Virgo is helping create a better Internet by creating the first decentralized AppStore to drive dApps adoption, a distributed ecosystem powered by a state-of-art cryptocurrency. The Coin Republic has recently interviewed Hugo Lalin, PDG, Virgo. In the exclusive interview, we tried to dive into the Virgo Project and some market insights.
The Coin Republic: How did you come up with an Idea like Virgo? What kind of existing problem did you try to solve, or were there any other reasons?
I’m fond of technology and discovered cryptocurrencies in 2015. After many years of researching on the subject and investing, I had the idea of a blockchain technology that could potentially solve the blockchain trilemma: scalability, security and decentralization. After validating that my concept was working as expected, I created Virgo!
The decentralized AppStore idea came later, in 2020 when some friends started to be interested in cryptocurrencies but had a hard time dealing with dApps. One even got scammed by interacting with the wrong smart contract.
The Coin Republic: What kind of obstacles did you come through while building Virgo in 2019, and what would you advise, young guns, willing to replicate something, as you did?
For me, my major mistake was to keep the project secret for too long.
Building a community early and listening to its suggestions is crucial, especially in this industry. A great project is nothing if none knows about it.
Fears of criticism or getting your idea stolen are counterproductive and irrelevant. The sooner you talk about your vision, the faster you discover its weaknesses, the quicker you can solve them!
The Coin Republic: Now we understand the peripheral areas of Virgo. So, now, I would like you to tell us about Virgo, in a more profound sense, so that all of the readers connect better.
Virgo’s primary goal is to accelerate web3 adoption by making it more safe and user-friendly.
Our primary concern is that currently, decentralized applications are distributed using centralized means, most of the time a simple website. It’s paradoxical and creates a significant point of failure.
For most apps, an attacker would have to deface the App’s main website for a few minutes and make users interact with the wrong contract, stealing them without means to notice beforehand.
Imagine PancakeSwap being hacked for just 10 minutes; They would steal over 20 million from users!
To prevent that, we are creating the first decentralized AppStore. It will be a wallet permitting users to download and use dApps safely. The software will check the App’s source code directly from the blockchain after downloading it over a decentralized file system like IPFS.
Also, this platform will fight against censorship by allowing anyone to publish their application. Indeed, like the tokens on Uniswap, a list of recognized and secure applications signed by us will be made available to users. Still, nothing will prevent them from importing other lists or applications, making the platform completely free.
The Coin Republic: Most of the community knows about DAG and blockchain consensus methods, but combining both is pretty unique. Could you tell us more about your approach?
A DAG is an alternative to classical blockchain, where transactions are not organized in blocks but instead reference older ones, creating a graph that expands with time.
It permits transactions to be handled asynchronously and removes the hard throughput cap caused by block emission and size in classical blockchains.
However, the asynchronous nature of DAGs creates cases where we can’t tell which transaction happened first. Until now, to solve this, all DAG technologies compromised either on security or decentralization.
To solve this, Virgo incorporates particular transactions into its DAG. These can only be created using proof of work and create a chain by referencing each other. This chain covers the whole DAG and permits us to give a definite order to transactions.
The final solution benefits from both worlds and is scalable, secure, and decentralized; It will be able to handle massive usage.
The Coin Republic: Why should I, or any other user for that matter, be using Virgo instead of others? What makes it unique?
We want to make our platform as easy to use as possible, and it will also be secured and decentralized; Making it the perfect gateway to web3 and crypto in general!
Also, our cryptocurrency being scalable, the transaction fees will stay low. You won’t have to spend dozens of dollars each time you use our ecosystem.
The Coin Republic: Would you like to throw some light on recent developments in Virgo, such as testnet release and Virgo store alpha?
We are currently focusing on releasing our testnet by the end of the month and creating an MVP version of our store by the end of the year.
We also plan to prototype a first dApp, a fully decentralized chat, like telegram but without centralized servers, further improving privacy!
For the upcoming year, our goal is to release our mainnet with smart contract capabilities and release with it a full version of our store. We also target to make more strategic partnerships with exchanges and other actors of the industry.
The Coin Republic: You’re skin in this game of DeFi. Therefore I would like to ask you this recurring question, what is the technical knowledge one needs before starting in the world of Blockchain and DeFi.
Blockchain and DeFi should be available to anyone, tech-savvy or not. That’s what we want to help achieve.
Right now, please educate yourself on blockchain and DeFi in general before throwing money in it. Knowledge is key, and it will save you from being scammed or losing money on pump and dump projects. CoinMarketCap’s learn section is suitable for that. We are also releasing tutorials on our website (https://virgo.net/category/tutorials/)!
The Coin Republic: The New Virgo Farm is in a lot of buzz, so what’s the best way to know about it, if not Hugo Lalin, himself, so Hugo, what would you like to share about the Virgo Farm with us?
VirgoFarm is our new staking program! It is a smart contract that will distribute most of the VGO supply to holders over more than ten years.
With up to 30% APY, we think it is an excellent opportunity to create passive income! It is currently available on our website: https://virgo.net/virgo-farm/.
We made it to enable proper distribution of our token, preventing whales from controlling the price.
The Coin Republic: Which is the best investment instrument out of three, i.e. Stocks, Cryptocurrencies(Fungible) of NFTs
Cryptocurrencies that have an actual use case are the best for me!
The Coin Republic: How does Virgo intend to build a better version of this biggest community, the Internet?
We think that everything is better when decentralized. By helping Web3’s adoption, we aim to offer anyone a more fair and safe version of what they use today.
The Coin Republic: Where do you see Virgo going in Future? Or, to put it more simply, what are your future endeavours with respect to Virgo?
In the short term, our goal is to release our platform, and then we will build practical applications over it, aiming to create a great ecosystem benefiting more industries and people!