Trust in financial institutions is vital to the consolidation of global economies, but with centralization failing to address the rising concerns post the financial crisis in 2007, distrust has become a legacy of prevailing systems. Public dissatisfaction with current economic performance compels institutions and authorities to provide greater individual liberties than in the past.
With innovation and technical advancements revolutionizing everything around us, do you ever wonder why have banks and financial outfits not changed their methods of functioning?
Are you not tired of paying unnecessary charges and taxes on a day-to-day basis? Do you not feel the need to outcast age-old methods that cost so much?
The prevailing issues
The multi-layered centralized systems are responsible for multiple issues and disrupt the flow of information. This in return thwarts the progress of businesses and individuals (at a granular level), leads to favoritism and results in disparity. On a broader spectrum, there are four major challenges that the centralized systems impose:
- Exchange Rates: Globalization and the presence of the internet made businesses and exchanges global. Cross-border deals and transactions are a part of day-to-day lives. For example, buying a product not yet available in your area directly from the manufacturer in China.
The ease of online transactions and digital payments are making everything possible. However, the conversion of currencies becomes a major issue in such cases.
The banks often use exchange rates in their favor and charge the users precious money.
Not only do the banks use conversion rates in their favor, they also charge exceptionally high fees. I had to pay US$ 40 once to transfer money to an international account.
With the world heading towards increasing global trade, it is quite absurd to have to pay these additional costs.
- The intermediary problem: While the role of intermediaries like banks and governments facilitate and guarantee transactions, these agents often charge ridiculous amounts in exchange for their services. These intermediary parties are manipulative, biased and result in loss of time and value for money.
- Curtail Innovation: There are growing concerns over organizations using consumer data and information for market manipulation and playing with the sentiments of the common public — one aspect of the present-day central systems fail to address. On the contrary, there is a rise in restrictions on consumers and organizations who intend to adopt advanced methods to sideline these issues. Centralized systems are becoming lethargic and curb not only healthy competition but also creativity and innovation.
- Security & Privacy: Another critical factor that has over the years led to centralization’s downfall is its inability to address and avoid threats and thefts. Users using these platforms and systems constantly feel threatened and concerned regarding the safety of their assets and privacy. Central systems are predictable and vulnerable and fail to adopt newer means efficiently.
Virie’s free world
With the introduction of blockchain technology, all the major centralization driven issues have found an innovative and permanent solution. Organizations and even individuals realize its potential as a futuristic technology and have made it the most trending technology in the last few years. However, even the blockchain platforms fail to deliver at times due to their complex structure and terminologies. The need for developing a platform that is simple, convenient and yet offers the most robust and risk-free environment is what the Virie Project aims to achieve.
Virie is a futuristic and innovative project that prioritizes consumer rights and satisfaction, drives healthy competition and aims at creating an innovative and fair financial system.
No, it is not an exaggeration but a realistic and practical objective that Virie proposes to its users.
Virie market is the first and only blockchain-based project that truly emulates the characteristics of a ‘decentralized and free’ system. It offers a truly free market through an innovative application of blockchain features and additional protocols that make it stand out from the existing projects in the market.
Let’s explore the revolutionary world of the Virie Market
The Virie Market is an ambitious project, the brainchild of a team consisting 3 MIT alumni, an entrepreneur, an engineer and believers of a free market. The purpose of the Virie Market project is to achieve globalization in its purest form away from monopolistic strategies and attitudes, so that people could exchange whatever they want for whatever they want, using whatever means of payment they want, without limitations such as borders, tariffs, licenses, etc.
For instance, someone from Japan could easily purchase a film or book from France, while someone in China could receive money from relatives in Spain.
- The Virie market sets the users free and curbs commissions, taxes and tariffs.
- It outcasts intermediaries and gives users value for money and a healthy environment to transact.
- It encourages globalization in its true form by eradicating unnecessary and illegitimate rules and restrictions. In today’s world, where markets are internationalizing and there is a high demand for skilled labor, centralized systems often make it difficult to explore these areas due to heavy conversion rates and charges.
For example, the issue of taxes looms large with remote work and earnings. Both the country of the employer and that of the employee tax incomes, something that is disadvantageous to the employer because it reduces the possibilities for working across the globe.
- Virie is a multi-currency platform that lets users transact in fiat or even virtual currency of their choice and avoid unnecessary charges. The platform automatically handles the conversions and ensures that users get the best deals with respect to market rates.
Security and Privacy solutions
- To offer a free market, Virie realizes the importance of anonymity of information and identities and the confidentiality of transactions. It is vital to provide freedom of communication between parties, freedom of movement of monetary instruments, maximal simplicity of transactions, and a guarantee of security from fraud. All these things are accessible in Virie Market.
- Virie is an innovative platform and has implemented unique protocols that ensure all the above features are efficiently met.
- Virie’s hybrid parity protocols ensure user safety and transaction protection by implementing a blend of both PoS and PoW protocols individually. The users benefit from their individual properties and are protected from malicious agents and attacks.
Simplicity and Convenience
Apart from addressing all the major issues curtailing growth and efficiency in today’s systems, the Virie market’s beauty lies in the simplicity and ease it offers to the users.
- It does not compel you to understand the complexities of the blockchain technology. Rather, the project developers have created a reference material that lets you understand the functioning and every feature at length. Check it out here.
- The Virie application is as simple as your favorite online shopping app with most details and systematic instructions to guide you through the process of transactions and mining.
- Virie transactions are not only secure but are also quick. It takes only 5 to 15 minutes to complete a transaction on the Virie platform.
In short, Virie takes care of all your worries regarding business expansion and growth. All you need to do is get on board this exciting and amazing platform