Launch of the Overstock Blockchain platform
Since the early years of Bitcoin, Patrick Byrne, CEO of Overstock, has been a straightforward and even zealous supporter of blockchain technologies. And, interestingly, Byrne has brought this conviction into his business, impregnating Overstock, a major internet retailer, with the qualities of an encrypted company. For one, Byrne instructed his company to accept Bitcoin (BTC) at the start of 2014, also introducing plans for the launch of a subsidiary blockchain – tZero.
With this in mind, CNN even objected that Overstock could also be classified as an encrypted and blockchain-centric startup, without asking questions.
However, according to an exclusive report by the Wall Street Journal, Overstock's involvement in the crypto was not so clean and, unfortunately, it was not even planned. The Journal explained that tZero, a blockchain-based trading platform that is in its infancy, is burning money faster than many can pronounce "HODL". More specifically, the Overstock subsidiary is burning with a $ 2 million skid a month, with seemingly zero-to-zero results.
However, Byrne, speaking to the Journal in an interview, exclaimed that his company has "got a cold fusion on the blockchain side", indicating that despite the lack of public knowledge on tZero, progress has been made behind the scenes. at an unparalleled pace.
Speaking of his personal beliefs, the entrepreneur also revealed that he had the ambition to sell Overstock's online retail business by February, presumably to focus on his nascent blockchain businesses. These initiatives include Medici Ventures, which Overstock has absorbed $ 175 million in, tZero homes and other blockchain initiatives that are working on decentralized innovative protocols / applications.
One of these initiatives is working in collaboration with the Government of Rwanda to create a digital platform on property rights. Another promise promised by Medici Ventures is Votaz, a blockchain-based protocol for foreign voting via mobile devices.
Although these startups seem unquestionably attractive, Overstock's shares suffered as a result of Medici's underperformance, with OSTK falling two-thirds this year. This is presumably due to the fact that Medici has lost $ 39 million since January, which comes immediately after a loss of $ 22 million totaled in 2017.
However, Byrne is firmly convinced of his vision of the blockchain, arguing that one day, tZero will be a globally adopted platform that trades all types of resources, including security tokens and the so-called "digital localization receipt", which holds track of shares sold.
And in the end, the ambition of Overstock's CEO is that his company deals with "multi-million dollar properties" based on blockchain technologies.
Byrne believes that Millions will turn to Crypto
Byrne, who evidently holds an ear near the cryptosphere base, also recently sat down with Naomi Brockwell, a crypto-centric content maker, to outline his views on this budding industry.
Touching the value of Bitcoin as a decentralized, antigovernmental, censorship and borderless control, he explained:
When people start to get in, it's when their financial systems collapse. So yes, since I think the whole modern financial system is a big Keynesian scheme, the magic tree of Ponzi money, I expect the day will come when people will turn to the crypt.
Title Image Courtesy of NASA on Unsplash