Blockchain is constantly present on the news and is a target of interest for many people worldwide. But aside from its money exchange application and store of value, it can fill other niches where people need to connect and conduct transactions without depending on a third-party entity.
Veritaseum is a smart contract platform that can be used to create and manage smart contracts one on one basis without the need for intermediaries or centralized authorities.
Veritaseum allows its user to interact with real-world products, including value trading, capital markets, peer-to-peer letters of credit, and DAOs, on a global scale using blockchain technology and smart contracts.
What is Veritaseum?
Veritaseum is a software-based peer-to-peer capital market with no third or authoritarian interest. The platform, conceived by the highly renowned financial analyst Reggie Middleton with a good reputation in the business. It runs on selected blockchains and allows easy and fast engagement of non-technical specialists, and facilitates the management of smart contracts.
While many still struggle to issue shares and other assets as colored coins on the Bitcoin blockchain, this platform enables it, allowing Bitcoin users to access trading any asset related to financial products in a decentralized way.
There is no need to wait for a particular asset to be added to the blockchain, as the standalone software provides a seamless connection. Regardless of what type of company you are, with internet access, you can participate in these capital markets through a system of peer-to-peer, OTC, and individual transactions.
Synthetic digital asset managers, driven by smart contracts, aim to achieve the exposures and performance that hedge funds are pursuing but with zero margins. It competes with the best hedge funds and the best asset managers who charge high fees. Due to it’s managed automatically and intelligently, investors are able to choose according to their investment style and monitor the evolution of their value. The aim is to maximize fund value without charging assets management or other fees.
Veritaseum acts as a gateway to the P2P economy. It is similar to a web browser that provides internet access to the World Wide Web or a Bitcoin or Ethereum wallet used to access distributed ledger platforms.
The term verify means “to assign a customized VERI symbol to a device.” For example, a lease on a building is on Veritize and can now be traded on this digital asset exchange. Veritaseum offers it to its exchange partners.
History of the Veritaseum
The seeds of this cryptocurrency project were set in 2013, and by the end of the year, a prototype of the stock trading platform was ready. It was claimed to be the first and only capital markets platform using smart contracts and blockchain technology.
In 2013, before rebranding Veritaseum, the name was UltraCoin.
Veritaseum was the first company to conceptualize and create a blockchain technology capital market application. The company has published several applications in terms of patent and intellectual property protection since 2014. The first patent they applied for was for the first working model in terms of worldwide value transfer in peer-to-peer markets.
The platform was aimed to make it possible for any user to access trading the value of almost any listed financial instrument without the need for a bank, broker, or any third or third or authoritarian interest.
The system’s main objective is to give buy-side institutions in global finance the confidence to believe that this is an exciting and legitimate new assets class and that autonomous financial machines work best. At the same time, they take less risk.
Team behind Veritaseum
The founder of Veritaseum is Reggie Middleton (current CEO). Very serious specialist in the field of financial analytics. Among his famous works are several reports: the collapse of the real estate market cap (2007), the global scale market cap recession (2008).
Veritaseum’s most famous team members:
- Reggie Middleton. Director, founder, analyst, consultant. He has extensive experience in the following areas: investing, banking, trading, blockchain, cryptocurrency;
- Patrick Dworzhnik. Chief Engineer of the company. Fluent in a number of programming languages. All the most important technical decisions rest with him;
- Eleanor Reed. Another excellent financial consultant. She has vast experience in management consulting. She has been introducing company strategy solutions into the platform since 2015;
- Manish Kapoor. A specialist in international management, human resource management, assets management. For a long time taught at the Department of International Business, is currently a certified accountant consultant at Veritaseum.
What makes Veritaseum unique?
Veritaseum is a software company, and VERI is an ERC-20 cryptocurrency token used to pay for Veritaseum products and services. VERI is based on the Ethereum blockchain, so token holders are protected by the security of the Ethereum network.
Veritaseum provides tools and seamless connection of peer-to-peer capital markets and runs on servers managed by the client organization. These services include a digital exchange for leading brokerage firms and exchanges and an advanced arbitrage system that provides cross-platform liquidity for trading digital assets. In total, seven services are provided: VeAssets, VeRent, VeADIR, VEResearch, VeExposure, VeManagement, and VeTokenization.
In particular, VeADIR, or Veritaseum Autonomous Distributed Interactive Research, is the research module of the platform that allows VERI to obtain data from exchanges and pay stakeholders for research results. All findings are presented in machine language, which requires users to apply smart contracts to translate them into readable data.
Device verification is the assignment of a new custom Veritaseum token to a device, i.e., a token with unique properties to which smart contracts are associated.
Right now, according to Fundamental Crypto Asset Score (FCAS), Veritaseum is labeled as a fragile cryptocurrency. It means that you can join this crypto entity while it is undervalued while its team constantly improving the product without risking much of your savings.
Experienced crypto analysts’ main advice to beginners is to invest relatively small amounts of money in cryptos that are in the process of gaining momentum like Veritaseum. Once big players are in the game, the price gets exuberant, and high volatility can wipe out all your investments.
How does Veritaseum work?
The platform is based on the source code of Etherium and provides the ability to conduct small internal contracts.
Being based on the Etherium code and the actual absence of exchange margin distinguishes Veritaseum from similar products and makes it incredibly attractive for investors. The user can make transfers with many types of securities, at the same time, without being afraid of credit and other risks. Veritasium is a decentralized and autonomous platform, which functions similarly to an investment fund, but on one on one basis, almost completely eliminating human influence, thus making it more reliable.
Another feature of this cryptocurrency is the fact that out of 100 million coins, only 2 million were sold at the ICO, with the rest saved waiting for a sale to large investors (cryptocurrency exchanges, all sorts of assets, corporations).
1 – Veritaseum helps create and cryptographically sign derivative contracts using the Bitcoin blockchain.
2 – Allows two separate parties to bet on the exchange rate of any assets entered into the Veritaseum trading wallet without all parties taking any risk.
3 – There is no promise of storing your (the user’s) funds, and all smart contracts are settled via trusted data transfers.
According to the company’s CEO, Reggie Middleton, the platform allows a wide range of activities to be carried out in a simple and straightforward platform with no third parties.
The decentralized component of the Veritaseum system
The growth of Veritaseum is also enabled by the decentralized components of the system, which are used in a unique way based on careful analysis and research by specialists: fundamental, forensic, and macro analytics are the main driving mechanisms that use VERI tokens to meet user needs.
To do this, the process of creating system sub-tokens takes place according to the following algorithm:
- The task is received by the Veritasium system analysts, who in turn are responsible for creating a structure to support this design;
- The structure created by the analysts is passed on to Veritasium’s software engineers and smart contract developers, who are responsible for the logical component and the financial analysis;
- Veritasium’s generated coins are transmitted to the client for P2P operation and transaction processing.
- The VERI currency and the Veritaseum system operation with all the products made available allow optimizing the operation of relatively old businesses by integrating innovative technologies and components into the schemes.
- The toolkit of the system allows increasing the profitability of Veritaseum by providing a wide range of functionality to various categories of network users.
VeADIR
VeADIR is an interactive digital research tool that provides access to controlled research topics. It takes advantage of distributed ledger (blockchain) and smart contract technology and is dynamic and scalable. This means that research can and will be carried out in near real-time within this independent project. “VeADIR is designed to be independent of Veritaseum in terms of its mode and nature of the operation. It is therefore designed to make decisions independently and separately from Veritaspace or any other entity, to be autonomous and independent in its actions and existence.
Communication is in machine language to and from VeADIR, which summarizes token purchase, allocation, valuation expertise, and market liquidity.
“VeADIR pays Veritaseum a performance fee (in USD or other tokens) for real-world research. Veritaseum then communicates the results of the research to VeADIR.
Either other smart contracts and/or constructs (probably preferably those to which VERI holders can buy access) or special wallets can be used to convert this automated language into human-readable language.
User pays VERI to VeADIR to receive a contract-processed search, which VeADIR buys from Veritaseum in machine language. These will probably be the most promising blockchain-based tools.
Main features of VeADIR
The main features of Veritaseum are the use of VERI coins by converting them into sub-tokens to operate the project’s financial mechanisms, the main one being VeADIR.
VeADIR is a complex that includes about a dozen smart contracts responsible for managing software clients distributed and operating in the blockchain network. VeADIR currently consists of 2,300 lines of reliability code and eight hundred lines of GUI. The element is in beta testing.
At the same time, VeADIR consists of separate components, each with its own functionality:
- VeADIR – the core of the autonomous design and financial mechanism that provides digital assets operation and base building through positive risk adjustment;
- VeRent – presents the system’s interface and tools for the user to work with VERI tokens and the VeADIR software package;
- VeTokenization – an automated toolkit for the formation of Veritasium system sub-tokens when it is necessary to operate assets;
- VeExposure – another tool for accessing VeADIR functionality when working with private keys;
- VeManagement – an administrative toolkit for risk control when developing a standalone package in parallel.
Conclusion
Veritaseum is goal-oriented, and the developers are driven by big ambitions, which, with the right approach, can be brought to life. The optimization of different companies to work with blockchain technology attracts both small and large investors to the Veritaseum project.
The use of cryptographic encryption technology, privacy, security, and high transaction speed provides a user with ample opportunity to connect work effectively within the Veritaseum platform.
FAQs
How to register the VeriSum wallet?
1 – Open your Google Chrome browser and set up MetaMask.
2 – Once you have submitted your account, go to the VeRent app and check the active account in the right pane.
3 – VeRent has two main areas: the first is for those who rent tokens – “Get Veri Tokens,” and the second is for token owners – “Offer Veri Tokens”.
What is the main feature of VeriSum?
The main thing is that VERI is the exchange for consulting services using Veritaseum software. Veritaseum tokens are not investments or means of money exchange but part of the software.
Is VeriSum worth it?
Veritaseum basically brings blockchain technology to the capital markets trading experience giving people who will use its first access to great advantages compared with those who prefer to work the old way.
The trading community was waiting for such technology for a long time, so it’s definitely worth joining and become one of the first adopters of this new way of trading to gain the benefits of its rising popularity.
