Overstock’s CEO Patrick Byrne recently revealed that the American e-commerce company has invested millions into an unknown cryptocurrency called Ravencoin.
Talking to Business Insider's Sara Silverstein, Byrne reiterated how Overstock was the first major company to accept Bitcoin payments, contributing positively to the crypto ecosystem. He also shared that the company sells 50% and retains 50% of the incoming Bitcoin.
When asked about his interest in cryptocurrencies, Byrne revealed the company’s investment in Ravencoin:
“Well I'm not really interested in cryptocurrencies per se. Although in general, I guess there's nothing wrong with me saying there is an open-source project of which I'm really letting something big out of the bag here...called Raven coin, which Overstock has put millions of dollars into teams.”
According to Byrne, Ravencoin has ‘quite a future’ and is a thousand times more energy efficient than Bitcoin.
What is Ravencoin (RVN)?
The official medium post for Ravencoin describes it as “a digital peer-to-peer network for the facilitation of asset transfers”.
It is essentially an open source fork of the Bitcoin code with faster block reward times and is aimed at censorship resistance, transparency and privacy.
One of the main points highlighted by the team is that there will be no pre-mine or allocation of coins to the developers.
Comparing itself to Bitcoin and Ethereum, Ravencoin stresses on tokenization of assets in a borderless, trustless manner.
“...neither Bitcoin nor Ethereum was specifically designed for facilitating ownership of other assets.
Ravencoin is a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.”
Overstock CEO all praise
Patrick Byrne was all praises for Ravencoin, adding that the number of miners on the network has grown faster than any other coin and that Ravencoin promotes democratization by being ASIC resistant.
When it comes to mining cryptocurrencies, ASICs are Application Specific Integrated Circuits which are basically hardware pieces optimized for a specific mining algorithm, making it very difficult for general purpose computers to compete.
When a coin is designed to be ASIC resistant, it basically prevents large companies from dominating mining operations and essentially monopolizing the activity and taking control away from hobbyists or small miners using personal computers.
While Ravencoin is not the first ASIC resistant coin, Overstock’s interest in it is particularly intriguing and may lend it much needed support when it comes to development and subsequent adoption.