Verasity (VRA) token surged hard on Monday as the developers made major announcement about the network. It jumped to a high of $0.0057, the highest level since June 27th. It has soared by more than 52% from the lowest level in September.

The main reason for the VRA token rally is the announcement that the network had burned 50% of its maximum supply. This is an important move since a token burn removes tokens in circulation, creating more value for the remaining ones. 

Veracity burned 10 billion tokens, bringing the total supply cap for the tokens in the reserve wallet to just 10 billion $VRA tokens. In a statement, the team said that it no longer needed the 10 billion burned tokens after the commercial launch of its Proof of View (PoV) platform. 

At the same time, the developers announced that they would move the remaining 90 billion to a new blockchain. This leaves the remaining number of coins in circulation to 10 billion and will provide utility to the VeraViews advertising ecosystem. In a statement, RJ Mark, the CEO of Verasity said:

“Now, 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.”

Veracity is a company using blockchain technology to fight fraud in the advertising industry. It pioneered a consensus model known as Proof of View (PoV), for which it received a patent for recently. It is now used by several companies in the advertising and video player industries. 

Verasity has already processed over 253 million impressions with an accuracy rate of over 97.5%. Studies estimate that advertisers will lose over $100 billion to fraud by 2025.

VRA, its token, is used to fund advertising campaigns, enabling staking through the VeraWallet, and distributing the Watch & Earn rewards.

The post Verasity (VRA) token surges after burning 10 billion tokens appeared first on Invezz.

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