A free market is a type of economic system wherein the prices of goods, services, and currencies are determined by market forces instead of governments, monopolies, or some other forms of authority. It’s the exact contrast of a regulated economic system wherein the authorities interfere in the supply and demand, thereby not letting the market find its own way freely. A true form of a free market is where individuals and entities take ownership of all resources, rather than the state. Over recent years, most countries with advanced economies all over the world favor the free market system more than the regulated market system.
In a free market, there is freedom of choice and free enterprise. There is freedom to obtain and utilize resources that enable private entrepreneurs to develop and produce quality goods and services. The consumers have the freedom to choose and buy goods and services that best fit their needs and preference. There is also freedom for job-seekers to find the job of which they are not only qualified but also something that fits their preference. A free-market economy is driven by healthy competition. Consumers compete over the best products and services at the best price. Entrepreneurs compete for the highest profit, and job-seekers compete for the highest salaries and compensation package. A market that’s driven by competition eliminates the abuse of power and control by single entities or individuals.
In the online world, the concept of the free-market was first introduced by Satoshi Nakamoto when bitcoin was created. Inspired by this concept, the participants in the Virie Market project (three MIT alumni, a Chinese entrepreneur, a Japanese engineer, an independent investor, a lawyer, a financier, believers in the idea of a free market) have created, after several years of hard work, the ultimate development in the free-market system. Like Bitcoin, it also uses blockchain technology to process and secure transactions and communications within the market. But what’s unique about it is that it is not just a payment system for the market. It is the market itself. A virtual marketplace of a distributed exchange network where everyone is free to exchange anything for anything of value.
Right now, the Virie Market application is ready to download and install by anybody, including ordinary individuals who would want to participate in any exchange of goods, services, and currencies. The Virie Market has a financial instrument simply called Virie that is exchangeable to any type of currencies. The developers of Virie Market have seen the pitfalls of the previous attempts to develop a fully secure free-market, therefore, ensured that necessary improvements were done to produce a fraud-resistant system. With all its fully improved and completely innovative technologies, Virie Market is the ultimate development in the free-market economic system.