Digital currencies are here to stay, that’s for sure, even with bitcoin’s volatile history. The number of people with a desire to have more liberty, also in their finances, is growing, and that certainly underpins the digital currencies.
In our attempt to bring education to the growing community of liberty focused people, we believe there are some valuable highlights about digital currencies in this recent interview with Reggie Middleton on Digital Currency Executive Brief (dcebrief.com).
QUESTION: You talk to many mainstream bankers and economists about digital currencies and their potential. Are you starting to see trends and shifts in their thinking over the last couple of years? Are they more open, or educated, than they were in 2013?
There is definitely a shift in acceptance of this new technology, but there is not yet a shift in thinking that is significant enough to embrace what is to come. While most are aware of the tech, they are not looking at the fundamental, or macro-environmental shifting because of it.
Everybody is still thinking of centralized financial services and banks as the grand arbiter of monetary value, while I see banks as the heavily regulated pipes that guide fiat according to government mandates and at fixed fees (think electric and water utilities). The ability of banking customers to be able to deal with each other directly and even more safely will be a real wake-up call.
QUESTION: Heading into 2016, what changes or improvements would you like to see in the digital currency market as a whole?
I’d like to see more education and a deeper understanding as to what these new opportunities truly are and what they can bring to the table. Due to sloppy and sensationalist reporting in the media, the absolute paradigm-shifting potential of Bitcoin (and related tech) is being pushed to the wayside. A perfect example of this is the use of the term “Blockchain” by banks and bank services vendors. Yes, blockchain tech is going to be transformative for the banking industry, but unless they get a clue, it is not going to be transformative in the ways they desire.
What makes the bitcoin blockchain so desirable is its zero-trust attributes. These attributes are powered not only by the breakthrough in technology that created the bitcoin blockchain but by the very thing that made said breakthrough extraordinary in everyday practice, which is “The Network Effect.” Bitcoin’s blockchain is already 10,000x stronger than the strongest corporate network known (Google). Thus, if you were to convince 1,000 said networks to pool all of their network resources and cooperate fully (yep!), it would still pale (and fail) as compared to the Bitcoin blockchain.
Discussing blockchains without Bitcoin’s zero-trust attributes is like discussing which racing cars are the fastest without their engines installed.
QUESTION: What is Veritaseum and how does it meet the needs of the market at this time? What is its market niche? How do you measure its success in the market since inception?
Veritaseum is a fully autonomous, fully distributed bitcoin wallet that can write, read and maintain smart contracts between disparate parties using the bitcoin blockchain (and only the bitcoin blockchain). It was, and still is, the first of its kind.
Veritaseum meets several needs of the market, including being the only fully distributed, fully autonomous wallet that we know of that facilitates peer-to-peer financial transactions other than simple remittances. Veritaseum allows individuals to exchange the value of virtually anything that has an active ticker, ex. Stocks, bonds, commodities, forex, indices, precious metals, etc. No brokerage or bank account is required. You create your accounts in Veritaseum in a matter of seconds with no ID or verification needed, ever.
Veritaseum offers the benefits of a hosted, centralized wallet service, ex. Citibank, JP Morgan, Circle or Coinbase as well as offering the safety and control of a standalone wallet (ex, Bitcoin-QT, etc.). As a web-based wallet, it’s available anywhere you have a browser and an internet connection, so all platforms, all OSs, and all locales.
Our market niche is one of customized value transfer. Instead of sending 20 BTC to your friend, you can send 20 BTC of gold price exposure to you friend without buying gold, or having access to that market.
QUESTION: I understand you now have a new client format that could change things in the industry. How does that work and how does it help?
The initial Vertiaseum (previously UltraCoin) client was written in Java and was a proof-of-concept. The newest version of the product features a client that is HTML5. We decided to pour our resources into a single, well-written client that can be run anywhere. In addition to its ubiquity (it will run on all modern iOS and Android devices as well as any desktop device, whether PC or Mac, that runs Chrome, Safari, IE10 or Firefox browsers), allowing for complete autonomy. That means all your private keys (assets) are always in your possession and control.
Contrast this to the heteronomy of a bank or venture such as Coinbase. Despite the client’s full autonomy (we never have possession of your keys, even on an encrypted basis) you can log in and move from client-to-client as if the wallet was centrally hosted. For instance, you can start a trading or remittance at 8 am on your desktop before you go to work. You can add to the trade at 1 pm lunch from your cell phone, and you check trade results from any internet connection on the way home from work. This is done while maintaining full control over your assets in a fully encrypted manner.
In other words, if Veritaseum was somehow hacked, a government acts to confiscate servers, or your bank is attacked, your keys and funds are still yours! So with Veritaseum, there are no capital controls, border controls, account sign-ups or credit checks.