While other big companies like Expedia, Dell, and Dish have adopted Bitcoin, only Overstock CEO Patrick Byrne has become a household name in the Bitcoin world.
He last made news by proclaiming they would donate 3% of their Bitcoin revenue (estimated at between $20,000-$30,000 monthly) to Bitcoin advocacy organizations. But now he’s got something else up his sleeve.
Enter the “cryptosecurity”
Cryptosecurity
The stock market is currently controlled by centralized organizations like NASDAQ. These centralized organizations served a purpose before the days of crypto, but as technology improves they’re becoming more and more antiquated.
A cryptosecurity, on the other hand, would be a publicly traded stock which would behave in a manner similar to cryptocurrency. And rather than having to rely on NASDAQ to process transactions, cryptosecurities would be processed through a decentralized network and recorded on a public ledger, just like Bitcoin transactions.
Byrne’s idea is still in its conceptual phase, and is far from being implemented. However, he has posted a page on o.info, Overstock’s “free information service” wiki-style page, which outlines the idea further.
He proposes that the idea could be built upon a range of different crypto-related services, including Ethereum, Mastercoin, Bitshares, Counterparty, Qora, and NXT.
Do you think this idea holds water? Will we be seeing a stock market running on cryptocurrency in the future? Tell us your thoughts in the comments below.
What's Overstock CEO Patrick Byrne Up To Now?
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