Veritaseum is a project which aims to bring extremely wealthy capital markets on the blockchain. Labeled as “the gateway to peer-to-peer capital markets,” Veritaseum was founded in 2013 by entrepreneur, investor, blogger, and financial analyst Reggie Middleton.
What is Veritaseum (VERI)?
Veritaseum is a blockchain-based fintech software company which delivers global access to peer-to-peer capital markets through its decentralized platform, digital asset research, and transfers.
At heart, the project seeks to level the economic playing field by creating software which enables participation in P2P capital markets without intermediates like banks, brokers, financial advisors, and other mediators. Anyone with an internet connection can sign up for these capital markets using Veritaseum.
The Difference Between Veritaseum and Veritas
Veritaseum is a software company, while Veritas (VERI; not to be confused with Veritas Mining or VeriCoin (VRC)) is a crypto token used to pay for Veritaseum’s products and services.
- The official ticker symbol for Veritaseum token: VERI
- Token type: ERC20
- Total token supply: 100 million VERI
- Circulating Supply: 2,036,645 VERI
- Veritas Paper – a brief introduction to Veritaseum products and services.
What Is The Veritas (VERI) Token?
The Veritas (VERI) are ERC-20 tokens issued on Ethereum blockchain. They can be stored in any Ethereum wallet (MetaMask, MyEtherWallet, Ledger Nano S, Trezor, Parity, etc.). It also implies that miners verify all VERI transactions, and token holders are protected by the advanced security of the Ethereum network.
Nevertheless, Veritaseum’s website states that its products are not dependent on any particular blockchain and can be moved to different blockchains. Such a move would require some engineering efforts, but the company expects most new blockchains to be backward-compatible with most Ethereum applications.
The use case of VERI token is to redeem with Veritaseum software for advisory services, research and to gain entry into Veritaseum’s autonomous financial machines, P2P value trading system, and P2P letters of credit.
The company also warns users that Veritas tokens are not an investment, but rather an essential part of the software. However, the company cannot prevent token holders from speculating on its value.
Veritaseum offers tools and software to participate in peer-to-peer capital markets. The platforms utility token VERI is used to purchase access to the platform’s products and services, which range from asset tokenization to financial research data and even self-custody escrow services.
At the moment, the company offers both centralized and decentralized solutions.
Veritaseum’s Centralized Solutions
The centralized Veritaseum’s solutions are for institutions which are not yet ready to take part in decentralized capital market systems. It runs on servers that are controlled by the client organization. The centralized services include:
- A digital exchange made for prime brokerages and exchanges.
- Smart arbitrage system which provides cross-platform liquidity for trading digital assets.
A simple example would be an institution like Jamaican Stock Exchange, which can utilize Veritaseum’s centralized solution for trading immutable digital assets like Bitcoin, Ethereum or other cryptocurrencies.
Veritaseum’s Decentralized Solutions
Veritaseum’s decentralized software runs on top of Ethereum blockchain. It allows individuals and organizations to trade digital assets without expensive brokerages and intermediaries.
Veritaseum’s smart contracts enforce transactions on mutually agreed terms. Therefore, the agreements cannot be broken, and both parties are bound to deliver under all and any circumstances. Such use of blockchain technology enables Veritaseum’s users to deal at much lower costs compared with traditional financial services.
In total, six distinct products constitute Veritaseums distributed services: VeADIR, VeRent, VeResearch, VeExposure, VeManagement, VeTokenizaton and VeAssets.
VeADIR
VeADIR stands for Veritaseum Autonomous Distributed Interactive Research. It is the core component of the platform. It gives exposure to vetted research subjects and serves opportunities to grow its asset base through positive risk-adjusted returns. For instance, if someone wants to invest in an ICO and needs comprehensive information to weigh the risks, they can submit a query via VeADIR, pay with VERI and receive the requested information from Veritaseum. Research results then are fed back into the VeADIR system, and the cycle continues. All information is…
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