An outlook on how a decentralized Virie market plans to address the forthcoming vulnerabilities of an upcoming recession.
McKinsey’s 2019 Global Banking Annual Review highlights the need for bold moves with an economic slowdown around the corner. The report suggests that a large number of financial institutions may not survive the upcoming turmoil due to their weak returns. Case in point here is that the global financial system needs urgent rectifications, failing which might result in 50% of banks becoming an afterword in history. While there are many similarities in the current economic atmosphere and the previous financial crisis, a major differentiator that emerged in between is an innovative and remarkable solution in the form of Blockchain.
Blockchain technology emerged as an aftermath during the financial crisis of 2007 and materialized the much-famous and legendary Bitcoin. Bitcoin was presented as a peer-to-peer electronic cash system that allows users to transact directly with each other without the interference of traditional organizations. Bitcoin has ever since become a pioneering solution to persisting anomalies in the centralized environment. While Bitcoin has forever changed the money spectrum, blockchain became the fastest growing technology due to its far-fetched and decentralized solutions.
Today, blockchain is seen as the bulwark against any upcoming financial slowdown and the Virie project might just be the recession-proof platform you have been searching for. While there is a general apprehension regarding decentralized platforms with regards to investments, the fact that they are not attached on inclined towards any government and/or economy makes them functional even if the economy or a particular system fails. For an ever-changing market, this is Virie’s strong suit.
The last financial crisis resulted in the e-commerce boom. This one statement highlights how technology plays a crucial role by being your anchor. Virie as a decentralized platform offers innovation and adaptability that could steer you out from the floods of recession.
Let us dig into the possibilities it offers as a free market:
Where banks fail: With more than 50% banks already in a weak position before the slump, the situation is a bit scary. Experts believe that a lot could possibly change only if banks took measured steps in order to adapt to newer technologies and strengthen their chances of survival.
Decentralization is emerging as a métier that caters to concerns and shortcomings of financial services by aligning innovation with needs.
The Virie platform for instance is a decentralized marketspace that aims to create a free market economy that remains unperturbed from the shocks of financial turbulence. Being multi-faceted and censorship-resistant offers this platform immunity from any particular currency or authority. Today, several nearly decentralized platforms are capturing financial services business as they offer an open environment to consumers.
Virie is a truly decentralized platform and gives users the freedom to choose everything right from the currency they wish to trade/exchange to products and the mode of transactions. A factor that proves to not only effectively deal with the tough times but also resist the long-standing monopolies.
According to reports, following the recession in 2015 a handful of banks controlled nearly 40% of the industry’s total asset. Further, banks hold a significant amount of power and say in our everyday finances. The banking sector has become infamous for overlooking the consumer interests in recent years and for monopolizing financial services.
The Virie Market is an ambitious project that fights the existing evils of centralized systems by giving the control to consumers. So that consumers can decide, what they wish to do with their assets and how they plan to deal with the upcoming situation according to their limitations and not feel compelled.
An alternate to traditional mortgages: Blockchain enables an open and innovative alternate to traditional mortgage lenders – banks.
In recent years, there has been a steep rise in non-bank lenders that not only offer better fees but also are more flexible in their approach.
Platforms like Virie market offer liquidity and capital accessibility by offering an unprecedented freedom to its users. When on Virie, users can choose not just the currency but also have total control on how they wish to invest and use their funds.
The fairer of them all: What led to the inception of Bitcoin was the dissatisfaction in the existing economic situation during the last financial crisis. With centralized institutions minting money from consumers to maintain their positions, it has become an unfair state of affairs. From charging heavy fees to facilitate transactions to negative interest rates, banks and governments have always maintained an authority over everything related to finance.
Through blockchain’s assistance, Virie Market rids you of age-old control by giving you the liberty to choose what suits your financial conditions without being hassled with unnecessary fees and taxes.
Virie’s out-of-the-box features like ESCROW, Multi-Key, and Hybrid Parity Protocol not only make it a feasible alternate to centralized financial institutions but also a robust platform that keeps you safe and offers maximum profit through its unique implementation of Proof-of-Stake protocol. (To know more, please read the Virie Whitepaper)
Virie’s prospective bet in an unstable ecosystem: To those new to blockchain technology, all this may seem a bit too shocking and overwhelming to adjust to. However, with Virie’s simple and user-friendly application one can get started almost immediately with just some looking around the features. Various other aspects that Virie presents as a prospective payment platform are:
Immutability: One aspect that will always give Virie an upper hand when compared with traditional systems is its multi-currency adaptability. Users on the Virie platform have a liberty to choose the currency they like. This means they can always opt for digital currencies during crisis as they are ‘immutable’ and ‘durable’ against fiat. The Virie platform cannot be stopped or altered by anyone (not even the developers). Therefore, what is once on the platform will always remain there. The Virie platform can endure this test of time without any impact on its integrity or functioning.
Interchangeability: Another important aspect of exchange and trade through Virie platform is its plethora of options. One does not really need to exchange or trade commodities for currency. What this means is that Virie platform gives you the freedom to exchange services for services, services for good and goods for goods too. Thus, when the time is tough on fiat and the market is not favorable for monetary transactions, users have an alternate to carry on their exchanges and keep their businesses up and running.
Virie presents a unique and never before replacement as a decentralized payment platform in a time when businesses, especially mid to small sized businesses, need it. It is the first of its kind marketspace that is ready for use even before crowdfunding. A platform that is solely funded by its developers with an unwavering confidence to challenge every limitation of existing systems and deliver a free market that is yours to explore.
Come, be a part of this revolution and see how effectively it can protect you from the upcoming economic fluctuations. To download the Virie Application please click here.