Virie Market offers the ultimate security
Millions and millions have already been lost over hacks from centralized exchanges, yet traders continue to hold large sums of capital on these platforms. In 2019 alone, they have lost almost $300 million worth of hacks. Going a bit further back, 2018 was even worse as over $1 billion worth of crypto assets were either hacked or stolen from these crypto exchanges. Sadly, some of those were high-profile incidents, such as:
· Coinrail of South Korea had $40 million worth of stolen crypto assets
· Binance, one of the world’s largest exchanges had $45 million worth of hacked crypto assets
· Zaif of Japan had $60 million worth of hacked crypto assets
· Bitgrail of Italy had $195 million worth of hacked crypto assets
· NEM of Japan had $500 million worth of stolen crypto assets
These incidents happen due to the centralized exchanges’ nature that dictates that some trusted third-party is the one that stores the crypto assets to create a pool of liquidity. In other words, making money out of money, which makes these platforms manipulative, controlling, and highly vulnerable to security risks. Now, ask yourself, how secure is the exchange platform you’re using?
The answer is no, given that you’re using a centralized exchange platform. To overcome these security risks, the answer is decentralization. Virie Market offers the ultimate security. It’s a decentralized/distributed exchange network (DEN), where you can trade not only cryptocurrency, but also goods, services, and even fiat currencies. In fact, you can exchange everything for anything. So, how does it offer ultimate security?
By using modern cryptography, all transactions within the Virie Market are untraceable and unlinkable. Untraceable means that nobody can prove that a transaction was sent by any given user. Unlinkable means that nobody can prove that a transaction was sent to any given user. Using one-time stealth addresses guarantees that the transactions are unlinkable.
Hybrid protocol (PoW and PoS)
Unlike other exchanges that only use Proof of Work (PoW), Virie Market has added its own implementation of Proof of Stake (PoS) to ensure safer transactions, more versatile, and optimal resource consumption, which allow users to mine using their own Virie coins (VRE) automatically. With this hybrid protocol, a hacker needs to have 51% of PoW and 51% of PoS to be able to infiltrate the network, making it essentially impossible to hack it.
Instead of submitting your personal information, you can just register in the Virie platform using an alias, a human-readable name associated with a payment address, and a text comment that is registered in the blockchain. Blockchain storage ensures that aliases are being protected from being altered or hacked.
Virie provides an elegant mechanism for secure escrow, but unlike traditional means, it doesn’t use a third-party. Instead, it’s entirely based on an economic principle, that to maximize profits, everybody has to play fair. Both participants in the process of buying and selling will have to make deposits, which they will forfeit if there is any transgression in the rules of the agreement. This ensures that the transaction goes through hence, making it ultimately secured.
These are the pillars of the Virie Market platform, which are what enable it to guarantee the ultimate security of the transactions. But there’s even more to it. Read its whitepaper for more details, and download its application to experience it yourself.