Since it has been invented by Satoshi Nakamoto back in 2009, blockchain technology has proven that it’s a tried and true means of ensuring the integrity of the transactions and communications. It uses powerful cryptography to provide the ownership of an address and assets to the individuals within the network through a blend of public and private keys. This makes the transactions, and even the identity of the users fully secure and too far hard to compromise.
In 2014, a group of blockchain enthusiasts took this idea and started to create a unique platform using the most advanced blockchain technology. After a series of investments using their own finances, a prototype, revisions, then closed-circuit testing, and more revisions, the first-ever blockchain product that is actually useful and ready to use has been created – the Virie Market. Virie is not another cryptocurrency project. It is a business product that is now ready for mass consumption. From the very start, it has always been a business product that is under lock and key. Contrary to other projects that have done crowdfunding first to complete a product, Virie is selling the finished product. They will begin the IEO soon and will use the funds not to create the product, but to promote it.
Virie Market is the most unique decentralized virtual marketplace ever existed. Due to the use of the most advanced blockchain technology, it runs in a peer-to-peer network, thus there is no issue of trust. In a centralized system, a bank, for example, trust boils down to proving one’s identity and proving authorizations. This does not happen in a decentralized system as the authentication requirement is fulfilled by private key cryptography. There is also no requirement to share any personal information to fulfill a transaction leaving no opportunity of interruption or corruption of data.
In essence, blockchain is not a new technology. It is a combination of tried and tested technologies – the internet, cryptography, and protocol governing incentivization. This is why the idea of Satoshi Nakamoto is very valuable, then, now, and in the future. Blockchain is a representation of great innovation in information, registration, and distribution that removes the need for a third party, to enable the exchange of transactions and communications. Although it may seem to sound a little too complicated when you dig into the nitty-gritty, the basic idea isn’t really hard to understand. It’s a database that is validated by a wide community of people rather than a central authority like a bank, a company, or a government.
The community oversees and maintains all records within the database without the governance of a single entity, which most likely is using just a single server.
A block represents several recorded transactions, and the chain connects them with a hash function. It doesn’t use a single server or a single computer, so to speak. All records are confirmed by a distributed network of computers, which are then partnered with the previous entries in the chain, thereby creating a chain of blocks or a blockchain. These were all adapted in Virie and even more. Now, this astonishing blockchain technology is here for good. Download it here and see for yourself.