Is Veritaseum a scamcoin? Why is this blockchain technology worth 400 million dollars

Buy Bitcoin, Ethereum and Altcoins @ the best rates http://www.davidhay.org/bitcoin (Visa & Mastercard Accepted)

In this video we take a look at Veritaseum a new ethereum ICO that currently has a market cap of 400 million dollars.

It is very difficult to analysis this new cryptocurrency because there is no white paper and the details on what it does are sparse. It was started by Reggie Middleton who has been featured on news channels giving stock advice and there are 6 other employees in the company that are working towards developing what I think are layer 3 data transport applications.

It is my understanding from the documents I've seen that the initial ICO was done on ethereum and after this they would switch to their own blockchain. I was unable to find any technical details on how this would technology would be different from any other but in the presentations I found online they did mention it was possible to use this to leverage something upto 1000% and you would be able to loan money without the need of a bank.

Please comment below if anything in my video isn't correct.