*The Securities and Exchange Commission has filed charges against Reginald “Reggie” Middleton, Veritaseum, Inc. and Veritaseum, LLC - https://www.sec.gov/news/press-release/2019-150
Veritaseum is a project on Ethereum that uses blockchain technology, smart contracts and distributed computing to aid industries and entities suffering from high economic rents, undue friction and gross inefficiencies. Veritaseum is a smart contract-based wallet interface that claims to allow anyone to create, enter and manage smart contracts without the need for any kind of intermediaries, middleman or centralized authority. Veritaseum will allow users to interact with real-world products based completely on blockchain technology and smart contracts, including P2P value trading, P2P letters of credit and DAOs. VERI tokens will allow users to interact with the Veritaseum wallet interface.
Veritaseum is a software company, and VERI is an ERC-20 crypto token that is used to pay for the products and services of Veritaseum. VERI is based on the Ethereum (ETH) blockchain, so the token holders are protected by the security of the Ethereum network. The primary use case for VERI is to redeem it with Veritaseum software for advisory services. Veritaseum tokens are not an investment but a part of the software. Veritaseum offers tools and software to participate in peer-to-peer capital markets, and it runs on servers that are controlled by the client organization. These services include a digital exchange that is made for prime brokerages and exchanges and a smart arbitrage system that provides cross-platform liquidity for trading digital assets. There is a total of seven services including VeAssets, VeRent, VeADIR, VEResearch, VeExposure, VeManagement and VeTokenization. Most notably here, VeADIR or Veritaseum Autonomous Distributed Interactive Research is the platform’s research module that can pull data from exchanges for VERI and allows interested parties to pay for the research findings. All of the findings are presented in machine language so users will have to use smart contracts to translate them into readable data. To Veritize an asset means to assign a new customized VERI token to an asset, which is a token with unique properties that are bound to it through smart contracts.