Verasity has just announced a new strategic partnership with Binance Chain, the blockchain software system created by Binance and its development team. The news was announced via Verasity’s Twitter platform this afternoon.
Verasity has announced a partnership with @binance Chain, a blockchain software system, in a move that will bring about a new incentivised video economy!
— Verasity (@verasitytech) May 24, 2019
Verasity is a leader in the realm of providing rewarded video player technology to big-time game publishers around the world. A digital currency in its own right, they offer tokenised rewards and loyalty schemes within video players wallets.
Their technology is already used by over 1.6 million video publishers and enjoys 550 million users, equating to 110 billion monthly views. This token based model creates a vibrant token economy for VRA and enhances the relationship between viewers, video publishers, and advertisers.
According to the press release, the new partnership will result in a “new incentivised video economy” that will pave the way for more global publishers, advertisers, and creators to enter the world of crypto.
The new product has finished the development phase and is now ready to be used by publishers. It will combine loyalty programmes and rewards into one video player wallet which can then be used by any one on the chain.
Publishers, advertisers, and viewers can share across all the main platforms including YouTube, Vimeo, Twitch, JWPlayer, and others which represent a large chunk of the available video players.
The new blockchain app can be integrated in a few moments by any publisher and those using it are not required to download any additional software.
Co-founder of Verasity said in a statement that “Building on the Binance Chain protocol enhances our platform as its 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.”
Verawallet.tv is the wallet for the existing VRA coin and it connects directly to the video player. The platform then allows publishers to reward viewers by sending VRA from anywhere on the internet. Users then decide whether to stake VRA, donate VRA, or spend VRA on goods and services.
Verasity has also proposed listing VRA on Binance DEX subject to voting from the Binance community and an increase in the adoption and liquidity of the coin.
The Binance Chain is a blockchain driven system that was developed by Binance and a community of developers and contributors from across the world. Binance DEX is the exchange that is developed on top of the Binance Chain blockchain.
CZ (Changpeng Zhao), CEO & Founder of Binance said: “Video is a powerful tool to educate, engage and entertain. 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.”