their own blockchain (patent pending technology).
The platform will involve a blockchain employing delegated Proof-of-Stake and smart contracts.
Verasity incorporates the following elements:
1) Next Generation Video Player. The player uses QUIC (Quick UDP Internet Connections), Transport Layer Security(TLS) and User Datagram Protocol (UDP) to reduce buffering and increase video resolution.
Specifications are as follows:
- HTML5 player. Vast 3 and VPAID support.
- Vera Wallet integrated access and interface.
- Can operate both with and without Google IMA SDK.
- Mobile screen adaptable.
- Fully customizable and API enabled.
- 1080p/60 frames-per-second, full HD ready
Verasity employs a customizable online video platform, partnering with Akamai (a global CDN network).
[https://bitshares.org/technology/delegated-proof-of-stake-consensus/], [https://ru.wikipedia.org/wiki/QUIC], [https://ru.wikipedia.org/wiki/TLS], [https://ru.wikipedia.org/wiki/UDP], [https://ru.wikipedia.org/wiki/Content_Delivery_Network], [https://www.akamai.com/]
2) Blockchain Infrastructure
- Proof of View (Pov).
- Wallet Solutions.
- Smart Contracts
The blockchain infrastructure will be based on Graphene DPoS. Once the Verasity blockchain is developed, VERA (ERC-20 Ethereum) tokens will start running on the Verasity blockchain on a 1:1 basis.
3) VeraSpark and Spark Marketplace.
Verasity’s components will perform the following functions:
1) A Next Generation Video Player will provide high quality videos for viewers.
2) Blockchain infrastructure:
- VeraPay handles VERA micro transactions between viewers, creators, advertisers and sponsors.
- PoV is an engagement metrics system (number of views).
- Wallet Solutions allows users to store VERA and make transactions.
- Verafiers are users who have been elected to monitor transactions in the blockchain. They will be rewarded in VERA.
- Smart Contracts enable transaction execution.
3) VeraSpark. VeraSpark is a smart contract that is purchased with VERA. It entitles its owner to a share of the VERA collected on the channel.
There is also TotalSpark. TotalSpark entitles its owner to a share of the Verasity Foundation commercial transaction pool. Its life is limited and it cannot be sold in the marketplace.
4) Spark Marketplace is an internal market where VeraSparks owners can trade them with other ecosystem participants.
Verasity users will have access to the following features:
- A content management system (CMS) will enable users to publish, manage and monetize their own content.
- Surfacing and promoting Content will facilitate video ranking based on preferences, transactions number, comments, etc..
- Content Moderation will allow for video content monitoring. Users will receive VERA for reporting violations.
- Analytical tools will enable tracking content engagement, performance, etc.
- Social media attribution tools will enable sharing content in social networks.
- A content recommendation engine will employ machine learning technologies to analyze viewers’ preferences and matching recommendations from the content library.
Verasity foresees the following video content monetization models:
- Free-to-view: Creators receive VERA from viewers who liked their content.
- Pay-per-view: Viewers pay for watching videos.
- Monthly subscription: Viewers pay a monthly fee to access video content.
- Advertising: Ads will be optional for viewers. However, they can earn VERA for watching them.
- Spark Marketplace: Creators can sell VeraSparks and a portion of future earnings via their channels to raise funds for content production.
Comment: The project has already launched a video player prototype. [https://verasity.io/?veraplayer]
The team intend to further develop the required technologies, collect data and subsequently implement the following solutions:
- Q2 2018 - VeraWallet prototype release.
- Q3 2018 - Blockchain release and test, VeraWallet release, conversion of VERA to Verasity Blockchain, CMS and Analytics launch.
- Q4 2018 - Consumer platform beta launch for a select group of creators, release of VeraPay.
- 2019 - Full version of the site, Spark Marketplace, introduction of ads.
- 2020 - Mobile apps launch.
Comment: The team have provided sufficient information on the platform’s development phases. The team has the required engineers and other specialists to deliver the project on time.
The repository has been created but there are no modules.
Comment: The smart contract has not yet been made available.
We have analyzed the Verasity site and documentation to determine whether they provide sufficient and consistent information for an investment decision to be made.
The following documents contain the project information: The White Paper, Economic Paper, the Sustainable ICO Protocol, Token Sale. The documents are available in English only. A project description is provided in the White Paper. Specific attention is paid to platform functionality and infrastructure.
The website contains the following sections: Project, RoadMap, FAQ, Team, Advisors and Partners. The site is available in the English language only.
Conclusion: The documentation provides sufficient information for a clear idea of the project, offering a reasonably detailed description.
Tokens to be sold: 50%
Public ICO start date: 21st May, 2018
Token type: ERC20
Accepted currencies: ETH, BTC
1 VERA = $0.0075
Crowdsale duration: 7 weeks and 1 day (ends on July 11, 2018)
The VERA token will be used for payments and rewards on the platform.
- Users. Viewers receive VERA for the following:
- watching videos.
- recommending the platform to friends and acquaintances.
- inviting new users to join the platform.
- watching ads.
- a daily bonus.
- Video content creators. Creators who publish their content and perform a large number of transactions will receive rewards for their contribution.
- Advertisers. They will pay for ad placement.
- Sponsors. They will use VERA to fund the channels and creators.
Token Issuance Limit: 6,245,750,000
Token holder benefits: The utility tokens can be used to access platform services or may be sold.
Additional token emission: Yes
Token Sale Dates:
- Public Sale:21.05.2018 - 30.06.2018.
Hard cap: 43,700,000 USD
Soft cap: 4,000,000 USD
- Public sale – starts at -25%.
Comment: Verasity’s VERA is one of the few fully compliant SICOP tokens. Total token supply for the Verasity ecosystem will vary, based on a 3% inflation target. [http://sicop.tokeny.com/verasity-tokeny-u180301]
A total of 20,000,000 VERA tokens will be allocated for the program. It includes the following options:
- Facebook - 3,200,000 VERA (16%)
- Twitter - 3,200,000 VERA (16%)
- Reddit - 2,200,000 VERA (11%)
- Signatures - 5,200,000 VERA (26%)
- Content (articles and videos) - 1,200,000 VERA (6%)
- Video player referral - 5,000,000 (25%).
Conclusion: The project’s bounty program offers plenty of options. All the conditions are available at the program link.
Token and Funds Allocation
Tokens and funds will be allocated as follows:
Conclusion: Tokens do not affect the company share allotment. The incentive program encourages early token purchase.
The project’s marketing campaign will have the following objectives:
- awareness raising
- brand shaping
- content growth
Conclusion: The WP includes information on the marketing campaign. Regarding the scaling strategy, according to the team Verasity is both a B2C and a B2B business.
The team consists of 16 members and 5 advisors. LinkedIn profiles of key members provide the following information:
- David Orman (LinkedIn) is Verasity’s CEO and cofounder. Over the past 10 years he has been investing, advising and working in video technology businesses. He is a former VP of Joost and Sales Director of Eurosport. David founded Hatch-House Venture Consultancy (venture consulting).
- Scott Brown (LinkedIn) is a member of the advisory board. He is a video networks expert. Scott held a non-member manager position for BinaryStateHoldings LLC. He was also a product management and operations VP for Akami Technologies.
- David Rowe (LinkedIn) is a cofounder of Verasity. He also founded Hydro66. David was the CEO of Black Green Capital and founded the Easynet Group, later bought by BSkyB. He is a former managing board member of Sky.
Conclusion: Most of the team members confirmed they are taking part in the project.
The team mainly come from Great Britain. The team includes the following specialists: Chief blockchain developer, senior engineer, security engineer, marketing specialists and a lawyer.
Information on the project is available via major services such as Twitter, Telegram, Reddit, Medium, Slack, Linkedin, Facebook, Github, Bitcointalk and Youtube. The project has an active bounty program.
The team have started a social network marketing campaign. Their Twitter and Facebook newsfeeds are updated regularly.
The majority of articles are reviews of the project and have been ordered by the team.
Comment: Audiences are interested in the project. The marketing campaign is mainly targeted at Facebook and Twitter audiences.
These are the results of Verasity traffic analysis (based on Similarweb.com data):
Traffic source: https://www.similarweb.com/website/verasity.io#overview
Comment: Direct: 38.65%, referrals: 13.85%, search: 8.86%, social: 36.29%, mail: 2.27%
Search traffic: 8.86%, (from which 79.93% is organic traffic)
These are the results of a traffic analysis of Verasity’s site (based on BE1.ru data):
Traffic source: [https://be1.ru/stat/verasity.io]
Comment: Top three countries for site visitors are: Netherlands- 60.02%, Bulgaria- 29.92%, Canada- 10.06%.
Conclusion: Based on available data, it is clear that users are interested in the project.
The team are conducting a marketing campaign via Twitter and Facebook and communicating with users through Telegram, as well as attending various events. The project is featured in some media publications. The number of visitors increased by 120,000 over the past month (March).
You can contact the developers via the following links:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.