Virie: Enabling Financial Freedom
It is unfortunate that even with globalization and digitization rising as enablers of futuristic markets and financial services there are approximately 1.7 billion unbanked people in the world (according to the World Bank Findex 2017 report). According to their 2018 report, though financial inclusion is on the rise globally, gaps remain across all countries. Theoretically, financial inclusion means that individuals and businesses have access to useful and affordable financial services and products. It facilitates people by addressing their needs in a responsible and sustainable way.
However, with the existing modus operandi of markets and financial institutions like banks, the availability and equality of opportunities to access these services are in jeopardy. A large population is still deprived of their right to financial inclusion and accessibility while a significant ratio feels the available services are not efficient. Several factors influence this:
1. Unavailability of services
2. Restrictions imposed
3. High fees/charges
4. Poor infrastructure and services
5. Lack of innovation
However, with blockchain technology offering a compelling alternative to age-old, inefficient and decaying institutions and markets, we see its mass adoption as the ‘turning point’. Blockchain is driving efficiency and resilience, reducing risks, and encouraging financial inclusion in the financial sector. There is a steep rise in blockchain adopters. According to Deloitte, in 2019, 83% of large companies saw compelling use cases for blockchain and 40% planned to invest at least $5m in blockchain initiatives in upcoming years.
The Virie Project is one such initiative that works towards financial inclusion and liberty by providing a decentralized platform at your fingertips. All you need is an internet connection.
For decades now, proponents of blockchain and decentralization have argued and defended the need to develop free-market economies that not only improve financial inclusivity but also are power censorship resilient. The Virie Project, for instance, builds trust in peer-to-peer networks instead of central authorities, enabling decentralization.
Virie is dependable
Virie’s developers and proponents aim to develop a free market economy so it is intrinsically decentralized. Virie is a peer-to-peer network and is maintained and updated by multiple parties, with no central authority. It offers a restriction-free and unbiased environment for all your exchange and payment needs. Virie is not just a market solution, it is a market in itself. A market where users are free to be consumers and sellers or both without paying much heed to the amount of transaction, the size of business and/or the commodity. When on this network, you are free to choose your mode of transaction and when you want to do it or for that matter which currency you wish to use. It is a multi-currency platform with several fiats and virtual currency options at your disposal.
Unlike banks and other financial exchanges, the Virie platform enables currency conversion automatically and gives you the best value for your money or products. ( Check out the Virie reference material for more)
Virie is a public platform
Virie enables participation. With Virie’s anonymous payment solutions and registration, users can access and store a copy of the ledger, and submit and validate transactions. The data is highly distributed, and untraceable due to a special ‘multisig’ protocol. This protocol ensures that the transactions and user information are untraceable and helps users keep their important keys safe by saving them on the distributed network. (Read more about ‘Multi-sig’ protocol, here)
It uses the best in class innovation
The Virie marketplace is an enabler of innovation. This implementation includes a unique ESCROW protocol, a Hybrid parity protocol, Multi-signatures and much more. Nevertheless, what sets apart Virie platform from existing systems is its ability and efficiency to connect with masses. The developers have worked hard to design a simple, user-friendly and convenient interface for you to operate and interact. The application is elaborate and descriptive for you to hook on the moment you log on to it the first time.
The fact that Virie’s developers have considered every aspect of presenting a convenient platform is evident from the fact that they have generated a special ‘phrase’ password for you.
For example, if you forget the password for the Virie account (and since the password is not regenerated), Virie lets you save a phrase that works as an alternate password. (Similar to your email forgot password questions.) The platform has kept it simple yet robust for you to enjoy your experience while on the network. (Check it out, here)
Virie is immutable, disintermediated & resilient
- Immutable: Once information is entered into the Virie ledger, it is impossible to rewrite it, unlike centralized databases that may be altered by malicious insiders or outsiders who circumvent security procedures. The Virie network is a decentralized system, in which information is immutable by design.
- Disintermediated: The Virie market lets you remove intermediaries, enabling a more structurally efficient setup. It outcasts financial service intermediaries who receive a fee right from the transfer, foreign exchange transactions, transaction clearing to escrow services, and reduces friction and costs.
- Resilient & Censorship Resistant: The Virie network offers liberty from state control. Unlike centralized systems, it is not susceptible to a single point of failure. Some argue that this leads to the illegitimate exchange of goods and commodities. However, it will profoundly benefit those living in authoritarian, repressive and unstable regimes. It will shock you to learn how these regimes stifle the internet and deprive people of their right to information and other services. The primary objective of this project does not target the rich and successful. Rather, it aims to deliver a platform to those who are deprived of growth and opportunities.
Addresses several issues
- Security: Virie’s unique hybrid parity protocol protects and shields it from the potential security vulnerabilities that other blockchain platforms face, such as the 51% attack. This unique blend of PoW (proof-of-work) and PoS (proof-of-stake) protocols empowers the Virie Platform against malicious agents and offers a stable and threat-free environment to its users. Even if a hacker tries to compromise the security, due to the nature of these protocols, it would be his/her own loss to attack the platform. (To understand this in detail, click here)
- Fights monopolies: By offering its services and benefits to everyone, Virie is here to fight monopolies and develop a uniform and unbiased platform. The Virie Project lets you choose your own journey to growth. It does not favor any political agenda or support any party or individual to mint profits. The Virie Platform is for all and offers the same features to everyone onboard. This will further encourage healthy competition and innovation and kills the chances of monopolies.
Virie will accelerate the race to Web 3.0
The Virie Platform aims to improve existing processes and encourage long-term value creation through its innovative business-driven models. It offers the ultimate objective of developing a decentralized economy that shuns disparity, unnecessary restrictions and offers a growth-oriented market to everyone. Sharing value across Virie network could render old business models obsolete while enabling new ones, and break monopolies, catalyze new products and services, and encourage user participation in the journey to empowerment.
You can too become a part of this exciting journey by simply downloading the ‘Virie Application’. Virie’s developers believe that the first step to connect with masses is by providing them a gizmo-free platform that is simple and easy to understand. You will be amazed at the simplicity, convenience, and features that this platform offers.
