Since its inception in 2008, blockchain continues to be a source of groundbreaking solutions and possibilities. Decentralized platforms like the Virie Project, that successfully implemented a digital peer-to-peer payment system, are a much-needed breakthrough, especially after decades of domination and exploitation by irresponsible and inefficient centralized systems. Let us validate this argument with examples and move on to the revolutionary world that this decentralized project (Virie) brings to fore.
In October this year, Bank of America, the second largest bank in the United States, suffered an outage and panicked consumers. Consumers were locked out of accounts for over an hour without any communication from the bank. This led to an out-pour on social media. While some users anticipated the outage as a maintenance issue, experts believe, the ‘technical issue’ reported by the bank has more to it than just a technical glitch.
What we are trying to project here is the downside to centralized models. With a high dependency on network connectivity, there is an ungraceful degradation of the system. In simple terms, due to a centralized server that controls all operations, failure of this node leads to abrupt failure of the entire system. This is a major setback of centralized architecture.
Centralized systems have more issues than services they offer
With digitized globalization rapidly taking on markets and financial institutions across the world, such outages and central system failures lead to huge losses and dissatisfaction.
Imagine this: you are a raw material vendor and trying to raise a bid through your bank’s portal. However, your bank server crashes, the amount gets temporarily deducted from your account but your bid is still not registered on the client’s system.
While the bank will certainly refund your money (in a few days), the major issue here is that you will not be able to bid anymore with client systems closed post one session.
This is how an architectural flaw becomes a bottleneck for businesses and their growth. A major weakness of central systems is their inability to handle traffic, attacks, vertical scaling, etc. While centralized systems are easy to secure and cost-efficient, they do not possess the characteristics to support true globalization.
Blockchain is the new hope
A solution in sight for all these issues is the decentralized landscape and architecture that blockchain technology offers. An important outcome of this innovation is the design and proliferation of peer-to-peer networks that cannot be taken down easily. Often termed as ‘censorship-resistant’, blockchain supported networks are supposed to run forever due to their decentralized architecture serving as a foundational layer. Centralized systems are intrinsically not resiliently designed, and are inefficient in handling restrictions and attacks.
A recent example of this inefficiency reflects from repetitive outages of popular social media sites Facebook, Whatsapp, and Instagram. Whatsapp has constantly been failing to address the ‘DDOS’ attack and is susceptible to it.
According to Wikipedia, ‘A distributed denial-of-service (DDoS) attack occurs when multiple systems flood the bandwidth or resources of a targeted system, usually one or more web servers. Such an attack is often the result of multiple compromised systems (for example, a botnet) flooding the targeted system with traffic’.
This reflects how fragile the central architecture could be. And this is the reason why we need platforms like the Virie network that address the issues of centralization efficiently while providing users multiple other benefits to reap. Let us understand the potential that Virie unfolds to an otherwise decaying market and system.
Growing digitization gave way to online threats and frauds. However, with blockchain led decentralization and cryptographic advancements, projects like Virie will fight these evils from upfront. Let us take you through this innovative and unfailing world of the Virie platform.
How will Virie fix all of this?
The answer is simpler than you would imagine, by addressing all the above problems directly.
Virie’s distributed world: Virie is the first ready to use platform that has practically implemented peer-to-peer architecture and offers a truly free and decentralized platform to its users. It not only makes Virie robust to attacks and resist single-point-of-failure but also encourages true globalization by offering a free market.
The self-custody nature of the Virie platform has the ability to make uncensored exchange and trade and encourages permission-less transfers. Once domains are transferred into a user’s wallet, those users have full custody over that asset.
How this helps
It makes these assets free from restrictions and prevents them from being locked, abused, makes them fraud-resistant, and enables them to circumvent any potential arbitrations.
These features revolutionize the current market architecture while addressing and fighting the inefficiencies of centralized systems. Nonetheless, this is not all that Virie offers. Virie is much more than just a decentralized platform.
Let us explore other features that make Virie platform the futuristic network we have all been waiting for.
Virie’s permission-less interface: Permission-less is, in many ways, just a fancy way of saying “public”. No permission is required to become part of the Virie network and contribute to its upkeep. Anyone can join this platform and reap its unwavering benefits.
Virie keeps you safe: One thing that sets apart Virie from its counterparts is its innovative and creative way of dealing with nuances. From implementing ‘multi-sig’ protocol to keep your transactions untraceable and un-linkable to miscreants to conceiving and applying a hybrid parity protocol that protects you from potential threats (as severe as 51% attack), and in return benefiting you by incentivizing and paying you for your contribution on the network.
In simple terms, you are paid for being a member of the network. (To know more about this, please refer to the Virie Whitepaper)
Virie is censorship resistance: The internet was built as an unstoppable and uncontrollable network but soon was trapped by monopolistic and controlling regimes for their own selfish benefits. From China to the U.S., every country is trying to stifle the internet and regulate what happens there. Additionally, these states have a stronghold on every financial matter, right from taxes levied to duties on even the smallest of transactions and exchanges. Centralized institutions like banks charge service fees just like the old days. The point here is, how are we digitizing and globalizing if we are still stuck in the traditional setup?
Virie comes to aid here as well. It offers a censorship-free and intermediary-free platform that gives you the best value for your assets and transactions while keeping you free from third party agents. To learn more about Virie’s Escrow feature, please refer here.
Virie is progressive
All the above features when clubbed together make Virie an immutable and unstoppable platform; even Virie’s developers cannot change or alter its features or services. That is the power that Virie hands over to its users and gives them true liberty.
The Virie Project is an ambitious and innovative platform that understands the challenges users face every day. It is a progressive system that aims to deliver a truly free market by taking collective measures and offer an unbiased environment. Anyone who wishes to join the Virie platform gets the same features and benefits without being judged based on their products or the size of their business.
Virie realizes that not every user is the same and not everyone understands the blockchain technology and thus has created a simple, user-friendly interface that is self-descriptive. Once on the platform, users are directed by the application regarding the features and how it works.
Additionally, the official Virie website has documented every single detail regarding the project considering that being open to all is the new way to gain trust and user confidence. To refer to the material regarding Virie’s features and functioning, please click here.
Virie is one of its kind, rather the first platform, that is ready to use even before the crowdfunding. The developers and investors of this project have funded its development to ensure that users feel their integrity towards developing a ‘free’ market that is unrestricted, futuristic and assures growth and satisfaction.
Interested enough? Click here to download the Virie Application and be hooked to this amazing and revolutionary payment platform.