What is Veritaseum?
Veritaseum (VERI) is an invention of Reggie Middleton and the development team at Veritaseum, Inc. This virtual currency works based on Smart contracts, it allows individuals and businesses to make transactions without intermediaries, loans without banks and contracts without lawyers.
Veritaseum operates on the Ethereum Blockchain platform and the areas where this coin can be used include “banking, brokerage, credit cards, real estate, healthcare” and many more. However, there is little specific information about the technology that supports the Veritaseum network to be able to perform services related to the above industries. In addition, there are no partners or sponsors to discuss the investment related to this coin.
Through the use of revolutionary technology that literally did not exist just a few years ago, it makes it possible for every business, person, woman and child to manage their money and assets, transfer it around the world virtually freely and conduct Speculation, speculation and hedging on any asset without risk of loss of credit or fraud.
Highlights of Veritaseum
Veritaseum is easy to manage anywhere
Veritaseum is a fully independent institution (meaning that users have full control when they have to comply with the rules/missions/desires/desires of an external force, e.g. a committed bank or agency. government agencies), digital wallets can be programmed. They are not stored on someone else's server, they reside with you on your device (smart phone, laptop, tablet or desktop).
Here how to simplify understanding for those who are new to this. A representation of an institutional Bitcoin wallet is a bank… Banks keep your digital currency in a digital wallet (bank account). Blockchain technology allows you to keep your wallet (bank account) in your pocket, home computer, or on your smartphone – and you act like a bank with more security and transparency.This is called autonomy. The way banks do it now is called heteronomy.
Regulation in the financial services industry (both at the state and federal level) is primarily intended to protect consumers. This is a positive for both consumers and the industry at large for consumers that cannot be trusted with suppliers as consumers will not use that supplier. This is why the Bitcoin exchange, money transmitters are being adjusted to be legally compliant and seem more acceptable to finance. The problem with this way of operating is that they are adopting a decentralized system of autonomy and value distribution and trying to put it in a centralized legacy system, made for hundreds of years.
Say no to intermediaries
Veritaseum is considered a peer-to-peer network, which means that individuals negotiate directly with each other through an intermediary server – Bittorrent.
BitTorrent is the most popular protocol for transferring large files, and peer-to-peer networks are expected to account for 43% to 70% of Internet traffic (depending on geographic location) as of February 2009. In November 2004, BitTorrent was responsible for 35% of Internet traffic. As of February 2013, BitTorrent was responsible for 3.35% of all global bandwidth, more than half of the 6% of total bandwidth devoted to file sharing. Veritaseum is a “bittorrent” scheme for money and value.
Features of Veritaseum
- The platform can create derivative contracts through the Bitcoin blockchain.
- It allows two separate parties to bet on the price of any asset without risking any counterparty.
- The platform does not keep user funds and all smart contracts will be settled through trusted data feeds.
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