Veritaseum (VERI) Review – Crypto Coin Judge
What is Veritaseum?
Veritaseum is a software-driven, peer-to-peer capital markets which doesn’t any third party or intermediaries. The brainchild of a very famous financial analyst, Reggie Middleton, the platform interacts with select blockchains and enables non-technical persons to easily and quickly participate, as well as facilitating the management of smart contracts.
Although many people are still struggling to issue stocks and other assets on the Bitcoin blockchain as colored coins, this platform makes it possible by enabling Bitcoin users to start trading of the value, which relates to any financial product, in a decentralized manner.
You don’t need to wait for specific assets to be put on top of the blockchain, as the autonomous software connects you directly. No matter what entity you are, with access to the internet, you can take part in these capital markets on a peer-to-peer, over-the-counter, and one-on-one basis.
Veritaseum functions as a gateway to the P2P economy. This is similar to an internet browser that lets you have access to the world wide web, or a Bitcoin or Ethereum wallet which is utilized to give access to the distributed ledger platforms.
The term veritize signifies that “an asset is assigned a customized VERI token”. For example, you can take the lease on a building, “Veratize” it, and now that lease can start trading on this digital asset exchanges. This is what Veritaseum introduces to its exchange partners.
Veritaseum vs. Veritas
Veritaseum is the name of the company, while Veritas is a token launched by this company.
There are two key components that this software brings to you: centralized and distributed.
Veritiaseum has designed this centralized software platform by taking into account the currently available institutions that do not want to participate in the distributed capital markets systems. This platform operates on servers that a client can control himself/herself, provided they enter into a formal agreement with the platform.
Veritaseum centralized solution offers legacy institutions the following benefits:
- A centralized digital asset exchange that a prime brokerage entity or exchange can use to advantage.
- A “smart arbitrage” software component that provides cross-platform liquidity.
Veritas sub-token creation process:
1 – Veritaseum clients/customers can communicate their goals to the company’s team.
2 – Veritaseum financial analysts, financial engineers, and macro strategists are also free to generate an analytical framework that offers support to the corresponding construct, in addition to the fundamental and macro research used in its creation.
3 – Later, the financial construct is sent to the software engineers and developers for the creation of the software token and the smart contracts that offer support to the business processes and logic.
4 – The direct issuance of the software token is made to the customer by direct P2P, OTC transfer.
Thus, this platform’s autonomous services and products remain at the top of the centralized offerings, which is primarily crafted to help legacy institutions to easily enter the newly developed digitally distributed paradigm.
The team consists of only 3 members:
- Reggie Middleton, CEO, Founder,
- Patryk Dworznik, Lead Engineer,
- Manish Kapoor, Lead Analyst.
While all these members have an active presence on many social media platforms, only links to their LinkedIn profiles are available at present.
The seed of this project was planted in 2013, and a prototype of its value trading platform was ready before the end of the year. It was claimed to be the first and only capital markets platform implementing smart contracts and blockchain technology.
The platform is designed and developed to allow its users to start trading the value of almost any listed financial assets, without the need of a bank, a broker or exchange.
The chief aim of this system is to take the Buy Side Institutions of global finance into confidence, and make them believe that they are an exciting and legitimate new asset class, and that their Autonomous Financial Machines work best. At the same time it is less prone to potential risks.
How does Veritaseum function?
1 – The platform helps create and cryptographically sign derivatives contracts through the Bitcoin blockchain.
2 – It allows two separate parties to bet on the price of any asset, given in the Veritaseum Trading Wallet without risk to any counterparty.
3 – It does not make any promise to hold your (user) funds, and all smart contracts are resolved through trusted data feeds.
The company’s CEO Reggie Middleton says that this platform allows you to do a lot through its easy and hassle-free platform.
The platform offers the software based, peer-to-peer capital markets without the usual brokerage charges, thus eliminating the need for banks or any kind of traditional exchanges.
Veritaseum as Veritas Coin
Following are some key technical features of the token, otherwise known as Veritas coin.
Technical features of the Veritaseum token.
1 – Users can use this token to directly redeem back with Veritaseum for financial research and advisory services. It can be availed easily and immediately.
2 – You can also use this token as a key to gain entry into autonomous financial machines, the P2P value trading system, and P2P letters of credit.
Process to get VERI Tokens
- Fill out the form with required details such as amount, price, duration, and expiration.
- After you have filled in the form, click Order to create a new offer.
- As you press Order, or when your order is created, the “MetaMask plugin” requires you to confirm your transaction in a popup window.
- When the transaction has been completed and added to the blockchain, you will see a pending transaction in My Offers Table.
- Processing on the blockchain takes time, so you may need to be patient (although it usually takes just 20 seconds to complete your transaction).
- Once the processing is completed, you will see your offer in the My Offers Table, and also in Offers if it hasn’t yet expired within the Offer Veri Tokens tab.
- Now click the Open in New icon if you want to see the transaction in the blockchain explorer (all the actions are available on the right side of the row).
- As soon as your offer is accepted, it will be shifted from the My Offers Table to Opened Exposures.
- At this stage, the VERI tokens and ether are moved to VeRentExposure.
- Now, you are free to keep track of the exposure status in columns such as Time Left and Projected ROI calculated on the basis of the average ROI.
- As soon as the exposure time ends, the status will change to Closing.
- After exposure has closed, it will be moved to Closed Exposures and enhanced with the exact ROI.
- Now, you are free to withdraw your funds.
- Simply click the Coin icon on the right side of the table row.
- If you want to create a new offer or accept ongoing ones, they are available in the Offer Veri Tokens tab of the Offers table.
- To order to an offer, click on the Shopping Cart icon.
VERI holders can make use of this token to do trading of model/research portfolios amongst themselves through real world assets and trading between several other VeADIR constructs.
How to get a Veritaseum Wallet
In order to get a Veritaseum Wallet, you will need to abide by the following steps:
1 – Open your Google Chrome browser and setup MetaMask.
2 – As soon as you have finished your account creation, navigate to the VeRent app and do verification of your active account in the right panel.
3 – VeRent comes with two key areas, the first one is for token renters, Get Veri Tokens, and the second is for token owners, Offer Veri Tokens.
What is Veritaseum dApp?
1 – The platform also comes with a decentralized application (dApp) that completely eliminates the need for banks and stock brokers who hold your assets or money.
2 – You can take advantage of this dApp if you want to store all your shares offline and even start trading it 24/7 as a digital coin.
3 – The dApp is an app and it can do everything with stocks, similar to the activities you have been doing with crypto coin until now.
Most of the planned ventures of the company were already completed on the scheduled dates of 29 September 2017 and 15 October 2017. However, the remaining venture of a peer-to-peer OTC direct value trading, is slated to debut in the 4th quarter of 2018.
What is Veritaseum VeADIR?
The company itself says that ideas that are said to be of value are veritized, converted into Veritas sub-tokens, and entered into their financial machines.
VeADIR- a unique financial machine with distinct features
VeADIR (Veritaseum Autonomous, Dynamic, Interactive Research) is in fact a suite of around one dozen smart contracts that help in driving software applications, which are fully distributed and also live on the public blockchain.
At present, the financial machine boasts around 2300 lines of efficiently written solidity code, and around 800 lines or so of GUI as well as supporting code.
Some key functions of VeADIR are as follows:
1 – VeADIR: Not just a financial machine but also an autonomous software construct, which helps in gaining exposure to opportunities and assets that help it increase its asset base by virtue of positive risk adjusted returns.
2 – VeRent: This is an interface or a kind of facility, which lets the exposure seekers and buyers rent or gain Veritas tokens that each user or customer needs to have, to access the Veritaseum Financial Machines, ie, the VeADIR software suite.
3 – VeTokenization: This works as an automated facility and help in creating a custom Veritas sub-token as and when VeADIR offers it as an asset, exposure, or opportunity.
4 – VeExposure: This feature comes to help those who have already acquired access to the VeADIR by possessing the Financial Machine’s access keys (VERI) to take advantage of the exposures already stored therein.
5 – VeManagement: This feature of the administrative interface helps in the management of exposures, especially when the VeADIR software suite is learning, growing, and developing into a fully autonomous entity.
Thus, VeADIR works as an interactive, digital research vehicle, and provides exposure for its vetted research subjects. It works independently from Veritaseum when it comes to manner and action. That way, it can be called autonomous and sovereign in its existence and actions.
It can be said that Veritaseum (VERI) is a platform that makes software-driven peer-to-peer capital markets work, and rids us of the need for intermediaries.
VERI is neither an investment platform, nor a company that allows for the sale and purchase of any security or currencies. The company sells distinctively-created intelligent widgets that you can program to do betting, where you don’t need any intermediaries.
Veritaseum on social media platforms