Veritaseum is a company which issues a crypto token called Veritas (VERI). It designs blockchain-based software and offers a platform to facilitate peer-to-peer trading in capital markets without the intervention of any third party organisations or brokers. Any entity with internet access can participate in these capital markets on a peer-to-peer, over-the-counter, and one-on-one basis.
The process of currency exchange or making transactions is very transparent on Veritaseum and is now secured by Ethereum Blockchain technology (previously secured by Bitcoin Blockchain technology).
The Veritaseum platform also has a decentralized application (DApp) completely eliminates the need for brokers and banks to hold your money or assets. The DApp allows you to store your shares offline and trade it 24/7 like a digital coin.
Veritaseum is the brainchild of Reggie Middleton and was launched in 2013. It is claimed to be the first and only capital market platform implementing smart contracts and blockchain technology.
Veritaseum went for ICO in Beta version by selling Veritas tokens from April to 26th May’2017 in which it raised $51 million against 1,926,109 Veritas. Veritas has a total supply of 100 million tokens and remaining tokens are kept as a reserve for future sales. The main objective of launching the ICO was to popularize their business model and get more recognition to attract more customers. The Veritas Stable version is set to release in 2018.
Veritaseum software has two key components:
Centralized Solutions: The centralized software platform of Veritaseum has been designed after considering the needs of existing institutions who do not want to participate in the distributed capital market systems.
The platform operates on servers under the client/ institution’s control once they have entered into a formal agreement with the Veritaseum platform.
Benefits for the Institution:
Distributed Solutions: Veritaseum’s distributed solutions uses a very unique approach that is based on research and analysis.
Veritas sub-tokens (Veritaseum software keys that is required to access financial machine) are created for very specific purposes and they are designed on the basis of forensic, fundamental and macro analysis. After the creation, it is directly issued to the Veritaseum customer for P2P, OTC transfer or to hold through the appropriate financial machine called VeADIR (Veritaseum Autonomous, Dynamic, Interactive Research)
Veritaseum offers a safe and secure platform for trading in capital markets without any third-party intervention. Thus, VERI is not an investment platform rather they are selling widgets that can be programmed for trading and eliminating intermediaries.