What’s Cooking at tZERO?
The e-commerce behemoth Overstock.com has been making headlines lately, especially with its cryptocurrency subsidiary, tZERO, filing a patent that could change the game in the digital asset trading arena. Published by the United States Patent and Trademark Office on January 1, this patent outlines a pioneering concept for a “crypto integration platform.” Who knew the calendar could kick off the year with such exciting news?
The Nitty Gritty of the Patent
So, what’s this platform all about? According to the filing, it acts as a master translator for broker-dealers looking to trade various digital transactional items. These items range from securities and tokens to cash equivalents and digital assets — think of it as a digital market buffet! The system doesn’t just take orders; it aggregates data from numerous crypto exchanges to sniff out the best prices available. It’s like having a personal shopper but for digital assets!
How Does It Work?
Before the exciting part of matching orders begins, the system rolls up its sleeves and secures the digital assets involved. It also cryptographically signs the transactions, making it feel like an ancient sealing wax—but, you know, for the digital age. And of course, it checks if the funds are available, ensuring that there won’t be any awkward “Sorry, I can’t pay for that” moments.
A Bridge Between Traditional and Crypto Trading
tZERO envisions its platform as a bridge linking traditional trading systems with the wild west of crypto exchanges. Put simply, the Crypto Integration Platform transforms communication protocols to enable smooth trades between broker-dealers, Alternative Trading Systems (ATS), and exchanges. This is like the Swiss Army knife of trading, ready to turn complex messages into a transaction-friendly format!
Powered by Blockchain Magic
The patent filing isn’t shy about showcasing its tech prowess either. It plans to use blockchain technology to verify ownership and ensure the digital goodies are available when it’s time to trade. This innovative approach extends its utility to facilitating IPOs and regulated securities transactions registered with the U.S. Securities and Exchange Commission (SEC). In layman’s terms, it’s not just a trading platform but a regulatory-friendly powerhouse!
What’s in Store for tZERO?
But the news doesn’t end there! Last month, tZERO was in cahoots with GSR Capital to concoct a smart contract token for cobalt sales, with a 2019 launch date on the horizon. Plus, Overstock is stepping into the future by announcing that they will accept Bitcoin for some business taxes in Ohio. Retailers paying taxes with crypto? Talk about a plot twist!
The Bottom Line
With initiatives like this, Overstock’s CEO, Patrick Byrne, believes the U.S. can maintain a competitive edge in the ever-evolving global economy. And we can’t help but agree—thank you, Overstock, for keeping us on our toes in the digital trade landscape!
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