With Veritaseum is the founder Reggie Middleton wants to create an automated, decentralized Peer-to-Peer platform for capital transactions of all kinds. Despite heavy criticism, he has published the ICO is not a white paper, as well as the fact that during the ICOs. of 36,000 tokens are lost (which corresponds to a value of € 6.5 million) has become the crypto-currency Veritaseum and is on rank 42 of the largest crypto-currencies.
The company behind Veritaseum was founded in 2014, first as Ultracoin. Due to the fact that there was the Ultracoin but already, you changed the name on Veritaseum. Goal of VERI is to allow a free trade. The main attention is paid to the superfluous of any beneficiaries such as banks and Fund services. The founder of the project, Reggie Middleton is a financial expert, he wrote for the Huffington Post and gained notoriety, because he said the collapse of the “Housing Bubble” before.
To enable this, the Coin’s underlying Blockchain technology, which is based very strongly on the Ethereum network. On the platform is to create for Non-programmers there is the possibility of Smart Contracts. This should, for example, should independently be able to make purchase decisions.
The Coin is overshadowed by violent and quite reasonable criticism. The founder of Middleton stands as a key figure in the center. He presents his platform as a Revolution in the global financial markets, but unfortunately only a few documents to this representation.
On the Website of the platform for any amount of “information” to the Veritaseum Coin, effectively it are almost exclusively financial-historical events, as well as short biographies of successful historical and current financiers, which will probably move the reader to an investment. Apart from this, we find two already on-going projects of the Coins for a VeADIR and VeRent.
VeRent stands for “Veritaseum Rental Facility”. This Tool offers the possibility of Veri-Coins to manage directly in the Browser as a Chrome App, to send, as well as purchase and sale offers. The function of the tool is kept very simple, and also for lay people as well.
In VeADIR it is an autonomously functioning assessment program for Assets and ICOs. In this case, the program is rated according to established criteria, all available information, which are then summarised in a review. These reviews are then Veri-Coins for purchase.
What exactly this program is, and what algorithms it works is not explained, it is only mentioned that this rating system Smart Contracts. The Tool is currently still in Beta-test phase, however, should be developed, according to the developers, the technology is already complete.
Despite the aforementioned points of criticism Veritaseum is started with a successful ICO. However, it had to contend Initially with strong price fluctuations. Since August of 2017, the Coin moved in a stable downward trend, which became, however, at the end of October in a steep rise in the rate in which the price increased ten-fold to his all-time high in January 2018 to 390€ per Token almost. To the editors of the time the Coin is in a downward trend, in 190,92€. The market capitalisation is approximately €389 million.
Ultimately, the Veritaseum Coin from our point of view is to be treated with caution. Today you are looking for a white paper in vain: The project was founded by a “No-Name” is the crypto-scene and can boast up to now no real application.
These problems are reflected no later than in the fact that of the major stock exchanges, only HitBTC allows you to place a trade. The majority of trading volume currently comes from the smaller exchange-Ether Delta.
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