Verasity and Binance Chain coming together to form an alliance looks like yet another interesting partnership surfacing in the crypto space. Verasity announced the move through their official Twitter handle on 24th May 2019. The partnership will see both the entities working towards bringing about an upcoming video economy, which is incentivised.
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
For those who just entered the crypto arena, Binance Chain is one of the leading blockchain systems developed by team Binance. Verasity, on the other hand, is known for offering major video publishers a rewarded video player technology all over the world. The firm also offers loyalty schemes as well as tokenized rewards within the wallet of the video player itself.
The fact that Verasity’s unique technology already garners about 110 billion views every month speaks its popularity. At present, the number of video publishers using the firm’s technology amounts to over 1.6 million, while it has about 550 million regular users.
Thanks to the company’s token-backed model, a vibrant VRA token economy can be created seamlessly, which further improves the association between video publishers, advertisers, and viewers.
As per the official press release, this newly formed partnership would help establish an incentivized and thriving video economy that will make way for a much wider adoption rate of crypto by an increased number of advertisers, video creators, and publishers across the globe.
According to the reports, the latest product in question has completed its developmental phase; ready for utilization by the publishers. The application combines loyalty programs and rewards efficiently into a single video player wallet; others can use the same on the blockchain. That means publishers, advertisers, and viewers can not only use but also share the videos across numerous video platforms such as YouTube, VideoJS, JWPlayer, Kaltura, Vimeo, and Twitch easily.
Another advantage is the ease of integration the application offers. Any publisher can integrate the app in minutes within the current workflow. At the same time, it doesn’t mandate the viewers to download additional software or alter their habits in any way.
Verasity’s Co-Founder Mark Hain came forward to share his views on their new collaboration. He stated that developing on the protocol of Binance Chain would only enhance their platform. That is because Binance Chain’s superfast block confirmations would result in significantly cheaper and faster transactions. Moreover, Binance community’s power and BNB liquidity would take the Verasity project a notch higher.
Binance CEO and Founder Changpeng Zhao also shared his opinions saying videos are a great platform to engage, entertain, and educate people. He continued adding that the video player solution by Verasity offers an amazing medium to content creators, viewers, and publishers where they can benefit greatly from blockchain’s utility. CZ also expressed how glad he was that both the companies were leading in the space globally.
It was learned that Verasity had raised a proposal to list VRA on the Binance DEX.