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 PRESS RELEASE: Wall Street Disintermediation Arrives as Hedge Fund Trades P2P Via Blockchain, Without a Bank or Broker

 US, May 10, 2016 at 14:13 BST


New York: Brooklyn-based technology outfit, Veritaseum, has enabled a hedge fund to be the first to trade actual traditional capital markets value peer-to-peer through the blockchain, completely circumventing Wall Street banks and brokers and the fees that they entail.

According to Veritaseum founder, Reggie Middleton, “We were the first to create a fully functional smart contract application for capital markets. We were the first to clear such a product through the blockchain, and we’re confident that we were the first to identify distinct intellectual property surrounding this space - over two years ago. We are now quite proud to be the first to announce actual trading of value using blockchain smart contracts by hedge funds, one of the most profitable clients of Wall Street banks, sans the Wall Street banks!”

Veritaseum’s public blockchain-based value trading platform intelligently replicates the functionality of legacy industry swaps on a fully autonomous basis with greater safety, flexibility and transparency - all at a dramatically lower cost to the fund. Veritaseum smart contracts are essentially without counterparty and credit risk. They clear within minutes, with privacy to the end user, and offer a tradeable universe of over 45,000 tickers in all asset classes across all major geographic bourses. This is done without the end user ever using or coming into contact with a bank or a broker. There is no conventional custodian of assets in a P2P system - including Veritaseum, itself. Veritaseum is building a consortium of fund clients for trading P2P through the blockchain, similar to how R3 is building a consortium for banks that serve these funds. Bank clients are trading real value through the blockchain, now. The consortium is just getting started, but management plans to onboard 50 funds over the next 90 days.

The Financial Nostradamus's patent pending Veritaseum involves "tagged Bitcoins" Everyone and their third cousin has a Bitcoin offering, sidechain, Altcoin, Dogecoin variation on the Bitcoin theme now. Only one involves "tagged Bitcoins" and is a patent application. Veritaseum's Ultracoin helps prepare Smart Contracts. The Heart Beacon Cycle provides a cyclic, iterative procedure that improves consistency and reliable of novel geo-spatial temporal metrics and meters among a systems of systems that the Ultracoin thick client draws state meta data displayed to chart views -- appliqué overlays in Heart Beacon Cycle speak. A smart contract may involve purchase of a widget from a retail store where the widget must be delivered to person or organization B on TIME X and in Y condition (state). The Heart Beacon Cycle involves monitoring and cyclic, iterative update of state among a systems of systems sending only the sync deltas or changes since last data snapshot to preserve bandwidth. The Heart Beacon Cycle involves OPTEMPO or operational tempo as part of a schedule where too slow updates may mean "stale" or not "fresh" data (Named Data Networking NDN concept).  Too fast or too frequent updates may be distracting and may involve saturating the supporting network or in Bitcoin's case, sending everything to everyone may impact the scalability of Bitcoin's blockchain -- see Project Lightning that involves the process of sending only the sync deltas like the HBC. Simple, universally understood memes for metrics and meters are essential to providing consistent Smart Contract Service Level Agreements among a diverse system of systems.