I just want to know that a site which is built in Openscholar, a LMS for Drupal.
Therefore, how organic group is tied up with virtual sites? Also I want to know the the Views module's role in such circumstances.
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I am not sure about openscholar but what organic modules can do about virtual sites-
So each group can be seen as fully functional site in itself - virtual site
Note: Domains have nothing to do with og, it's just a matter of context switching
As a variation of what's explained in the prior answer, you could also use the Group module for this (instead of the Organic groups module). Group allows for creating arbitrary collections of your content and users on your site, and grant access control permissions on those collections. So each group can be seen as fully functional site in itself, i.e. a virtual site.
It is available as of D7, and has a D8 version also. The Group module creates groups as entities, making them fully fieldable, extensible and exportable. So since Group is entirely entity based, it has out-of-the-box integrations (= no extra modules needed) with other great modules such as Rules, the Views, etc.
For more details about the various roles and permissions, refer to my answer to "What are the various roles supported by the Group module?".