Veritaseum is a smart contracts based, peer- to- peer interaction interface that now interacts with Bitcoin blockchain.It makes it easy for individuals and entities that are not technical to quickly create, enter and manage small contracts directly with other people or institutions without interference of a third party.It was the first smart contracts based initiative to be written on a private or public blockchain.
Veritaseum was initiated to solve the problem of deficiency in the structure of business models of financial institutions in controlling most of worldwide transactions.This structural deficiency is as a result of overcompensation of employees.Employees are usually paid upto 60% 0f gross revenues from business transactions.
This employees overcompensation is then recognized as higher expenses by the financial entities and passed directly to consumers who are forced to pay higher prices for the products or services they buy from these financial entities. The effects of these higher expenses includes may include conflict of interest, high transaction friction and credit risk.
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Veritaseum utilizes blockchain technology and small contracts to make it easier for individuals and business entities to carry out business directly in a peer- to -peer relationship.Capital is then escrowed to blockchain and can be released after the smart contract has been enforced under mutually agreed terms between the two transacting parties.Because of the nature of small contracts, agreements can not be broken or breached, this is moreso because each party is forced to deliver its best under any circumstances.
Veritaseum has global patents applications from countries such as UK,US, China and Japan waiting for their approval.Veritaseum has contributed to the designing of Digital Autofocus Organizations to help business with high structural costs reducing their costs by offering similar services to those offered by such businesses at a very low cost.Veritaseum the deals with analysis and infrastructure of such businesses.
Veritaseum however has also risk associated with it despite its significance discussed above.The risk with Veritaseum is that it depends with availability of public blockchain.This is a limitation because the available blockchain may not be sufficient enough when compared to its demand, many institutions have now applied for multiple blockchain patent and becomes a challenge for Veritaseum meeting the demands of the main institutions seeking its service.The success of Veritaseum will lead to significant and heavily capitalized competitions among different institutions and business entities.
The Veritaseum token offering is available for sale now online. If you are interested in purchasing their tokens you will be redirected to a link that will give you a step by step guideline to purchasing the veritaseum token,on their website.You will be required to read through their rules and assent to them before being allowed to make a purchase.
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