Veritaseum is a smart contract and peer-to-peer wallet interface (beta), currently integrated with the Bitcoin blockchain (ported to Ethereum). It allows non-technical individuals and entities to directly enter and manage smart contracts with others without an authoritative third party. This is the first of its kind written for a public or private blockchain.
Project Highlights
Veritaseum is a gateway to peer capital markets. It allows any two or more individuals to directly trade value transactions without relying on centralized or authoritative third parties. They can do this without worrying about typical legacy credit or counterparty risk. Phenomenal, right? Of course, this raises the question... How is this accomplished? Lets first look at what it isnt. Veritaseum is not a broker, fund, bank, or exchange. It is distributed, serverless (stateless) software and a collection of smart contracts that run on the blockchain!
Use Cases
VeADIR is an interactive digital research tool that provides exposure to the subject of its reviewed research. The research leverages distributed ledger (blockchain) and smart contract technology as it is both dynamic and applicable. This means that the research can be and is implemented through this independent construct in near real-time. VeADIR operates independently of Veritaseum.
It is designed to separate decision-making from Veritaseum or any other entity, and its actions and existence must be viewed as autonomous and sovereign. Communication with VeADIR is conducted using machine language to summarize token purchases, distributions, valuation forensics, and market liquidity. VeADIR will pay Veritaseum (in tokens, dollar pegs, or otherwise) for operational costs related to real-world research. Then, Veritaseum provides the research results to VeADIR. Other smart contracts/structures (preferably, where VERI holders can purchase access) or dedicated wallets may be used to translate the machine language into human-readable laymans terms.
Users pay VeADIR in VERI to process the research purchased by VeADIR from Veritaseum in machine language. This could be in the form of the most promising blockchain-based assets.
Breaking News
In early November 2019, the U.S. Securities and Exchange Commission (SEC) announced a settlement with Veritaseum founder Reggie Middleton. Reggie Middleton agreed to pay a $9.5 million civil penalty to resolve SEC charges against him and his companies. Previously, the SEC had obtained a temporary restraining order, freezing the assets of Reggie Middleton and his two entities, Veritaseum, Inc. and Veritaseum, LLC (collectively referred to as Veritaseum). These assets included personal and project funds stored at traditional financial institutions such as Bank of America, Citibank, and JPMorgan Chase, as well as accounts at cryptocurrency exchanges Gemini, Kraken, Coinbase, and 15 addresses on the Ethereum blockchain. The SEC charged Reggie Middleton and Veritaseum with selling 51 million unregistered digital tokens called VERI through an initial coin offering (ICO) and raising 69,000 Ether (valued at $14.8 million at the time), violating federal securities laws registration and anti-fraud provisions.
The SEC also alleged that Reggie Middleton enticed retail investors to buy VERI tokens by spreading misleading information. Additionally, he was accused of price manipulation through wash trading and promising high returns, which resulted in VERIs price increasing by approximately 315% in one day. Reggie Middleton claimed he would attract more investment by continually publishing growing trade volumes or prices. He is also alleged to have misappropriated $520,000 of investor funds for personal use and transferred investor assets.
When the SEC announced the temporary restraining order against Reggie Middleton and Veritaseum in August of the same year, the price of VERI dropped from over $18 to a low of $3.99 before recovering somewhat to $16.95, but with low market volume.
Related Information:
https://www.bitmixc.com/information/bw/19263.html
