At it's simplest, Veritaseum is the gateway to peer-to-peer capital markets. It allows any two or more individuals to deal directly with each other in transactions of value without reliance on centralized or authoritative third parties. They can do this without concern for typical legacy credit or counter-party risk. Phenomenal, right? Of course, this begs the question... How is this done? Let's start with how it's not done. Veritaseum is not a broker, a fund, a bank or an exchange. It is distributed, serverless (stateless) software and a collection of smart contracts ran through the blockchain! To explain what we are, let's take a quick history lesson.
In 1887, twenty-two-year-old Julius Blumberg opened a small two room store at 115 Division Street in New York City’s Lower East Side. This was the birth of Blumberg forms over 125 years ago. Blumberg was the pre-eminent publisher of legal forms, enabling the quick templating and execution of agreements (think power of attorney, leasehold, money purchase agreements, etc.) between two or more parties. Julius determined that legal transactions could be greatly simplified through the use of a form on which common “boilerplate” elements were already printed, consequently the Blumberg Law Form was born. The cutting edge technology of the era, the typewriter, allowed a massive savings in time through efficiency.
Veritaseum products are the 21st century incarnation of the Blumberg form. Instead of the typewriter being the enabling technology to bring templated agreements to the masses, we now have smart contracts, blockchain technology and distributed escrowing of self-custodied capital ushering in new capabilities to the forefront.
By thinking of Veritaseum as a vendor of new age (smart) contracts that enable the conditional transfer of value, you can fully grasp both the simplicity and the creatively destructive disintermediation that is Veritaseum. Access to our smart contracts are gained through the purchase of Veritas (VERI), the software token that represents prepaid fees for Veritaseum products and services. Through the possession of VERI, one can access and use our financial machines. Financial machines are multiple, chain-linked smart contracts designed to replicate the functions of entire business divisions of industry, but at near zero margin and without balance sheet exposure, credit risk or counter-party risk.
