Infinity Economics to Launch Escrow Service

The Escrow Service will be implemented approximately on April 28, 2018 as of block 685.560
02 April 2018   909

The Infinity Economics Platform states to be a community project since its inception, as the decision-making power rests with all community members. The platform uses Elliptic Curve Cryptography (ECC) and SHA256 hashing algorithms to provide a balance between security and performance.

At the end of March Infinity Economics has published core update with a roadmap, according to which the Escrow Service will be implemented approximately on April 28, 2018 so as of block 685.560. The Escrow Service enables secure payments by retaining the buyer’s coins until the terms of the sale are met and the buyer releases the payment to the seller. In most cases that should eliminate disputes, and no further measures by third parties would be required.

Infinity Economics roadmapInfinity Economics Roadmap

Moreover, Infinity Economics plans to launch Smart Contracs by May 5 respectively at the time of block 695.640 release. Smart contracts will automatically fulfil the conditions of a contract according to a predetermined procedure (if-then-else-logic), and they will be deployed on the Infinity Economics blockchain, having the potential to enable use of the Internet of things to the mass market.

At the moment of press, these are main market parameters of Infinity Economics:

Average price: $0,012691
24h volume: $164 046

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.