The Next Generation of Marketplaces: Virie

There was a time when writing letters was the only way to connect with people you know. However, with the Internet’s revolution, everything changed.

The Internet stewarded some of the most inspiring and impossible achievements that changed the course of how we live and function as individuals and as communities. It globalized everything.

However, what problems did the internet solve when it was kicked off?

In fact, the majority of people back then did not realize its potential and only once the internet was fully up and running did we all truly see the impact.

The Virie Project is a similar revolution that will change your perspective towards markets.

However, first, let us understand what inspired this platform.

Virie — The inspiration

The financial disaster of 2007 left the world shocked and dismayed. Businesses suffered irrevocable losses and it led to a mistrust in the conventional market models. Experts felt an urgent need for decentralized economies and market structures that are not susceptible to a single point of failure or control.

Bitcoin served as the epiphany for Blockchain technology that proponents believe will transform not just the financial sector but also revolutionize governance and beyond. When Satoshi Nakamoto unveiled Bitcoin in 2009, the main objective was to create globalized free market economies that are free from a single point of control, secured and defend themselves against threats.

The Virie Marketplace is a step ahead in this endeavor and aims to create a free market space for everything and anything a user wishes to exchange on his/her terms without caring about regulation and unnecessary charges.

What is Virie?

The Virie Market is the brainchild of 3 MIT alumni and a team of creatives and investors that believe in the power of decentralization and free markets. Thus, Virie aims to drive true globalization, where not just companies rid themselves of government restraints but digitized globalization that takes collective responsibility of connecting and providing true liberty from the clutches of conventional and inefficient systems.

Virie is one of its kind proposition with an aim to create a free market economy. A fully decentralized platform that allows users to exchange whatever they want, using whatever means of payment they want. The privacy of the users of this market is ensured by the use of anonymous payment solutions. Guaranteed transactions that cannot be controlled or altered by anyone, including the system’s developers.

While Virie sounds like a solution for markets, it is not. Rather, it is a market on its own. A platform for all kinds of exchanges minus the charges and restrictions of existing agencies and institutions.

Let us explore the strengths, and what it means to be on the Virie platform.

What Virie means

Virie challenges traditional players in the sector by demonstrating new ways to deliver value across the entire financial value chain. Virie is bound to be disruptive — and possibly game-changing — innovation through its value propositions for the users. These are:

- Build trust — between the people and parties that transact together. It enables several parties to participate in transactions secured through a unique ESCROW protocol. While Person A may not know Person B and they may not trust each other’s implicitly, the indelible ESCROW feature commands the necessary trust for businesses and people to cooperate.

- Reduce costs — Enable participants to reduce monetary and time commitment costs by ultimately removing the ‘intermediaries’ from the process. Transactions and device data are now exhibited on a peer-to-peer basis, removing extra costs.

- Accelerate transactions — Enable more transactions overall because the ‘intermediary’ is removed from the process. Users can benefit through improved and efficient service and save time on processing.

The enablers of this futuristic platform

While there is immense potential in decentralization alone, what makes Virie a futuristic platform is the unique blend of innovation and proven methodologies it offers.

- Virie is intermediary-free: The Virie Market offers a ‘trustless’ exchange system to the users. This does not mean that the new system is not trustworthy. Instead, blockchain’s unique technology eliminates the need for a ‘trusted’ intermediary to guarantee the authenticity of and register a transaction and thus could have the same transformative impact for the transfer of value that the Internet had for the transfer of information.

Virie designers have conceived a creative solution to eliminate intermediaries by making the participants responsible for their respective transactions.

For instance, User A and User B are two separate parties involved in an exchange on the Virie network. Virie’s ESCROW feature requires both these users to pledge additional amounts that will be forfeit in case of transgression of rules or fraud.

By making both parties equally responsible for the success of an exchange, Virie not only liberates users from unnecessary costs but also saves them from cheating and fraud.

(To read more about Virie’s Escrow, please read the whitepaper)

- Virie keeps you safe while reaping benefits: Have you experienced a security breach in a personal account or had reason to question the cost of a banking transaction?

I did. When I recently transferred money to a friend overseas and was shocked when I was charged $25 extra just for the international transaction. Moreover, I have not even considered the conversion rates here.

I mean, what kind of globalization we seek from systems that charge you for services on a digitized platform.

After heaps of digging into the rules and details of online bank transfers, I was so perturbed by the complexities that I gave up on my question.

The only good that my research did was to lead me to the amazing world of Virie marketplace.

A platform that is transparent, safe and encourages globalization in a true sense.

Virie secures our transactions through immutable, unlinkable protocols like multi-signature. It protects our identities and privacy through a unique blend of PoS and PoW protocols that account for a fraud-free ecosystem and also benefit us through regular interests.

Users are not only safe here while exchanging commodities but also earn profits by simply participating on the network.

- Virie makes you independent: While the above features are sort of technical characteristics, Virie’s decentralized environment offers you a sense of freedom. Freedom in its purest form, where you can enjoy the liberty to exchange whatever commodities or services you wish to exchange, in whatever order you want them to be, through your preferred mode and currency and from wherever you are.

However complex, this may sound to understand, this is by far the simplest and closest I could get to decentralization. A true free market for all. A market that does not segregate you or differentiate based on the size or volume of your product.

An artist who earns by selling his work is treated the same way as a famous curator who deals in bulk orders.

Virie cuts off the monopolistic ties by leveraging decentralization and by handing the reigns over to the consumers. It offers you the liberty to drive your own business on your own terms.

- Virie is simple and creative: What made Google famous?

Its ability and efficiency to provide you answers for all your queries.

The success of any emerging platform lies in the efficiency and ability to connect with its users. Virie realizes that in order to be successful, the platform must cater to the maximum users it can. It also understands that a majority of these users do not understand the complex jargon of Blockchain and/or decentralization. All they want is a platform that is as simple as a google search engine; one that is easy to understand and operate.

Thus, Virie’s designers have incorporated all the above best in class features in a relatively simple interface. An application that is not only simple to understand but one that guides you at every step. So much so that they have added an ‘automated’ mining feature for the users who wish to earn profits but do not understand the process. (Check it out yourself)

Overall, Virie is a one-stop-shop for all your needs. The only blockchain-based platform that is ready to use even before the crowdfunding. Virie’s developers are so sure about its credibility that they funded the entire development on their own with no outsourced funding.

Be a part of this amazing revolution and ensure your spot for a successful future.


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