Community Consultation: A Historic Turning Point
On October 2, 2023, Verasity took a giant leap forward in the cryptocurrency arena by conducting one of the largest community consultations in crypto history, involving over 500,000 members. This unprecedented engagement led to a significant decision: the burning of 10 billion VRA tokens, effectively slashing the total supply by half.
Token Burn: What It Means for VRA
The decision to burn tokens is not merely a frenzy but a calculated move aimed at enhancing the value of the remaining VRA. With the circulating supply now at approximately 10 billion, Verasity has adopted a community-led approach that seeks to generate tangible benefits for its token holders.
Why Burn Tokens?
- Reducing Supply: Lessening the number of available tokens can lead to increased scarcity.
- Boosting Value: With the supply cap, demand may rise, which could potentially drive prices higher.
- Community Engagement: Involving the community in such a crucial decision creates loyalty and trust.
VRA’s Utility Within the VeraViews Ecosystem
After the monumental burn, VRA’s utility remains robust within the VeraViews ecosystem. The token will continue to serve as a payment option for clients, facilitate staking in the VeraWallet, and play a role in the quarterly token burns designed to maintain its deflationary nature. After all, what’s a token without its cool toys?
Token Usage Breakdown
- Advertising Payments: VRA will be a key currency for transaction processing in advertising campaigns.
- Staking Opportunities: Users can stake their tokens to earn rewards, encouraging holding rather than selling.
- Data Utility: The tokens will also support the functionality of ‘Proof of View’, enhancing transparency in ad engagement.
The Road Ahead: Exploring New Blockchains
In line with its growth strategy, Verasity is in the process of exploring alternative blockchains for the remaining 90 billion ‘Proof of View’ tokens. This change is anticipated to further streamline operations and maximize the efficacy of its advertising solutions.
A Word from the CEO
“Our commercial rollout is bringing greater utility to VRA through its primary use as a payments option for VeraViews campaigns. This shows that we’re listening to our community and enhancing our crypto ecosystem,” said RJ Mark, CEO and Founder of Verasity.
Final Thoughts
Verasity’s latest move can best be described as both brave and strategic. It not only showcases a firm commitment to community interests but also positions the company for what it expects to be unprecedented demand for its advertising technologies in 2024. With this dual focus on utility and community-driven decisions, Verasity seems to have its eyes firmly set on a promising future.
