Monetary freedom is an important element in the preservation of a free market economy. As the current trend in the digital world continues, vigorous economic commerce relies heavily on the freedom of movement of monetary instruments. It is the final component of digital cash, which represents monetary freedom. The freedom to establish, circulate, and trade monetary instruments. Alternatively, the internet provides accessible cryptography and encryption technology, effortless mass issuance and circulation, low-cost or free currency transfer structure, and real-time conversion between currencies. More importantly, this gives the power for every individual to build a new value standard with an immediate worldwide community.
This demonstrates the fact that a responsive and flexible monetary system is necessary to achieve the freedom of movement in monetary instruments. The Virie Market has these components. A free market like Virie promotes not only monetary freedom but also the competition among issuer and the monetary instruments that they represent. As the technologies on the internet continue to evolve, so are the standards for electronic commerce. The competition for the standards of values of currencies should be no different than the competition in the shoe brands or even cosmetics brands.
When a single issuer such as the Federal Reserve controls the supply of currencies, and the specific number of units being transacted, there is a potential to manipulate the movements of the monetary instruments. This can possibly lead to a domineering control of the economy as a whole. Thanks to the continuous evolvement of the free market economy. The Virie Market does not allow any currency to get a foothold on its economy, not even the US dollar. Virie is a monetary instrument that is exchangeable to any type of currency, and any type of currency is exchangeable to Virie. This is freedom of movement of monetary instruments in the truest form.
There are key elements to note on a free-market monetary system such as Virie.
Security – there has to be a protocol that ensures a high level of security of the transactions through the use of blockchain and cryptography technologies, which, therefore, ensures that no transaction can be traced or linked to each other.
Anonymity – this ensures the privacy of the transactions beyond encryption. Anonymity is another feature of the untraceability element of the security protocol. Any user in the Virie Market is in essence, invisible to the eyes of the scammers.
Portability – the Virie Market is not dependent on any physical location. All monetary instruments are movable through an array of computer networks from all over the world. The software is downloadable to any portable device such as mobile phones and laptops.
Peer to Peer – this is a network system where monetary instruments are transferable to other users without the need to assign a third-party to process the transfer.
The rest of the key elements will be featured on part 2 of this article.