A developed blockchain protocol says it offers a solution to encourage video streamers and increase advertising revenue.
Verasity’s Proof of View protocol, which received a patent (# 10956931) from the US Patent and Trademark Office, proves that the display counters on video platforms reflect the real data and provides “accurate, secure, real and transparent” values on the blockchain. .
Project; While fighting against “fake viewing”, it also aims to overcome concerns that view numbers are often inflated. Thus, advertisers do not pay for the number of views they cannot actually reach. Some estimates suggest that more than 50 percent of the money spent on online advertising is spent on views that are not realized by real people.
The blog post prepared by the Verasity team said: “Changing these algorithms harms the ecosystem for viewers, content creators, brands and advertisers. Viewers get the wrong impression of the content. Advertisers and sponsors are misleading, spending time to produce beautiful content.” however, it puts creators who don’t buy fake impressions at a disadvantage. “
What is the value of viewing?
Verasity’s goal is for the content to reach its true value. In the online world, most of us click on millions of viewed videos. Based on these values in the counters, we assume that the video has a good standard. However, viewers may be disappointed with what they see later… The best quality videos are lagging behind due to unfair algorithms.
According to the blockchain project, digital advertising spending reached $ 325 billion in 2019. Although budgets are falling in 2020 due to COVID-19, they are heading towards a staggering $ 389 billion in 2021. Two-thirds of the money spent went to tech giants Google and Facebook, which own the two largest video platforms.
Verasity says this dominance poses a problem, especially for people who want to earn a living as content creators. A person sharing a video that reaches one million views (which is not an easy feat) can only get $ 0.01 per view, which is a payout of $ 10,000.
Useful for everyone
Verasity protocol offers a lucrative environment for both parties. Viewers can enjoy quality content; content creators can be paid by advertising, donations and subscriptions; brands can reach genuinely interested audiences instead of people waiting to skip their ads.
The view proof system also eliminates methods that can be used to modify view data, such as reopening videos or uploading multiple videos at the same time.
When viewers create an account on the Verasity platform, an anonymous identity is assigned to them by the bots in the system to query the authenticity of the number of views. Most importantly, the data including which videos were watched remains anonymous.
Esports Fight Club, a site owned by Verasity, can be shown as one of the important usage scenarios. On this site, amateur and professional players come together for friendly competitions and professional tournaments. Integrating all the features of Verasity, this site delivers display proof technology to publishers and platforms that are trying to significantly increase advertising monetization.
The other solution is Verasity.tv, a service where publishers come together. Creators who distribute their videos on YouTube, Twitch, Vimeo, Brightcove and other platforms can now use this technology to increase their earnings. The system covers 90 percent of all video players in the West. It is estimated that more than two million publishers trying to survive with low advertising revenues will be able to benefit from this system.
At the heart of the ecosystem is the ERC-777 token, which ensures the display proof protocol works properly. Veracity; He says that using Ethereum, its tokens can be scaled without the adoption issue that many new mainnets have.
Read more about Verasity
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