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Thursday, 15 October 2015 00:00

What is Veritaseum? A Layman's Explanation Featured

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Veritaseum is an invention of Reggie Middleton and the team at Veritaseum, Inc. that allows individuals and corporations to perform trades without brokers, loans without banks and contracts without lawyers. Through the utilization of revolutionary technology that literally didn’t exist just a few years ago, it enables every business, man, woman and child to take personal control of their own money and assets, transfer it throughout the world for almost free, and conduct speculative, investment and hedging transactions for any amount without the risk of credit loss or fraud.

No More Middlemen!

Veritaseum is peer-to-peer, meaning individuals deal directly with each other versus through a server of middleman - think Bittorrent. To put this into perspective, I excerpt from Wikipedia… BitTorrent is a protocol for the practice of peer-to-peer file sharing that is used to distribute large amounts of data over the Internet. BitTorrent is one of the most common protocols for transferring large files, and peer-to-peer networks have been estimated to collectively account for approximately 43% to 70% of all Internet traffic (depending on geographical location) as of February 2009.[1] In November 2004, BitTorrent was responsible for 35% of all Internet traffic.[2] As of February 2013, BitTorrent was responsible for 3.35% of all worldwide bandwidth, more than half of the 6% of total bandwidth dedicated to file sharing.[3] Veritaseum is “programmable ‘bittorrent’ for money and value”.

The Owner of the Money (You) Is In Full Control at All Times! Enter the "Anti-Bank Bank"

Veritaseum is a fully autonomous (meaning you have complete control versus you having to follow the rules/mandates/wishes of an outside force, ex. bank committed or government agency), programmable digital currency wallet. it is not hosted on someone else's server, it resides with you on your own machinery (cell phones, laptops, tablets or desktops). Here's a way to simplify understanding for those who are new to this. Another name for a hosted bitcoin wallet is a... bank. Banks keep your digitial money in digital wallets (bank accounts). Blockchain technology allows you to keep your wallet (bank account) in your pocket, your computer at home, on your phone - yes, you get to be the bank now - with more security and more transparency. This is called autonomy. The way the banks do it now is called heteronomy - the polar opposite. Regulation in the financial services industry (both on the state and federal levels) is aimed primarily at the protection of the consumer. This is a good thing, both for the consumer and the industry in general, for a consumer that can't trust its vendors is a consumer that won't use it's vendors. This is the reason why the big(ger) bitcoin exchanges, money tranmsitters, etc. are getting regulated - so as to comply with the laws and appear more acceptable to the financial mainstream. The problem with this approach is that they are taking a decentralized, autonomous system of value transfer and attempting to shoehorn it into a centralized, legacy system created hundreds of years ago. Think of taking that 2015 Lamborghini Huracan LP 610-4 Coupe's engine and forcing it into that 1768 horse and buggy. Somethings got to give.

autonomous financial transactions

You never have to know, trust or perform financial due diligence on your counterparty or trade partner 

  • Veritaseum is Zero Trust (meaning you don't need to know or trust the other party to the deal, trade or contract). It is counterparty and credit risk free (meaning you don't have to worry about the other side of the transaction not fulfilling their end of the agreement for whatever er reason).

Access it as a web page from any phone, tablet or desktop

  • As an HTML 5 app, it is light weight (works on most modern Web browsers and on Android and iOS platforms). The current available beta is in Java, with the HTML 5 verson expected in a few weeks.

Veritaseum Blockchain Smart Contracts are Programmable, Global and Unbreachable

Personal and corporate finance platform that is based on unreachable, unbreakable smart contracts (self-executing, self-administering and self-enforcing versions of legal and social contracts congealed into computer code that lives and travels through the blockchain). The blockchain is a worldwide, networked consensus-based database that solves the Byzantine General and double spend problems that have plagued digital money since it's inception.

Veritaseum was founded by the globally renown FinTech investor, strategist and analysts Reggie Middleton (Wikipedia) and Matt Bogosian - software architect and engineer with 15 years experience in payments and new age tech companies such as Amazon, Yahoo and Grand Central (acquired by Google) as well as being a practiing patent and intellectuel property attorney in the bay area.

 

Click here to learn more about Veritaseum, or click here to download our Java client beta (soon to be replaced by a HTML 5 client). We are always looking for investors, so if you are accredited feel free to contact us.

 

 

 

Read 4872 times Last modified on Thursday, 15 October 2015 11:48

2 comments

  • Comment Link Logan Penniman Monday, 17 July 2017 04:53 posted by Logan Penniman

    Bitcoin has experienced incredible growth over the last few years and there will be those that are claiming that the success is soon to end and Bitcoin crumble. Some of us still believe in the concept of a user owned away from the reach of the financial establishment. We do not accept that the currency is past it's best. We will be staying with Bitcoin and I am quite certain that Bitcoin will continue to rise faster than in the past.

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  • Comment Link Jocelyn Lukach Monday, 17 July 2017 04:36 posted by Jocelyn Lukach

    Bitcoin has shown incredible increases over the last years and there are now those that are claiming that the bubble is about to end and the currency plummet. Those of us continue believe in the concept of a user owned system outside of the control of the financial establishment. We do not accept that the currency is past it's best. We shall be staying with Bitcoin and I am quite confident that it will keep rising faster than in the past.

    Report

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