Blockchain technology is opening up new use cases all around the world and many decentralized projects have been created in the last few years.
The Virie Project is one of them, and has created the first ever free market in its purest form.
The Virie Market
The main goal of the Market is to allow users to exchange anything for everything without expensive fees, delays, or being forced to use crypto exchanges to perform blockchain transactions. Fiat currencies or even goods and services can be used as payment on The Virie Market interface.
Virie allows users to buy and sell using a secure payment system that allows for total anonymity as users do not have to provide their private information to participate in a deal.
The built-in Escrow System on the Virie Market is designed so that dishonest users would actually lose money if scams are attempted. Each party has to deposit a pledge, and only gets it back once the transaction has been successfully completed.
In simplest terms, the point of this platform is to finally provide the first decentralized free market of its kind which is truly peer-to-peer and immune to hacking or scams.
It is worth mentioning that Virie is not a payment system with a Market. It’s a market (Distributed Exchange Network) with a very user-friendly payment system. Virie’s uniqueness here is that it’s an instrument to use the Market, not vice versa.
Privacy is a very important topic in the cryptocurrency market nowadays. Not only crypto enthusiasts care about their privacy but also traditional internet users are worried about how their data is being handled.
Virie is using cryptography in order to provide untraceable transactions. Through this method, it is virtually impossible to prove that a transaction was sent by a specific address.
At the same time, transactions cannot be linked to a specific user as many companies can now do with public blockchains such as Bitcoin (BTC) or Ethereum (ETH).
Thus, Virie provides real privacy to users that want to trade in a secure and decentralized market in which freedom, decentralization and privacy are the main attributes.
Transactions on the Virie Market do not require an ID or other private information. Users can simply download and install the application and begin buying or selling. An unlimited number of accounts can be created.
How is Virie Powered?
Virie uses their own implementation of Proof-of-Stake that enables users to mine using their coins. PoS is one of the most popular consensus algorithms on the market and it is currently powering different blockchain networks including Binance Coin (BNB), Stellar (XLM), Cosmos (ATOM) and NEO, among others.
By using PoS, Virie can compete with banks and other financial institutions. Moreover, PoS is an energy-efficient consensus algorithm compared to Proof-of-Work (PoW) that powers cryptocurrencies such as Bitcoin or Litecoin (LTC) which require large amounts of energy to operate.
In order to provide an efficient and revolutionary blockchain solution, Virie uses both PoS and PoW protocols. This hybrid protocol secures the network from hackers and malicious entities and also makes it very fast and user-friendly to attract a larger number of users.
What can Virie be Used For?
Virie can be used to buy and sell anything of value while using virtually anything of value as payment (fiat, crypto currencies or goods and services). For example, a freelancer located in country A can easily receive his preferred currency from his employer located in country B.
At the same time, it is possible for individuals to purchase a home in a specific jurisdiction and receive the payment within 10-20 minutes.
Users that do not want to use traditional payment systems such as PayPal or bank transfers can easily start using Virie without the expensive fees, restrictions, or long delays.
Regarding the motivations behind the Project, the official Virie site explains:
“We aspire to everything new and advanced, but most of all we value freedom. Because of this, we are experimenting with the synthesis of technologies, and prefer to seek out and work on the cutting edge, to find the most successful combinations and applications, which we plan to do in the future.”
Advantages Over Other Systems
Virie is truly decentralized. At the moment, cryptocurrency exchanges offer crypto solutions to users, but they do not provide users with their private keys. Ultimately, the funds are handled by the exchange and they can freeze them if they decide to do so.
Decentralization is not a strong point for fast cryptocurrency networks. The networks that are fast and offer low fees tend to be highly centralized, which is one of the main differences with Virie.
Decentralization is one of the main features of this blockchain network. It gives users the possibility to easily trade on a free and competitive market.
Virie has an open source web tool that allows users to view information about the market entities operating in the space. At the same time, it is possible to follow blocks and transactions on the whole Virie blockchain.
Transactions take between 10 and 20 minutes to be processed as the network uses a hybrid solution that combines both PoS and PoW systems.
Users can download the Virie Client Software that is currently in a testing network on Windows, Mac and Linux.
As mentioned before, Virie offers privacy that protects users from dictatorial governments and other regulatory agencies that want to gather information from users.
Furthermore, users can transact at any time regardless of working hours or holidays.
Users will be able to handle their wallets and addresses with a specific password. Accounts can also be backed up.
Virie is a blockchain network that is fully decentralized and aims to provide users with a truly free market in order to exchange goods and services.
The network is also offering privacy features for users in order for blockchain analysis tools to not be able to trace their transactions or link their wallet, addresses or transactions to a specific user.
Moreover, Virie allows for fast and cheap transactions in a decentralized manner using a hybrid system that combines both Proof-of-Work and Proof-of-Stake solutions.
You can download the Virie Client Software and learn more about The Virie Project by visiting their official site.