Virto: De-Commerce Solution for Everyone

by Qian Che

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This is our first Post!

Cindy is a passionate buyer and an avid crypto asset holder. Every time when she wants to go shopping, she wonders why she can't directly pay with her crypto currencies. Currently she could only sell her crypto assets in a centralized exchange platform or a local exchange where funny frauds are increasingly common. Cindy hates to go through these hassle to utilize cryptos and wonders when she will be able to directly use her assets to pay for the bill conveniently and securely.

Dan is a local dairy farmer and his small farm produces the best milk in in town. He can't easily sell the production at a reasonable price directly to end consumers but only sell to wholesalers in a much cheaper price. Dan is not satisfied with his situation and wants to promote his products directly to local consumers.

From now on, people like Cindy and Dan will not be bothered by their inconveniences any more thanks to Virto Network. Virto Network implements a clever solution to giving utility to cryptocurrencies and fair trade without intermediaries - the Local Incentives Protocol which enables blockchain based de-commerce infrastructure:, one of the core team's reference applications will be launched early this year, first using an existing Kusama parachain like Karura before it's finally deployed in Virto Network by Q2 2022.

Amazon, Ebay, Alibaba these global e-commerce platforms have been steadily increasing in the past decades, which offers opportunities to integrate millions of marketplaces. Meanwhile more and more critics have also arose, especially concentrating on their anti-competitive or monopolistic behaviors, which result in price control, price discrimination and employee management. These however would never be possible in a decentralized system backed up by blockchain technology, in contrary, all these missing valuable virtues, fairness, transparency, efficiency will be better respected and valued in de-commerce systems as they are rooted in the its design.

In addition, Local Incentives Protocol also incentives the formations of Local Communities that function as DAOs: Decentralised Autonomous Organisation by reserving local tax, which is collected from the transactions and is only at the disposal of the people from the community. The community is governed by its own people. This will also help the system fight against resource monopoly within the system and support the local economy.

All the information you need to know more about Virto Network, Local Incentives Protocol or use it for building marketplaces can be found here in our website.