Attached is our in-depth research and valuation of the Ethereum token Veritaseum (VERI). We believe that although the token has a market price of $70 at the time of writing and a network valuation of over $140 million, its true value is close to $0.
Given the dearth of verified information regarding this altcoin, we believe your readers would find it informative to their potential cryptocurrency investment decisions. In the report, we substantiate the following claims:
❖ The incredibly concentrated ownership of the Veritas tokens (with approximately 98% held by Middleton) represents a single point of failure and is antithetical to a pivotal advantage of other crypto-assets, decentralization.
❖ Veritaseum and Middleton have a history of failing to deliver on promises made to potential investors. The product on which the Veritaseum platform is based was scrapped due to regulatory issues.
❖ Veritas tokens grant holders no legal rights or recourse. In effect, they are an unenforceable promise by Veritaseum to deliver nebulous consulting and software services at some point in the unspecified future. As such, they are a poor conduit of value.
❖ Middleton has no technical background in cryptocurrencies or technological development. Key team members have left the project or are not employees at all but 3rd party contractors.
❖ The company’s patent application has not been granted; instead, patent examiners have called into question whether its claims demonstrate novelty and inventive step.
A direct link to the report for sourcing:
http://lighthousecrypto.com/LightHouseCryptoVeritaseumReport.pdfOur website:
www.lighthousecrypto.comOur Twitter: @LightCrypto
Sincerely,
Lighthouse Crypto Team
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