What is Veritaseum
Veritaseum is a smart contracts-based, peer-to-peer wallet interface (in beta) that currently interacts with Bitcoin blockchain (to be ported to Ethereum).
It allows non-technical individuals & entities to quickly create, enter and manage smart contracts directly with others without an authoritative 3rd party. It was the first of its kind written on a public or private blockchain.
Problem Being Solved
Financial institutions that control most global transactions have a structural deficiency in their business model - overcompensation. Up to 60% of gross revenues are paid out to employees. This "structural deficiency" in the financial entity business model is passed as higher
expenses, directly to the consumers of financial products and services. These higher expenses, tend to manifest themselves in manners encompassing more than just greater cost - higher transaction friction, conflicts of interest, material counterparty and credit risks etc.
Veritaseum utilizes smart contracts and blockchain technology to enable individuals and entities to transact directly with each other in a a peer-to-peer fashion, with capital escrowed to the blockchain contingent upon smart contract-enforced, mutually agreed terms. Due to the nature of these "smart contracts", the agreements cannot be broken, contracts cannot be breached and most importantly, each side is forced to deliver under and in all circumstances. This is done without the highly compensated "staff" of extant financial entities at costs that are dramatically lower than the status quo.
Veritaseum is enabling software-driven peer-to-peer (P2P) capital markets without brokerages, banks or traditional exchanges. Veritaseum is a software concern, not a financial concern and no actors on its platform are exposed to its balance sheet in any way, nor does Veritaseum hold, control or have the ability to frustrate access to any participant's capital.
Upcoming Products and Services
Veritaseum has global (IS, UK, EU, China, Japan) patents pending for the application of its technology for P2P letters of credit and P2P value trading (with long running functional beta facilitating the trading of exposure for over 25K tickers of stocks/bonds/forex/commodities) predating all similar applications management is aware of (ref. pg 18). DAO's (digital autofocus organizations) are being designed to disintermediate businesses with high structural costs by offering similar services at near zero margin, while funnelling analysis and infrastructure business to Veritaseum (full description).
Dependent upon availability & fortitude of Ethereum public blockchain. Veritaseum strives to be platform agnostic, but man/months (at a minimum) would be required to rewrite for a different blockchain. Regulation in this space has not kept up with the pace of innovation, hence there is ambiguity. If Veritaseum is successful, significant and very heavily capitalized competition will arrive very quickly. Many institutions have already filed multiple blockchain-related patent applications
Use of Digital Assets
30% Research and Development
30% Sales, Marketing, Business Development
7% DAO liquidity provisions