The Most Important Inspiration Behind Virie Market

Virie Market has taken a legitimate next step in developing an independent free market. The unique and most important feature of the Virie Market is its decentralized virtual marketplace. Virie is an electronic payment system that uses cryptography to ensure that transactions are irreversible, therefore, eliminating the possibility of fraud. It’s also a peer-to-peer Distributed Exchange Network that eliminates any need for third-party financial institutions to process the payments, which make it the most cost-efficient Distributed Exchange Network (DEN).

Virie Market provides a client software that is free to download and use. Downloading a software has never been this easy. Once downloaded, just install it and that’s it. In creating an account, the user can register with a human-readable alias, a payment address, and text comment. The blockchain storage ensures that these aliases are protected from being altered or hijacked. Once the validation of alias has been completed, the user can already send transactions while their wallet automatically checks that such alias is registered to the blockchain. The Virie Market’s source code is open to users, which allows them to use the platform to directly trade goods and services of any kind in just a few clicks.

The most important inspiration behind all these innovations is the legendary figure of Satoshi Nakamoto. The person or group of persons behind this name had changed the face of electronic payment systems when it created a purely peer-to-peer version of electronic cash which was to be known as bitcoin. Before it was created, doing commerce over the internet had been relying almost exclusively on trusted third-party financial institutions to process the electronic payments. This system did notably work well, but the use of the trust-based model had shown that it was suffering from inherent weaknesses.

Since financial institutions cannot avoid mediating disputes, its cost adds to the transaction costs, which limits the practicality of the transaction, and the potential to perform smaller transactions. The need for trust spreads as the possibility of reversals increases. This often results in the retailers to hassle their consumers to provide more information, that opens the possibility for fraud, hence a certain percentage of fraud was deemed acceptable at that time. All these factors caused uncertainties, which could only be avoided if payments were made in person using physical currencies. But no system of such would allow making payments over a communications channel without a trusted third-party.

Nakamoto knew that what was needed was an electronic payment system that is not based on trust but based on cryptographic proof instead. This allows any two parties who are willing to process any transaction without the need for a trusted third-party. The transactions are completely irreversible, which would protect the sellers from fraud, and the escrow mechanism would protect the buyers. Thus, the creation of the peer-to-peer distributed timestamp server that would generate computational proof of the chronological order of transactions came to be.

The creators of Virie Market took this example and added modern technology in creating the first-ever user-friendly decentralized free market. An all-in-one trading platform where anyone can exchange anything for anything. Goods, services, and even currencies. Buying and selling online has never been this easy. Just download it here, install, and start buying or selling whatever you want and wherever you are. You don’t have to be a geek to use it. Transactions are processed in just a few clicks and just a few minutes. Download it here and try it for yourself.