For the first time ever in human history, we can create unforgeable documents. This is thanks to the Blockchain.
The Blockchain is a peer-to-peer ledger, owned by nobody, that creates and records all digital currency transactions using mathematics. The blockchain uses the computing power of the global public to solve these cryptographic problems that confirm transactions made using a digital currency such as bitcoin.
The blockchain also stores aspects of each transaction made using the currency; small transactions can be made in which any information is permanently stored; forever.
Promises can be made and enshrined on the blockchain. This new form of promise, however, is different than the often broken ones we as humans are accustomed to. They will never be deleted or altered.
Every business transaction is a series of promises: the promise to provide a product or service and the promise to pay for it.
Since promises are often broken, many measures are invariably taken in order to guarantee that people and business entities keep their promises. Some of these measures include “due diligence, research, lawyers, litigation, mediation, arbitrators, and escrow agents.” (Veritaseum Research Report, 2014). Unfortunately, these measures typically cost a significant amount of the value of a promise (or contract).
These measures ultimately exist to limit the trust necessary from both parties to make the transaction as smooth as possible.
Now, what if I told you that there was a group of individuals allowing for business transactions with no trust at all from both parties?
Veritaseum, a C corporation “formed to exploit modern cryptography in the field of finance, economics and value transfer transactions”, has developed UltraCoin, a patent pending application that utilizes recent discoveries in cryptography to allow businesses to save their “promises”, or obligations and contracts, directly on the blockchain of the currency used for the business transaction.
This transforms promises into “predictable, enforceable outcomes.”
The latest Veritaseum research paper reads
“When a promise or a contract is made using UltraCoin, it is no longer made with the desire, gamble and/or hope that it will be kept some time in the future. It is made as immutable fact that the transaction will be executed exactly as agreed.”
In case you didn’t know, UltraCoin was invented Veritaseum’s founder, globally renowned analyst and investor Reggie Middleton.
On the subject of his current focus, Reggie says “We feel Veritaseum is ripe for a strategic investor to approach us before the end of the calendar year, likely before we’re able to go for our Series B round. Strategic investors include payment processors, global banks, and innovative technology companies such as Google, Facebook, Microsoft or Apple.”
The UltraCoin motto is “Create loans without banks, trades without brokers and contracts without lawyers-all available through your own personal digital wallet.”
Veritaseum has just conducted a small soft launch of Ultracoin’s prototype. It was presented at the Chicago Bitcoin conference. The prototype that they’ve released currently trades well over 75,000 tickers. That exceeds the amount that Wall Street and London brokerages can offer retail clients and many institutions.
“After the beta is polished, Reggie concludes, UltraCoin will move on to peer to peer lending and letters of credit. While that is being done, we will focus on sales and marketing and fundraising.”
UltraCoin has poised itself to become a disintermediating threat to Finance as we know it today, as they will expand their operation from contracts to many other components of business transactions.
Bitcoin is providing a way to change to many parts of our lives that we view as unalterable, but it’s happening quick. We could miss it in a blink, I promise.
You can download the UltraCoin prototype Here.
I'm a curious renaissance man that loves to teach and learn. I write a lot and I'm intrigued by cryptocurrencies.