By 2021, it’s estimated that 82% of all consumer internet traffic will be from video content. This is a market with an annual value of c.$312B and streaming media is set for the largest increase in video ad-spend over the next five years. Sadly existing creators and publishers are forced to utilise third-party monetization options which can take over 70% of their revenue through international payments and fees and that’s before any revenue share some video creators have with the platforms they use.

VeraPay will be the new decentralized and transparent global payment gateway for video. Utilizing Verasity’s proprietary VERA (VRA) micropayment token, VeraPay cuts out the middlemen who currently receive most of the value.

In the Verasity ecosystem, all payment transactions between viewers, creators, publishers, and advertisers run on the VeraPay network and in comparison only require a small transaction fee and happen in near to real time meaning no more 60–90 day waiting for payments! By using VeraPay, creators and publishers will start to see the majority of their payment revenue again and will be able to start investing in better content!

VeraPay ensures users are able to buy VERA easily. Secure third-party integrations handle all necessary transactions and security. To make things as simple of possible when joining and paying with VERA, Verasity is also looking into how we can use atomic swaps between other third-party cryptocurrencies and VERA. Users will be able to send popular cryptocurrencies such as BTC and ETH to VeraPay, to exchange for VERA at its current rate whilst on the platform. We’re aiming to keep things as seamless as possible to help as many people as possible get in and out of the economy while safeguarding the overall community and supporting local regulations. For more advanced users, VERA can be sent to third party exchanges such as our first announced exchange, EXRATES.

VeraPay also handles microtransactions on the Verasity blockchain. Verasity’s VeraWallet gives users easy access to their VERA whether that’s on the community driven video-sharing platform or on any VeraPlayer™ embedded around the internet. The wallet is built into the player, providing users with access to their balance in realtime, and enables the VeraPay protocol to seamlessly send and receive VERA within the ecosystem. Users can also easily transfer funds between each wallet.

vDaf is Verasity’s video toolbox, a suite of tools which existing businesses can use to supercharge their existing online video offering. One of the vDaf modules is VeraPay. We believe over time vDaf will see adoption and integration into existing player technology in addition to existing integrations such as our recently announced partnership with DADI. This means traditional video sharing platforms or global broadcasters could make use of Verasity’s commerce systems. Existing video sharing platforms and large-scale publishers could sell digital content to their users using the VeraPay system. Imagine being able to log into video sites across the internet and pay for video content in one currency no matter where you live. With VeraPay this can become a reality as viewers from around the world support their favourite creators using VERA cryptocurrency.

The VeraPay beta is due to start in Q4 2018 with a full release in 2019. Make sure you follow our social accounts to keep up-to-date with the latest information!

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