Overstock.com (OSTK.Q) subsidiary, tZERO, now offers Ravencoin on their mobile wallet, and the real question is – why?
The wireless app already uses Bitcoin and Ethereum, which would make any secondary coin somewhat superfluous one would think, except that Ravencoin is cheaper to access and offers a number of different services that neither BTC nor ETH uses.
“Ravencoin, which was recently named the Most Exciting New Coin of 2019, first had life breathed into it by Bruce Fenton. It’s exciting enough that the tZERO Crypto app will let one trade RVN. In addition, Ravencoin’s design makes it ideal to be woven into our grander vision of a blockchain tech stack for society,” said Patrick M. Byrne, CEO of Overstock.com.
What is Ravencoin?
Ravencoin is an open-source project designed to enable instant payments to anyone around the world. Its aim is to create a blockchain optimized specifically for the transfer of digital assets, such as cryptocurrencies, from one holder to another. In addition to supporting the RVN cryptocurrency, the Ravencoin platform can be used to build and support security tokens, digital collectibles, utility tokens, gift cards, fiat currency or other user-defined assets.
What isn’t clear is why we should care. There are dozens of coins on the market, and dozens more made everyday, that deal in remittances, offer security and utility tokens, and the other assets listed here. But in blockchain, it’s not what you’re using it that matters, but what you’re using it for, and Overstock’s position here is curious and possibly even genius.
They’re using the immutability of the Ravencoin blockchain to perform some rather peculiar functions, such as codifying and storing digital art, peer-to-peer trading for wine futures, and as information storage for a full accounting of the history of any asset you’re looking to buy.
Here’s how it can be used on a flamethrower:
TZERO submitted the iOS version of its app to both Apple and Android for confirmation earlier this week, and when they’re both approved, investors will be able use the app to trade Ravencoin.
In terms of security, tZERO uses biometric authentication for added security, and if you lose your private key or cellphone, you can use tZERO’s private key recovery system to restore your cash.
This month in WTF
Shares fell last week after CEO Patrick Byrne made some controversial comments about his role in the “Deep State.”
In a press release, Byrne talked about his involvement in the U.S. Federal government’s investigation into the 2016 election, referring to federal agents as “the Men in Black” and suggesting that he assisted in investigations related to Russian interference and the Clintons.
“I will speak no more on the subject. Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish the Rule of Law in our country,” said Byrne said.
It’s generally uncouth to speak ill of the potentially afflicted, but weird and ominous overtones can’t be good for a company’s stock price.
Overstock hit a low of $16 this month before climbing to today’s price of $19.47.
TZERO, ICOs and the SEC
Overstock’s subsidiary made news in June when it acquired the Security’s Exchange Commission’s (SEC) attention after a proposed Initial Coin Offering for its subsidiary, tZero.
“In February 2018, the Division of Enforcement of the SEC informed the Company that it is conducting an investigation in the matter re: Overstock.com, Inc. and requested that the company voluntarily provide certain documents related to the Offering and the Tokens in connection with its investigation,” according to a filing from the SEC.
—Joseph Morton
