Hello everyone! Thanks for taking the time to tune into this AMA!
And a big thank you to Satoshi Club for hosting this event.
PPavel P
Glad to see you here! We were preparing for a LIVE conversation but will switch to text mode with pleasure
PPavel P
So how is it going?
FFrank Thijssen
Thanks Pavel! Yes, I had done a voice AMA just a few days ago at a different platform (i'll share the link in a moment) , so we decided to switch up the format and do a text AMA as well. Thanks for accommodating us this way.
PPavel P
Should we expect someone else from Veritise to join us today?
FFrank Thijssen
It's going well, thanks for asking. Not enough time in the day sometimes, if you know what I mean, but we're excited to work daily to push towards our goals at Veritise.
PPavel P
Absolutely!
NNikita
Welcome guys, we are thrilled to have you here!
NNikita
Excited to hear more about your enterprise solutions, disrupting industries etc :D
FFrank Thijssen
Our CEO is currently traveling and may not be able to actively join, but perhaps he will be able to come into the chat a bit later today.
PPavel P
Got it! So, let's start with an introduction. Please tell us about your position in Veritise, your crypto experience and how did Veritise start.
FFrank Thijssen
We will have Ana Merighe, our CTO joining in when she can... she is in and out of client meetings at the moment
NNikita
Where are you from Frank?
AAna Merighe
Hello Everyone! It is a pleasure to be here today and have the opportunity do talk more about Veritise with the community!
FFrank Thijssen
Yes, so my name is Frank Thijssen. My position at Veritise is Chief Operations Officer. I was born and raised in the Netherlands, and I'm currently based in the United States.
PPavel P
Welcome Ana! Please join our conversation with Frank!
FFrank Thijssen
My experience in crypto started quite early, Bitcoin only existed for a year when I first got introduced to it by a friend at University.
AAna Merighe
Thanks, @Pavel_Jarosh ! It is a pleasure. As Frank mentioned, I'm in back to back meetings with our clients, but happy to be here!
FFrank Thijssen
My interest in crypto was immediately captured when I first learned about it, and one of the first things I did was build mining rigs.
PPavel P
So, what about you, Ana? How did you join Veritise?
NNikita
Until Ana comes back, please tell us how you went from building mining rigs to the entire VeriTise ecosystem - it must have been a journey
FFrank Thijssen
So the journey started when Cormac Lucking and I had a very specific vision for using blockchain technology We founded Veritise in France in 2020. Our headquarters are located in the center of Paris and we have a local office in Les Sables d’Olonne as well. We also have a base in the UK, in London to be precise.
FFrank Thijssen
So to answer this question in a more elaborate way by sharing some background information about the inception of Veritise: we started this company with a clear vision, to build a company that uses blockchain technology in such a way that it provides users with immediate real world value. The services we build with this blockchain need to be such that anyone can and will want to use it because it adds clear value to them.
FFrank Thijssen
You know, when people talk with me about Veritise I often ask them, how many apps do you have on your phone or any device right now that uses blockchain to provide you with a service that you really want or need on a daily basis and that is relevant in your life but that is not related to crypto trading or speculation or managing NFTs. And most people would say they don’t have any, because using blockchain in a way that makes sense in the real world is not something that is mainstream at all. So it’s one thing to have extremely advanced and fancy blockchain technology, and we see many of these types of projects out there, but it’s another thing all together to utilize this technology properly so that people and companies alike can and want to use it and gladly are willing to pay for access to these premium services.
PPavel P
So, here we approach the main introduction question - what is Veritise in a nutshell?
FFrank Thijssen
Yes, so in a nutshell you can say: Veritise is a powerful blockchain and identity verification platform for enterprises, institutions and individuals.
FFrank Thijssen
At Veritise we strive to build those types of services on our blockchain that are so good that they are a no-brainer for companies and individuals to use because they make sense in the real world because they affect the bottom line, they save cost, they enhance experiences, they provide them with useful metrics and customer data. And we strive to make these services mainstream, and that people need no understanding of blockchain or crypto at all in order to use them.
PPavel P
Sounds very attractive!
FFrank Thijssen
So now that I gave that background information, I want to be very specific in terms of what Veritise is about: As I mentiond before, Veritise is bringing back trust across individuals, enterprises, and institutions through blockchain identity verification. From a real person or company to virtually any form of digital asset, all entities can be registered, verified, authorized, validated, and tracked immutably in our blockchain. Products, CV’s, objects, documents, news, opinions, reviews, information, Intelectual property, NFTs, artworks and much more. Our slogan is “Bringing Back Trust”.
PPavel P
We'll talk about all these pieces more detailed in just few minutes
PPavel P
I do not see Ana online, so I think we can proceed to community questions. She can definitely join us anytime to continue.
PPavel P
Are you ready to proceed to Part 1 of our AMA?
FFrank Thijssen
Yes, she will be joining us when she can.
PPavel P
Q1 From Telegram User @icevermithraxx
Focusing on Transactions types on Veritise, I understand that The Veritise network supports two fundamental types of transactions: basic transactions and aggregate transactions. Can you explain on the two different transactions types available on Veritise? Can you elaborate more on aggregate transactions and how it works? What is the Minimum and maximum amount of Signatures that can be set by users for an aggregate transactions to be processed?
FFrank Thijssen
Sounds good Pavel
FFrank Thijssen
Excellent question. I am always pleased to encounter people who have taken the time to read through our technical whitepaper to understand the underlying technology of our blockchain.
FFrank Thijssen
And the person who asked this question has certainly done so. So let me start to answer this question:
FFrank Thijssen
The Veritise blockchain indeed has two fundamental types of transactions
FFrank Thijssen
The first one, the basic transaction is one that certainly all of us here are already familiar with.
FFrank Thijssen
This is the straight forward transaction to move VTS from account to account
FFrank Thijssen
The second type of transaction is much more advanced: the aggregate transaction.
AAna Merighe
Sorry! I'm back I joined Veritise a few months ago. I'm originally from Brazil where I had the opportunity to lead some of the most advanced projects in Biometrics and Payments/Banking system. Later on I had the chance to work with multiple Silicon Valley companies and in 2016 I started working on the intersection of Biometrics and Blockchain, IDaaS, etc. In 2018 I started this adventure in France to start another company, whose roadmap was directly affected by the pandemic. When I found out Veritise was working on a similar project and roadmap it was an instant match and I am very glad to be back on this life mission with Frank, Cormac and our whole team!
FFrank Thijssen
Aggregate transactions merge multiple transactions into one, allowing trustless swaps, and other advanced logic. The Veritise blockchain network does this by generating a one-time disposable smart contract.
Instead of signing each inner transaction individually, the aggregate transaction gathers all required signatures (called co-signatures). Only when all necessary signatures have been provided the aggregate transaction can be processed, and all inner transactions are executed simultaneously.
Veritise’s public network supports aggregate transaction containing up to 100 inner transactions involving up to 25 different cosignatories.
PPavel P
Sounds great, Ana. Please do not hesitate to join Frank as we proceeded to community questions
PPavel P
Thank you, Frank for detailed answer!
AAna Merighe
Thanks @Pavel and everybody else in our AMA!
FFrank Thijssen
You're welcome, there is a lot more to say about aggregate transactions, but that would be the answer in a nutshell. The possibilities this feature opens up for us is quite tremendous.
FFrank Thijssen
We have different types of aggregate transactions as well, but perhaps a too technical conversation to go into right now.
PPavel P
Oh, we can touch this point too. So, what does it provide to users in terms of timesaving, security and cost?
FFrank Thijssen
What aggregated transactions can offer to users (aside from the services that we build for companies to take full advantage of it) is that they can perform 'trustless swaps'. I think it's best to illustrate this with an example.
FFrank Thijssen
It means that you can put two opposing transactions into one. For example: I can sign a transaction that I am transferring VTS tokens to you Pavel and another unsigned transaction that you are sending tokens X to me. The transaction will be held on the Veritise blockchain unexecuted till Pavel signs the transaction. When Pavel signs then both opposing transactions are executed at once.
FFrank Thijssen
The security element this offers is that none of the two parties involved have to send their tokens first... and then run the risk the other party won't send their tokens once they receive the tokens from the other party.
FFrank Thijssen
The trustless swap feature takes care of this risk by simultaneously executing the two transactions once the signatures are in.
PPavel P
That indeed keeps users protected
PPavel P
Great advantage I should say. And thank you for providing an example - it is always easier to understand it
PPavel P
Ready to jump to the second question now?
FFrank Thijssen
Absolutely.
PPavel P
Q2 From Telegram User @ghostofcharmeleon
One of the latest developments in your roadmap is the integration of the biometric method of identity verification. This is a fairly popular security system at the moment. However, together with a sufficiently reliable security system that this method provides, it carries huge risks. In this case, it is extremely necessary to ensure the confidentiality of the collected user database. Tell us what methods you will use to protect this data? What guarantees can there be against not using this huge database for other purposes?
AAna Merighe
I think this one is for me Pavel
FFrank Thijssen
Another excellent question. I'm impressed. Ana, that one is perfect for you.
AAna Merighe
Indeed, Frank, it's an excellent question!
AAna Merighe
And extremely important those days where data breaches and identity theft are at the core of some of our biggest problems.
AAna Merighe
After leading and advising several extensive and successful projects at scale in Biometrics for years, we know by experience that a purely traditional use of biometrics would only make the problem of data breaches bigger.
AAna Merighe
Afterall, nobody can change it like a password!
AAna Merighe
Of course the first step is to guarantee the highest grades of infrastructure and development security, but it is just part of it.
AAna Merighe
A key aspect is giving customers the full control of their PII. You are always in charge of your personal identifiable information and the only one in charge to decide what and to whom to disclose.
AAna Merighe
Our score system is designed to increase security and authentication levels adding multiple layers of identification while, as I said, leaving the control of the data and PII in the hands of our users. Encrypted stored sensitive information are kept at the minimum and not accessible or validated at acceptable levels without a proper liveness combined.
AAna Merighe
Which is another key point of the solution we are working on!
PPavel P
Does this biometric data collection fall under the governments legislation depending on the country Veritise operates?
PPavel P
As this should also work as an additional protection method...
AAna Merighe
It might happen in certain countries, but as we keep it as most as possible stored in the customer side, it shall not be a big concern from a legal and security point of view.
AAna Merighe
It is all about addtional protection methods!
AAna Merighe
And that's why we are working on buildin a score-based solution.
AAna Merighe
It is fascinating how many levels of security and the kind of validations you can combine.
AAna Merighe
A long roadmap ahead
PPavel P
I see. What factors (like timing for ex.) impact scoring and how long does it take to build a great score?
AAna Merighe
Good question, Pavel, and with so much to discuss
AAna Merighe
One key aspect in our solution is Liveness. This is by far the key point to any succesful biometrics implementation and security.
AAna Merighe
I use to say that biometrics without a liveness can only make everything worse.
AAna Merighe
If we can reach a level of perfect score with liveness, we can even dream of making data breaches involving PII void at high adoption.
AAna Merighe
And for example, for human identification, just for biometrics, the more biometrics types you add (ideally as many as possible with liveness), the higher and higher the likelihood of that identification.
AAna Merighe
But there are many other even more simple online markers to add to that equation.
AAna Merighe
For companies, for example, we have a combination of KYB and KYC, but we are never satisfied and we are enhancing and adding more layers of security in this verification as well.
AAna Merighe
And these will have immediate impact on the product verification and CV verification and are just a little hint of what is about to come down the line in our future roadmap.
PPavel P
Thank you, guys! I see how passionate you are while talking about Veritise features!
PPavel P
Let's proceed to the next one now!
FFrank Thijssen
And for those not familiar with the term "liveness":
FFrank Thijssen
Liveness detection in biometrics is the ability of a system to detect if a fingerprint or face (or other biometrics) is real (from a live person present at the point of capture) or fake (from a spoof artifact or lifeless body part).
It comprises a set of technical features to counter biometric spoofing attacks where a replica imitating a person’s unique biometrics (like a fingerprint mold or 3D mask made of silicone) is presented to the biometric scanner to deceive or bypass the identification and authentication steps given by the system.
AAna Merighe
Thanks for adding that, Frank!
PPavel P
Thanks, Franck!
PPavel P
Dropping the next one!
PPavel P
Q3 From Telegram User @MendietaCrypto
Veritise advantages are built on three main principles – Low cost, Green and Fast. Please reveal each of them to our community. What makes it green and ecofriendly versus other blockchains and why do you think it is important? Please provide some examples regarding the low fees and the speed versus your opponents. Have you already noticed any interest to Veritise blockchain from anyone who would to build on it? Thanks!
FFrank Thijssen
Thanks Pavel, ok so for the next question. Let's tackle the low cost part first.
FFrank Thijssen
When we say low cost where it pertains to the Veritise blockchain itself we refer to its transaction fees.
FFrank Thijssen
In the past we've seen challenges faced by other blockchains when their token value went up so high that the transaction fees expressed in fiat skyrocketed
FFrank Thijssen
A clear example was the v1 chain of Ethereum for instance.
FFrank Thijssen
They saw transaction fees soar to heights that made the chain no longer suitable to micro transactions.
FFrank Thijssen
In order for our business model to work, clients and users alike need to be assured that transaction fees incurred in order to use Veritise services would remain predictable and consistent.
FFrank Thijssen
Regardless of the value of the VTS token.
FFrank Thijssen
For example, let's say a clothing manufacturer wants to add our brand protection and product authentication solution to their garments. They will need to be able to count on the cost for this to be the same month over month. If the VTS price spikes on the market, the manufacturer shouldn't be suddenly faced with a doubling in costs to have the product authentication (anti-counterfeit) operational.
FFrank Thijssen
So as a result one of the technical requirements we had before implementing our blockchain was to have a way to dynamically control the fees, to keep them under 0.01 EUR at all times.
FFrank Thijssen
The Veritise blockchain has a built-in dynamic fee mechanism that enables this requirement.
FFrank Thijssen
Shall I move on to the next principle that deals with our 'green' solution, Pavel?
PPavel P
What I see, is that Veritise usercases is extremely large!
PPavel P
Sure!
FFrank Thijssen
Ok, so the green factor of our technology has to do with the fact that we wanted a blockchain network that would not consume a lot of electricity in order to run.
FFrank Thijssen
I think most of us here are very aware that Proof of Work consensus mechanisms are no longer a popular choice for new blockchain protocols, because of the obvious waste of energy they produce as part of validating blocks on the chain and minting new coins.
PPavel P
Right!
FFrank Thijssen
At Veritise we opted for a unique variety of the Proof of Stake consensus mechanism. Proof of Stake has been around for a long time, but what makes our mechanism unique is the fact we added elements of Proof of Importance to the mix.
FFrank Thijssen
Proof of Importance is a score consisting of a mix of partial scores, namely Stake Score, Transaction Score, Node Score and Activity Score.
NNikita
Have you heard of Proof of Humanity?
FFrank Thijssen
In fact I have.
FFrank Thijssen
it is useful in order to be AI-resistant so to speak.
NNikita
We had a guest on recently that do it, I can see a few similarities
NNikita
[In reply to Frank Thijssen]
I see
PPavel P
Ok, so everything is connected here, scoring system and the Proof of Importance
PPavel P
Thank you, Frank!
PPavel P
For your detailed answers so far
FFrank Thijssen
yes, so what makes it green is that only the most efficient nodes get the most network participation based on this PoI score.
PPavel P
Ready to proceed to the next question?
FFrank Thijssen
And the reason we think it's important is because there's already enough waste of energy, and especially in today's world with ever increasing energy prices I think it is very relevant to have this focus.
PPavel P
Agree with you!
FFrank Thijssen
I would like to further answer his question, there is another part I haven't addressed yet.
PPavel P
Oh, sure! Go on!
FFrank Thijssen
He asked if we have already noticed any interest to Veritise blockchain from anyone who would to build on it.
FFrank Thijssen
So the short answer is yes.
FFrank Thijssen
Not only have we been approached by companies interested in having us build Veritise blockchain-based solutions for them, we are already building for certain companies. There are NDA limitations but what I can share is that we are currently working with a company to provide them with a supply-chain and traceability solution. We are also in the finishing stages of delivering a system to a company in the automotive field.
PPavel P
Is this info public and accessible? Including the upcoming partnerships?
FFrank Thijssen
Yes, where we are allowed to share information we have. I encourage people who are interested to learn more, to check out our Industries section on the Veritise website where we reveal more about the type of companies we are currently working with to provide them with our blockchain-based solutions and services.
FFrank Thijssen
We work with companies in the area of aviation, human resources, RFID, tax & legal, logistics and more
FFrank Thijssen
https://veritise.com/projects/
PPavel P
Wow! This is one more indicator of credibility!
PPavel P
Satoshiclubbers, do not hesitate to check Veritise partnerships and upcoming projects
PPavel P
Appreciate your answers so far! Let's proceed to the next question
PPavel P
Q4 From Telegram User @silaswills
So, you’ve come a long way already, what are the evidence you can show to us that can build our trust on your platform regarding good security? A good project that aims to gain trust should have a reputable partnership. Can you tell us who are your partners on your project? What significant contribution have they played to ensure the sustainability of your project? For your project to be trustworthy, you must guarantee the safety of assets of your users on your platform. What steps have you taken to ensure the safety of the assets of users? Can you share evidential proofs with us? Do you have any reserve funds for unforeseen circumstances? Can you share more details about that with us?
FFrank Thijssen
Thanks to @silaswills for this question, or 7 questions in one I should say. Questions about security and sustainability are always very relevant and important, so I'll make an effort to start answering these questions.
FFrank Thijssen
So the best piece of evidence I can present in terms of proving that our platform is secure enough that trust can be built on it, is that the core-code foundation that the Veritise blockchain is based upon from an architecture and security perspective is virtually the same as the one that was used by the Bank of Lithuania for their digital coins. It was also battle tested in a private chain form for financial and regulated services as well as gold coin reserve financial services, in addition it was deployed in IoT device authentication and security. The scrutiny the technology undergoes in these environments are as you can imagine very extreme.
JJonah 🏅🎹 | Satoshi Club
Btw do you have audits for your smart contracts or is this something in the works?
FFrank Thijssen
In regards to partners, we are very proud and honored to have very strong industry leaders as our key investors and partners. For a list of them we fully disclosed them on our website. The role they played and are playing to ensure the sustainability of our company is the invaluable decades worth of combined knowledge, wisdom and advice they gave us access to that extends into the way Veritise is able to grow and maintain itself.
JJonah 🏅🎹 | Satoshi Club
Checked out the list of partners myself, I'm sure this list will continue to grow
JJonah 🏅🎹 | Satoshi Club
@VeritiseAdmin I will be taking on the conversation from here , are you ready to proceed to the next question?
FFrank Thijssen
The core-code that is essential part of the Veritise blockchain today has been third-party audited and passed. As part of our development process we plan to have our additional software layers on top of the blockchain audited as well, as this is a must and pretty much industry standard.
FFrank Thijssen
Ok @Jonahapagu Nice to meet you. And many thanks to Pavel for hosting the first part of this AMA so far.
PPavel P
Q5 From Telegram User @Danylko_ua
Looking at your tokenomics, you mentioned that Veritise blockchain has a built-in dynamic fee mechanism, ensuring that transactions will always remain less than $0.01, regardless the value of the VTS token. Can you give more details on the “dynamic fee mechanism”? How does it work? How does the mechanism ensure that $VTS transactions never exceeds 0.01$ at any point in the future? Does this mean that transaction remains at 0.01$ even if the price of $VTS skyrockets to like 5000$ in future? In addition to these, what mechanisms are you employing to protect the price value of $VTS in long term?
PPavel P
I'm still here, Frank! Johan will assist me with it
JJonah 🏅🎹 | Satoshi Club
Nice to meet you Frank, it's been an Amazing AMA so far
FFrank Thijssen
Ah ok Pavel.
FFrank Thijssen
Thanks Jonah, the questions from the community have been fantastic so far.
FFrank Thijssen
Ok, so I'll start moving to question 5 about the built-in dynamic fee mechanism.
FFrank Thijssen
The best way to describe how this mechanism works is that every node that supports and participates in the Veritise blockchain network has a configuration file that the node operator can edit. One of the parameters is the fee multiplier. In other words, the node operator can set the amount of transaction fee he is willing to accept in order for his node to process transactions and validate blocks.
FFrank Thijssen
When we develop a solution for a company, we can opt to have the software select only those nodes that are in line with the maximum fee the company is willing to accept.
JJonah 🏅🎹 | Satoshi Club
With regards to the amount they can set are there any limits?
FFrank Thijssen
Also, the network regulates itself autonomically by favoring nodes with a lower fee multiplier.
FFrank Thijssen
There aren't any limits as to what the node operator can require as a fee, but obviously if the fees are outrageous the network will never select their node.
JJonah 🏅🎹 | Satoshi Club
Yes, that's true and it's a great way to ensure the fee prices remain as low as it can be
FFrank Thijssen
So it automatically weeds out these nodes... and the node operator would not receive any rewards for running the node, so that wouldn't be wise to do.
FFrank Thijssen
Indeed. It keeps the fees in check because of the competition between the nodes.
JJonah 🏅🎹 | Satoshi Club
Thank you Frank for your detailed answers
JJonah 🏅🎹 | Satoshi Club
Ready for the Last question for this part?
FFrank Thijssen
You're welcome, I think there were more aspects to that question, but for the sake of time we'll need to move on to the next question.
JJonah 🏅🎹 | Satoshi Club
Q6 From Telegram User @cryptomalin33a
Greetings Veritise team , can you explain to us your 1-3 killer features that have given Veritise a firm stand in the crypto space? How does these features enable Veritise blockchain to compete favourably with other blockchain? Due to the frequent blockchain hacks ,what extra measure have you taken to fortify Veritise blockchain? What kind of projects can be launced on Veritise blockchain? Do you currently have any project you’re working on ?
JJonah 🏅🎹 | Satoshi Club
[In reply to Frank Thijssen]
There will be loads and loads of questions coming in soon
FFrank Thijssen
Ok so for question 6 I see that some parts of it I have already answered or touched on, so I'll just answer what's left.
FFrank Thijssen
So we'll talk about the 'killer' features.
FFrank Thijssen
At Veritise we did not set out to be the most advanced or the fastest or the most feature rich blockchain out there. There are so many amazing blockchain projects that are a technical marvel. What Veritise set out to do is build a blockchain that checks all the boxes for the requirements we have in order to effectively offer the services to our clients, our users, whether they are small businesses, mid-size, big corp or individuals. And these services should add real value on a day to day basis.
FFrank Thijssen
The killer feature that Veritise is building is to present Blockchain as a Service.
JJonah 🏅🎹 | Satoshi Club
This should be the core aim of every viable project
FFrank Thijssen
Instead of companies having to have an IT team of their own or shell out tens of thousands of Euros to have a blockchain solution implemented, they can instead sign up for an account with Veritise and then choose a subscription that only requires a month to month fee to use.
JJonah 🏅🎹 | Satoshi Club
[In reply to Jonah 🏅🎹 | Satoshi Club]
BaaS
FFrank Thijssen
Veritise focuses on turn-key solutions that can be accessed immediately after signing up for a subscription.
FFrank Thijssen
These turn-key solutions are validated in the field. We first implement them as bespoke projects for clients, and after that they will trickle down into the subscription based model.
JJonah 🏅🎹 | Satoshi Club
How many possible subscription plans do you have?
FFrank Thijssen
When we launch the subscription plans globally for anyone to access, it will have several tiers to choose from to facilitate the different needs a company or individual may have. The plans will support heavy users that receive a discount on big volume, and also affordable plans for individuals who just want to use our CV verification system. Likewise for the small businesses out there we'll have a plan suited for them as well.
FFrank Thijssen
In other words, the plans we make available will cater to different segments of the market according to their needs.
JJonah 🏅🎹 | Satoshi Club
Awesome
JJonah 🏅🎹 | Satoshi Club
Thank you for your Answers
JJonah 🏅🎹 | Satoshi Club
This brings us to the end of the first part of the AMA
JJonah 🏅🎹 | Satoshi Club
We will now like to proceed to the second part, I'm sure you are going to like this one
FFrank Thijssen
Sounds good Jonah!
JJonah 🏅🎹 | Satoshi Club
Our community members are fully ready with their keypads to unleash a heavy storm on our group right now
JJonah 🏅🎹 | Satoshi Club
The chat will be opened for 120 seconds after which you will select 10 questions of your choice
JJonah 🏅🎹 | Satoshi Club
We will like you to wait until the group is closed before selecting
JJonah 🏅🎹 | Satoshi Club
Opening chat now
Show more
Part 2 — Live questions from the Telegram community
K@Kelvins321
I Got the News that VERTISE has Joined the FFPB
Is this News Is True , If Yes Please Tell us MORE about it and What Benefits You Will get After Joining the FFPB (French Federation of Blockchains Professionals ) ?
FFrank Thijssen
Yes, it is indeed true that Veritise is a proud member of the FFPB, which stands for the French Federation of Blockchain Professionals.The advantage of being an active part of this prestigious club is that is brings together all the important players in the French blockchain ecosystem and promotes collaboration.The FFPB has direct communication lines with government and European authorities and institutions and will give Veritise a strategic advantage compared to other blockchains outside of the FFPB. The FFPB contributes significantly to the adoption of blockchain technology by businesses and public administrators. There's a lot more to say about the benefits from being an exclusive member of the FFPB, and for those wanting to learn more I recommend they check out their website at: https://www.federation-blockchain.fr/
M@Ms_Ross_saini
WHEN THE CAR CONFIGURATION APP WILL BE GOING TO LAUNCH AND WHAT ARE THE FEATURES OF THIS APP ? IS THE CAR USERS CAN USE THIS APP ?
FFrank Thijssen
You're correct that Veritise has been building a car configuration app, or better described as an ingenious tool for race car engineers to track the maintenance status of their fleet of race cars, being able to see exactly what mechanic worked on what part of the car, what parts of the car was replaced, being able to track the timing between maintenance events and upcoming races and more.
The blockchain element in this application ensures there's immutable proof of maintenance events and its specific data for each car and each mechanic involved in the team.
This software was developed especially for CLRT and their specific needs, and will only be accessible by them. It won't be released to the public in its current form. However, as I mentioned before, when we develop bespoke solutions for clients, some of those core features will eventually trickle down into the subscription based model and be available as a turn-key solution for other companies.
G@Gu_mur1
Is Your Target Is Only ENGLISH SPEAKING AUDIENCE or You Have Made Other Local Community also like FRENCH also
Because Yours Platform is Really Great and People from all over tbe World would love to join you ?
FFrank Thijssen
Our target audience is a worldwide community. The reason for this is that almost anyone will be able to use our features and gain some kind of added value from it. So we're not limited to only English or French. For instance our website already supports 10 languages and we may expand this in the future.As for building region and language specific communities, we are actively building these and adding new ones almost every week. Currently we have groups for Spanish, Dutch, Chinese, Indian & Bangladesh, Japanese, French. So we encourage people from all over the world to come and get involved with Veritise.
f@famouscryptoo
Is VERITISE also Provide Ways to Earn Passive Income to the Users , If Yes PLEASE tell me ?And Is Non-technical Users Who are New In this Blockchains Space Can also Be part of your Platform or Only Experienced are allowed to ENTER ?
FFrank Thijssen
There are ways to earn VTS passively. This can be done in two ways. One is a non-technical way, and extremely easy to do. The second one requires technical expertise. I'll start with explaining the easy way.For the easy way you'll need to download one of our desktop wallets, we have wallets that are great for Windows, Mac and even Linux. To get the wallet for your OS of choice, just go to the wallet page on our website: https://veritise.com/wallets-2/.Once you got your wallet installed, you'll need some VTS in your wallet. Currently VTS can be purchased on Bitmart Exchange. Later this month VTS will trade on another new exchange. We have two other exchanges confirmed as well and details for the listing launch of those will be released soon. Frank Thijssen, [06.10.2022 21:14]
Once you filled your wallet with VTS you can earn rewards through our Proof of Stake (with Proof of Importance) mechanism that is built into our chain.
This is done by simply 'voting' for a node on the network, using your wallet.Details about this can be found on our website.The more technical way to earn VTS is by becoming a Veritise node operator. Anyone can become one and it's free.Our website contains all the details needed to set up and run a node and become an active participant in our blockchain network.
There's a 1% inflation rate per year, and the coins generated through this inflation is distributed proportionally to node operators and those voting for them as rewards.Not only that, but also transaction fees are shared among them as well.So it's a great way to create some passive income.
t@tatarrama
About 70% of the world's population resides in East Asia. Taking this into account; Could you tell us about your primary target market? Will you expand in Europe, America and Asia at the same time, or is there a region that is your priority?
FFrank Thijssen
The region that has had our priority in the beginning and still has, is Europe. This is simply because of the fact that our company is incorporated in France so we're in the heart of this region. The priority is especially as we build bespoke projects for companies, a lot of them have their base in France or closeby.
However, our subscription based turn-key solutions will be suitable for any region, so we don't want to limit ourselves to just Europe.
Europe is our starting point and we want to grow strong and increase our influence and brand awareness there first. America and Asia are definitely the next targets.
We do not limit ourselves though. If an Asian company knocks on our door and they need one of our core features implemented in their current processes, we will ofcourse collaborate.
We already are seeing an Asian community building, as mentioned we have an Indian, Japanese and Chinese community, and I'm sure more will be added soon over the coming weeks.
R@Rinhere
You are offering So many Services that are useful in Daily Life of Regular Users,
Will You make it affordable so that maximum adoption can be seen?
FFrank Thijssen
Yes, it will be key that certain Veritise services will be affordable enough that even the casual user won't be hindered from taking advantage of the added value they provide.
Therefore there will be subscription plans with different pricing, and some features may very well be freemium.
The freemium features will be free for their basic functions, with an option to upgrade to more advanced features for a fee.Affordable solutions are an absolute must in order not to hinder adoption.And this is pertaining to individual use.
K@Kushal85127939
Product authentication is one of services of Veritise in which companies have to first register themselves on Veritise platform. Can you please elaborate more on this service?
FFrank Thijssen
I like this question because it gives me the opportunity to describe in details how our product authentication solution works and how companies can start using it.
Product authentication for the sake of anti-counterfeit protection and traceability is one of the first services we're going to deploy.
At heart of Veritise are services to protect and authenticate products, human identities and virtually every kind of digital information. For example: a brand-owner who sells products and who wants to protect their products from counterfeits can use our service to quickly and affordably add protection to each product.
This works as follows, Veritise back-end system generates a unique QR code for each product which the brand-owner can print on their products and we use a unique patent-protected method of connecting this code with the blockchain which makes it not profitable for counterfeiters to simply copying the code and it allows customers to scan the product in the store before purchase with their mobile phone, and immediately see whether the product is genuine or fake.
Then when the customer purchases the product, at home they can then scan a second QR code inside the box or behind a tamperproof label that will enable them to register ownership of the product by using the free Veritise mobile app. And this opens up even more features because now the customer has proof of ownership recorded on the blockchain.
Let’s say they want to sell an item, they can provide the buyer with proof of ownership, so the buyer is assured that the item was not stolen. Then when the sale takes place, the owner can now transfer ownership to the buyer. All this by using the mobile app that is user friendly and above all, users of our app do not need to understand anything about blockchain to use it, all of the blockchain interactions are handled by the app and take place automatically. Also think about instant warranty registration by customers with one press of a button. Brand-owners being able to offer discounts to their verified customers via our mobile or collect data about their customers that customers have the option to provide, which leads to all kinds of valuable marketing information.
Once we roll out the Blockchain as a Service for the product authentication, companies can nearly instantly start adding this to their products and protect their brand as well as their customers.
Z@Zaizan09
What are your dreams for the project's future and the process you'll work to protect its economic viability?
FFrank Thijssen
Our dream for Veritise is that the brand awareness of our company will grow to such an extend that people are comfortable using our company name as a verb and that the adoption rate will grow strong. This is a tall order ofcourse and we realize this. Therefore we take it step by step by focusing on the most important core features that are validated in the market verticals we pursue and expand from there.
To protect the economic viability we use two business models.
The traditional business model, that of a business operation that generates revenue by developing bespoke solutions for companies.
And the crypto business model, where we intend to build value for the VTS token, which is in fact a utility token. What most people are not yet fully aware of is that VTS is not just a speculative coin that can be bought and sold on the market. VTS is a utility token that is the fuel on which our services operate, it's essential.As more companies and individuals start using Veritise services, more VTS is locked into their accounts and it creates an increased demand for VTS. As a result that creates buy pressure on the market.Also, because our inflation rate is kept very low, just 1% a year, it ensures that VTS is not devalued over time from excessive supply.
C@Cindy0666
What is the max supply of VTS? Any plan for token burning? And what is the circulation supply at this time?
FFrank Thijssen
When the Veritise blockchain network went online it started out with a supply of 300 million VTS
As I pointed out earlier, the network appropriates an inflation rate of 1% a year. Our blockchain mainnet launched about a year ago, so the inflation has added 3 million VTS to the supply so far. In other words, currently there are 303 million VTS in existence.
The coins created by the inflation are there to reward VTS owners and Veritise node operators.
There is no maximum cap, so 10 years from now there will be about 330 Million VTS in existence.
Which in our opinion is a very reasonable amount. We're not planning to burn any of the coins, because the inflation is already very low.
There are no coins locked into any smart contracts right now, so you could consider the total supply to be similar to the circulating supply. However, there are ofcourse certain amounts of VTS earmarked for different purposes which keeps them out of the market, such as team funds, private sales, bounty rewards etc.
Show more
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent
into the chat.
For more information and future AMAs, join our Social Media channels:
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