In Summary
- Verasity token VRA has gained 70% by cutting its circulating supply in half.
- More tokens are planned to be moved off chain, further tweaking supply and demand.
- Verasity team has its eyes firmly on growth in 2024 and beyond.
VRA, the token of AI-powered blockchain Verasity, has seen significant growth since its community decided to burn 10 billion token in circulating supply.Â
A glance at CoinMarketCap reveals that the price of VRA has shot up to US $0.006461 ($0.01014 AUD) at the time of writing, which is a 71% gain from the end of September when it traded for US $0.003777 ($0.005927).
What is Verasity?
Verasity is a platform that offers a range of products and services in the fields of esports, video entertainment, and digital content management. It includes a proprietary ad stack, a VRA rewards system integrated into major video platforms, and a patented ‘Proof of View’ technology using blockchain and AI to combat online ad fraud.
Verasity’s VRA token serves as the primary currency within its blockchain network, facilitating participation in the online gaming and video economy while ensuring the authenticity of views through its Proof of View system.
Why the Burn?
Following what Verasity claims to be one of the largest crypto community consultations in history, 500,000 community members voted to burn 50% or 10 billion VRA tokens. With 10 billion tokens burned, the current circulating supply is capped at 10 billion tokens leaving 90 billion tokens in maximum supply. There are plans to move 90 billion VRA to other blockchains, potentially further limiting the maximum supply.
CEO and Founder of Verasity, RJ Mark, stated in a medium post,
Our community consultation and subsequent burn of our strategic reserve tokens, some 50% of our maximum supply, proves that we’re also listening to our community and improving our crypto ecosystem. This is part of our growth strategy for 2024, where we expect huge demand for our advertising solutions, and we’re now laying the foundation for that growth.
RJ Mark
What’s Next for VRA?
Although the recent gains are impressive and the token burn and promises of further burns may seem to be too good to be true, some who may not be familiar with Verasity may wonder if it’s legit. While investors are advised to always do their own research Verasity has a real team behind it and a long history and accomplished roadmap dating back to 2017.
VRA traded for just US $0.0008401 ($0.00118) in April 2019, it reached its all-time high during the 2021 bull run, reaching US $0.0836 ($0.1112) in February 2021.
Social engagement for VRA is also skyrocketing, quite possibly due to the recent success it has enjoyed. And while veracity has a solid foundation and use case, the short-term outlook does suggest a possible correction before continued growth can ensue.
Credit: Source link
