Veritaseum
Crypto Overview
Background
Veritaseum (VERI) is a blockchain-based platform created by Reggie Middleton that aims to provide peer-to-peer capital markets without intermediaries. The platform was designed to enable the tokenization of assets and facilitate peer-to-peer financial transactions using smart contracts.
Intended Utility
The VERI token is intended to serve as an access token for the Veritaseum platform, enabling users to create and trade 'smart contracts' that represent various financial instruments and assets. The platform claims to offer software-driven consulting services and research products.
Actual Utility and Development
The project has faced significant regulatory challenges. In 2019, the SEC charged Veritaseum and its founder with conducting an illegal unregistered ICO and obtained an emergency asset freeze. The company settled with the SEC for $9.5 million. Current development activity appears minimal, with limited updates to their technology stack or platform features.
Token Distribution and Governance
The token distribution information is not readily available through public sources. The project's governance structure appears centralized, with significant control maintained by the founding team.
Technical Implementation
VERI is an ERC-20 token on the Ethereum blockchain. While the underlying technology does not involve interest-based mechanisms or explicitly prohibited activities, the actual implementation and usage of the platform's features remain limited.
Crypto Impact
To assign a comfort level investing in Veritaseum from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Veritaseum.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.