The future of financial transactions on the web – An intro

As the web keeps covering more and more aspects of our daily life, it has become crucial for the open web initiatives to step up and be major players in forming this new scene. Many new web standards originate from community efforts and that’s what has been keeping the web growth healthy so far.

But, there are still things to be done. Financial transactions seems to be one of the few things open web initiatives has not touched yet. The situation in the web on that front is not good. Proprietary platforms and protocols are ruling the place and users have no authority to trust. Data handling is done in secrecy and centralized services are the rule of thumb. Several unsuccessful attempts have been made to counteract (Bitcoin, Ripple Project etc) but all of them do not take advantage of the open web technologies and are failing to address all points (Open Source, Open Web, Decentralized, Federated, Community cultivated).

Verese
Verese project is willing to built community around open web financial transactions. In order to do that we need a viable product. Verese.net is going to be deployed as a micro-payment micro-credit system and will be our primary focus. Standardization of financial transactions on the web will be the next step after verese. In parallel we are going to examine all possibilities for decentralized architectures.

Why micro-* ?
The vast majority of our day to day transactions are done on the micro level. You give small amounts of money here and there, within your trust circle. Addressing micro-* is the ideal test for verese, as it force us to be scalable, easily understood and personalized. Challenge accepted!

Next Steps
Verese is under active deployment. Join our mailing list and let’s start forming the future of financial transactions on the web!

More updates to come.. so stay tuned!

Giorgos & Pierros