What is Veritaseum?
Veritaseum is a gateway to peer2peer capital markets. It establishes blockchain based and decentralized capital markets as a software at the international level.
This means creating platforms that give investors access to various capital markets through smart contracts as well as advanced financial machines that help in transferring value and investment faster.
The project was created by Reggie Middleton and his team to allow enterprises and individuals perform capital related trading without involving third parties such as brokers, lawyers or even banks.
By utilizing the fast-growing decentralized technology, Veritaseum enables people and businesses to take full control of their own money, transfer it almost for free in the entire globe, conduct speculation, hedging transaction, and investment without falling into the risk of credit loss or fraud.
What is the problem that Veritaseum solves?
Veritaseum’s goal is helping to completely eliminate brokers and middle-men of the capital marks ecosystem.
These are centralized operators who have been making the process look overly complex and impossible in many instances. This is the reason most organizations often opt to walk away and use alternative models.
The Veritaseum platform is built on the premise that it is simply a service vendor, distributed serverless software that facilitates users to act as both middlemen and consumers.
How does Veritaseum solve the problem
To address the problem of brokers in the capital markets, Veritaseum creatively employs the blockchain technology to provide completely decentralized operations and a native token for buying rights through smart contracts.
The entire Veritaseum process aimed at addressing the centralization process can be broken down into two key components.
1) The centralized solutions
This is a software program designed to cater to organizations that do not prefer to immediately join the distributed capital markets. Veritaseum operates servers under the client and employs 2 primary components.
- The centralized digital exchange designed for the exchanges or prime brokerages.
- Smart arbitrage component that helps to provide cross-platform liquidity. An exchange can utilize the Veritaseum centralized solution for trading digital assets such as NXT and Bitcoin.
2) Veritaseum’s Distributed Solutions
The autonomous products at Veritaseum sit at the top of the decentralized offering for helping legacy institutions join the blockchain niche.
The solutions are anchored in research and analysis that further help during the creation of financial machines. The ideas believed to be of value are Veritized (converted into Veritas tokens) and added to the financial machines. One of these machines is the VeADIR (Veritaseum Autonomous, Dynamic, Interactive Research).
According to Veritaseum site, VeADIR is a package comprising of several smart contracts that help to drive distributed software application on the public blockchain. There are more than 2300 lines of solidity codes with some still under review. Here are some of the main components of VaDIR.
- VeADIR: This is an Autonomous Software and Financial Software and a Veritaseum machine targeted at providing exposure to different assets. It also provides opportunities that help facilitate asset growth based on research.
- VeRent: This a special Veritaseum interface for assisting seekers and buyers to acquire Veritas tokens from various projects. These tokens will be needed to access the VeADIR software package Veritaseum Financial Machines).
- VeTokenization: This is a Veritaseum automated system that helps users spin custom Veritas tokens every time that new assets are available, a new opportunity pops up or new exposure is available at VaDIR.
Users in the Veritaseum system can create own tokenized assets by establishing new addresses on the Ethereum platform. Here is a pictorial demonstration of the tokenization process.
- VeExposure: This is a special Veritaseum facility aimed at helping people who have access to VeADIR access opportunities available there.
- VeManagement: This is an application that provides users with the opportunity to access the portfolios at VeResearch. It further enables them to adjust or accept portfolios with private keys.
What makes Veritaseum better than it’s competitors?
The capital markets are the primary platforms for individuals and corporate entities to raise capital for development and growth.
The main competitors of Veritaseum are the traditional brokerages that often stand in between the corporates and individuals who want to access and use the markets. Here are the main reasons why Veritaseum is better compared to its competitors.
- Veritaseum is a completely decentralized platform that allows all users to join and access international capital markets. This implies that businesses have better access to funding for their enterprises not just at the local level, but internationally too. Therefore, you do not have to stick to localized solutions that come with numerous limitations; simply go global with Veritaseum.
- As a peer2peer capital markets platform that helps to bypass brokers, Veritaseum makes accessing capital markets and their services direct and easy. This makes the services cheaper and encourages more people to get involved.
- The Veritaseum platform pools together advanced features that do not just seek to provide users access to more capital markets across the globe, but further help with management to ensure that users make the right decision. This implies that you have more resources and support to make better decisions on the capital markets options available at any one moment.
- Veritaseum, unlike its competitors, has a native asset (VERI) that is used to access various features and resources in the network such as the VeADIR. While other capital markets use fiat currencies, Veritaseum has its native token that is anonymous and more stable in the market.
- As a fully decentralized platform, it implies that Veritaseum provides users with complete protection from third-party seizures. Unlike with standard capital markets where your details can easily be accessed by staff and government authorities, Veritaseum helps users to operate in total privacy.
- Veritaseum is a unique platform that allows users to tokenize their assets through the creation of new contracts on Ethereum blockchain. Whether you are a new enterprise or your business is more established, it implies that managing tokenized asset is very easy via product admin app. Indeed, anything from government bond, real estate, precious metals, and even other cryptocurrencies can be tokenized using Veritaseum.
- The Veritaseum DApp allows users to hold their funds or assets and trade for 24/7 without requiring brokers. You can, therefore, rest assured of trading more and make a lot of profit because of more access to larger markets. This means that you can trade and make more for the business.
How can Veritaseum be categorized?
Veritaseum can be categorized as the first fully decentralized peer-2-peer gateway to capital markets.
The blockchain technology has been growing steadily and expanding to many areas. Bitcoin introduced the peer2peer payment platform while other platforms such as Golem and Siacoin took the technology to computing power and storage renting respectively.
Now, Veritaseum has taken the technology to the capital markets to help eliminate brokers.
Because of the unique position that capital markets hold for most businesses, Veritaseum is among the high potential platforms that investors are looking for rapidly grow their ventures. It is because of this that the value of Veritaseum has done very well since inception.
What’s Veritaseum’s vision on Security?
The main vision of Veritaseum’s on security is offering individuals and corporates a chance to directly access the capital markets in a secure manner.
Like other blockchain based platforms, Veritaseum platform is subject to numerous attacks at different levels; the network, wallet, and even the exchange. Here is how Veritaseum ensures that its security vision is achieved.
- Veritaseum has a very aggressive development team that looks for gaps and updates the core code regularly. It is because of this that its network has never been hacked. Every time that there is a hacking attempt, the team easily identifies and updates the core code to keep the network safer for users.
- Advanced cryptography. Like other cryptocurrencies, Veritaseum employs advanced encryption that helps to conceal all users’ details. This implies that it is very difficult for attackers to pull out your trading or personal information from the network. Indeed, even the miners who confirm the Veritaseum tokens transactions on the Ethereum platform can only follow back to check the account balances but can never get the personal details of respective account holders.
- The Veritaseum token, VERI, is based on the Ethereum blockchain. This implies that all transactions involving VERI have to be verified by miners. The model further makes sure that VERI holders enjoy advanced security provided by the Ethereum network.
As Veritaseum works extra hard to meet its mission of securing the network, it is important that individual users on its network also play their part. Here are some recommendations that help you remain safe at the network, wallet, and exchange levels.
- Never share the private keys and seed phrase with third parties. When a third-party gains access to your digital wallet, he has absolute control over the stored VERI and main operations. Besides, these two codes are your main components to help restore VERI in the case of a loss.
- When trading VERI in the exchanges, only select the most secure ones. This is very important because the exchanges have proven to be the easiest points for attacking cryptocurrency users. Ensure to check for security features such as two-factor authentication and use of cold storage. Where possible, consider only trading from decentralized exchanges that allow you to operate from the wallet.
- When sending VERI or making payments in the Veritaseum network, it is important to triple check the public address/ target address. This helps to keep low the chances of sending your funds to the wrong address.
- To make it difficult for attackers to gain access to your account, it is advisable to designate one computer for all the Veritaseum operations. If you must use the device for other operations, ensure to avoid visiting risky websites.
- Make sure that the computer and the Veritaseum client are always up to date. This will help to prevent a lot of malware and bugs that target exploiting gaps in old applications.
Examples of Veritaseum’s use cases / applications.
The primary target of Veritaseum is the capital markets, a crucial point for enterprises to raise funds for development and trading opportunities. Here are the main use cases.
- Direct access to local and global capital markets to raise capital for companies’ development. Your business can target the markets to either source funds for product development, expansion, acquisitions, or asset acquisition.
- But it is not just businesses that might need Veritaseum. Individuals can also access the platform to check for trading opportunities. You can opt to follow specific companies’ shares or focus on emerging international markets.
- Veritaseum has presented people with an opportunity to tokenize their assets. Now, you can tokenize almost anything and get them in the market. For example, you can tokenize precious metals, real estate, or even government bonds and use Veritaseum to trade them.
- The native coin, like other cryptocurrencies, can be used for standard trading in the exchanges. You can opt to pair VERI with top cryptocurrencies such as Bitcoin or newer assets in the market such as EOS. Still, in the exchanges, you can opt to use the tokens to pay the transaction charges.
NOTE: Veritaseum is a great project and targeted at a very rich niche, the capital markets. This means that its potential for growth is really high. However, take a swipe at Google and search for the term “Veritaseum Scams” and the information that will come up is really shocking.
Veritaseum does not have a white paper, and the bulk of the information posted on their site and related blogs is incomplete. Not providing ample details of how the project was conceptualized, its roadmap, and progress achieved in making the core code stronger, users have developed a lot of skepticism about it.
It is, therefore, critical to comprehensively review the structures of Veritaseum to understand how it works and make the right investment decision. It is especially critical to compare every point with other blockchain platforms in the same niche when planning to venture into it.
References
https://coincheckup.com/coins/Veritaseum
http://veritas.veritaseum.com/
https://veritas.veritaseum.com/frequently-asked-questions
https://gnosis.pm/resources/default/pdf/gnosis_whitepaper.pdf