What is Veritaseum?
Veritaseum is a company which is behind the peer to peer and fully decentralized crypto-token called Veritas (VERI). It offers a platform to trade any digital asset without the intervention of a third party. Though Veritaseum is the company and Veritas is the token, people use the terms interchangeably.
2021 UPDATE
VERITASEUM has been charged by the SEC for fraud and token manipulation. They were made to pay over $8m in fines and were subsequently DELISTED from every exchange apart from Mercatox. Mercatox is NOT a trustworthy exchange and has a TERRIBLE reputation for scams and loss of funds. Veritaseum’s website is no longer active and the project can be conisdered as good as dead.
History of Veritaseum
Veritaseum was launched in 2013 and had a functional alpha version by the end of the year. In the same year, the corporation behind it filed for a patent for their technology. Veritaseum is the brainchild of Reggie Middleton and Matt Bogosian. Veritas went live on token sale for its Beta version and gathered $51 million against 1,926,109 Veritas sold, in May 2017. 100 million Veritas is kept reserved for future sales. The Veritaseum Stable version is slated for release in 2018. Reggie Middleton reported a hack into their system right after the ICO where Veritas worth $8 million were reportedly stolen, however the project has manage to overcome this problem and continued to flourish in spite of it. At one point, in January 2018, VERI briefly surpassed a market capitalization value of $860 million.
How Veritaseum Works
Veritaseum offers a wallet which is fully autonomous and localized, with user credentials being stored client side. It allows every business and individual to take total control over their asset and money and transfer it freely, with minimal transaction charges, around the world. It also allows investment and hedging of funds without any risk as there are no middlemen. Users first register for a Veritaseum wallet and purchase Veritas from a number of exchanges. VERI tokens are stored locally and not kept on servers, unlike bitcoin. Users can transfer these Veritas directly between themselves. Veritaseum also allows for the execution of Smart Contracts – a feature borrowed from Ethereum – where different entities in the network can execute commands to transfer funds between them without human intervention.
Why Should I Buy Veritaseum (VERI)?
As a cryptocurrency, Veritaseum is a new concept unlike any other, and offers multiple advantages.
No Middleman: Veritaseum depends on no third party to transfer funds between two users. Thus, the transfer is quick and opens up global possibilities.Smart Contracts: Veritaseum offers this popular concept from Ethereum where different computers can work among them to initiate and complete fund transfer without any human intervention. The when, how and how much of these transaction are pre-programmed in these contracts.Universal Access: Veritaseum is a lightweight HTML5/Java app which can be accessed from a web browser, smartphone, computers and laptops. This brings greater accessibility and mobility to this platform.Zero-Trust Mechanism: Veritaseum offers a zero trust algorithm where the trustworthiness of the other party involved in the transaction plays no part. It is, thus, a counterparty and credit risk free network where the user doesn’t need to worry about the other party’s adherence to the deal.Top Security: The Veritas blockchain depends on a consensus-based database on its network to solve the Byzantine General’s problem and double spending attacks, which are two of the biggest threats for cryptocurrency networks.
VERI Exchanges
Since VERI is dead, we want to recommend a similar project that also embraces P2P technology, zero-trust mechanisms, and more. Holochain has been one of our favourite picks for a couple of years now and it basically did everything that VERI failed to do.