Please fee free to comment below. I will be making more videos reporting about the Caribbean with respect to cryptocurrencies.
Full Rough Transcript (Who Reads this Stuff?!)
Rough Transcript from video (who reads this?!)
Hi to fellow subscribers and new folks to my channel. Welcome to the Sobuka channel. Today the Caribbean island that I will be discussing is Jamaica.
This is a Part II video of Jamaica that I have made with respect to cryptocurrencies. You can view part I in my playlist section or alternatively wait till the end of this presentation to view clip attached to the end. This part II video will focus exclusively on Veritaseum. Here I will try to take a quick brief critical look on what is happening between Jamaica and Veritaseum.
Reggie Middleton is the founder and CEO of Veritaseum. Veritaseum is a technology and consulting company that focuses on financial markets.
One of the technology they offer is the Veritas tokens. These tokens are currently known on the crypto currency exchanges as VERI.
I want to make it clear that these tokens do not represent financial securities (i.e. shares, stocks, or bonds).
So let me put it this way by offering an example: When you are buying Microsoft Windows 10 operating system, you do not own any part of the Microsoft company.
With the Veritas tokens, you have the option of buying technology and consulting services from Veritaseum. So what can you do with this technology.
I belive how this work is...You can sell back Veritas to Reggie Middleton for financial analysis and consulting. The price of the financial analysis and consulting would obviously be based on the Veritas tokens. For example, let's say his technology or software offers financial charts.... It may cost you x amount of VERI tokens denominated in whole or fractional terms.
A hypothetical example is this... a tenth of a VERI token may give you access to a chart but 100 VERI tokens may get you a face to face meeting with Reggie himself in practically anywhere in the the world because for right now, 1 VERI token is currently worth $133.00. So simple math says 100 tokens is a lot of money for the average person living in America.
So What's the benefit behind these tokens? Each token of VERI represents a smart contract from a technology standpoint. But let's dumb this down even further... Think of this smart contract as a basket. You can add bananas, apples, oranges into this basket, and then sell it your next door neighbor for x amount of VERI. Your neighbors VERI may contain Kale, Brocili, and Spanish. Or alternatively it may be a bunch of empty baskets. Though each basket is empty remember it represents a piece of technology and therefore comes with its own value. Yes that basket is even worth something. And currently right now there is a capped supply of 100,000,000 baskets. These baskets can be redeemed by going back to Regi's company for technology or consulting services, or it can be sold to next door neighbor 2, 3, or 4 on an exchange.
Caution - Make sure the produce in the basket you are buying are not rotten, spoiled or smelly if you are expecting to receive something in return.
Veritaseum would not be liable for that. The liability and responsibility falls on the buyer to perform their own diligence with the seller.
So moral of this story is: If you aren't interested in buying or selling empty baskets and you expect to see something in it, just making sure what you are looking for is there. I will talk more about this info later...
As of July 3rd, VERI tokens can be bought on Etherdelta. What is all the big deal and hype with Vertissim lately? Veritaseum is in the process of working with the Jamaica stock exchange to build and/or incorporate a special exchange platform. What this platform or process will look like or entil, I have no clue. It may incorporate what I have already talked about. One thing is for sure is this... document you see here on section 1a of the document, Veritasium will sell, lease, rent, or lend its Veritas tokens to the Jamaica Stock Exchange for the purpose of consulting on, advising on and building an asset exchange for their venture with the Jamaica Stock Exchange. How that will look like and appear will be determined by their collaboration.
The document has been signed by the Chairman of the Jamaica Stock Exchange and the managing director. When this agreement moves forward as its suppose to, it would represent a huge step for both Veritaserum and the country of Jamaica as 1 of a few handful of blockchain pioneers dabbling into blockchain technology and the asset markets.
Security or not. I am actually going to dodge this question as securities involve stocks, bonds and whatever the legal financial industry plan to write into Law. So I do not have any commentary to say if you plan to transact stocks and bonds in particular with this smart contract as that is not my background. However I can see this technology being used peer to peer and peer to industry. So let's look at some use cases. You can have a scenario where a special report (i.e. Clif High Web bot) comes out each month. And you really need this report to know which ICOs to jump into. You might be incentive to get this report like right now because you don't know if the cost of the Veri tokens or baskets will rise or fall in price. Or the seller might might incentive you to lock a yearly subscription for this report. Another better use case would be comic books where you could have a really valuable comic book tied to a certain amount of Veri tokens. The comic book has its own set of value and the veri or basket as well. One or the other could rise up in price and the reverse is very true as well.
EtherDelta site is here: https://etherdelta.github.io/#PLU-ETH