Overstock CEO Patrick Byrne: The Future Is Bright For Blockchain In Recent Letter To Shareholders
Patrick Byrne – Future Is Bright For Blockchain In Recent Letter To Shareholders
The CEO of the internationally known company OverStock – Patrick Byrne – has published his recent letter to shareholders to shed some initial light on the kind of optimistic years that the company, and blockchain, ultimately have coming up soon.
“Recent announcements have been substantial. Rather than wait until our earnings release is published to discuss these events, I write now to give shareholders an explanation of the significance of these events within the context of a general SITREP on certain aspects of Overstock.com.”
Within the open letter to shareholders, he wears an unbridled and substantiated enthusiasm for blockchain technology and how it has helped to improve the financial performance of both OverStock and tZero, the latter being its OverStock's distributed ledger platform and cryptocurrency.
With the ongoing success of blockchain, Byrne took the time to explain the kind of projects that will be furthered on by OverStock's subsidiary company – Medici Ventures. This is in the wake of the latter leading recent investment round for the blockchain voting solution.
Medici Ventures – Brighters Days In Blockchain
tZero & Blockchain Capital Markets
The introduction of digital securities both under the guidance of OverStock and directed by Medici, has been a slow-burning one, but this is wholly intentional so as to allow for the steady replacement of Legacy NM's with newer blockchain counterparts, as Byrne explains:
“The process of moving people from legacy NMS into tZERO’s blockchain capital market, however, is where we want to be slow, careful, and methodical.”
For the moment, what this means is that blockchain tZero Security Tokens, which were issued back in 2018, are only available to trade amongst those already accredited investors.
Inevitably, when the digital security tokens market finally grows into maturity, the slow and steady approach, Byrne hopes, will pay significant dividends for tZero.
“I think that in the race to seize a share of that $900 billion value (or whatever value security token exchanges turn out to have), tZERO has the pole position.”
Blockchain Land Governance – Decentralizing ‘Law And Order'
Byrne likens living in a country with law and order to living next to a waterfall you never have to hear. Taking advantage of both while never seeing or experiencing the friction it can often entail. But, for those deaf to the cascade, we make up the minority, while the majority live in an unjust and often lawless world.
Blockchain technology, as a result, holds the potential to redress this issue. Providing the framework upon which smart cities can be built, Byrne argues, is where blockchain can really help to bring a decentralize law and order to the majority of the populace:
“We believe that accurate, inexpensive, and incorruptible land governance can be brought to areas of the world that lack it via the intersection of blockchain, mobile apps, drones, and other remote sensing technologies.”
Blockchain Banking – An [Un] Ironic paradox
Providing support for the ‘unbanked' of the world has been a credible issue for some time now, and it's where the real application of a highly scalable, decentralized solution could make a monumental difference.
This is especially the case for Failed states like Syria and Venezuela, where the ‘sovereign' government is no longer able to provide for its citizens, necessitating a decentralized model in order to provide financial access to those no unsupported by a central entity.
“Everyone in the country downloads a free app on their phones. You are going to push them the digital currency through whatever social payments scheme your country has, or by paying for various government projects with digital currency.”
There are a number of potential avenues for the application of blockchain technology, and according to this letter, Patrick Byrne is: one – under no allusions as to its potential to provide answers to long-standing questions and two – that he strives to make sure that Medici and, by extension, OverStock are in the prime position to capitalize.