The CEO of Overstock invested millions of dollars in unknown cryptocurrency

The CEO of Overstock invested millions of dollars in unknown cryptocurrency

Patrick Byrne, the CEO of one of the biggest online stores in the USA Overstock, which began first to accept bitcoin in 2014, said that he was “not very interested in cryptocurrencies as such”, but said in an interview with Business Insider, little known about the blockchain-a project in which he invested “millions of dollars”.

When asked if he’s interested in everything related to cryptocurrency or he’s only interested in blockchain technology. Byrne shared project in which he, as well as Overstock the company has invested several million dollars. The project is called Ravencoin and was launched without fanfare on 3 January 2018.

Only post in the project blog, published November 1, 2017, starts with a quote from “Game of thrones”, which could not fail to attract the attention of well-known fan of the Saga of Patrick Byrne:

In the world of Westeros use crows as messengers who carry the truth.

Later in the article describes Ravencoin as “the blockchain, designed to effectively accomplish one single task: the transfer of assets of one party to another”.

Ravencoin first mentioned on Bitcointalk.org 14 January 2018 and is characterized as a project that “very little information, including about his future,” but “some community members claim that the project has an active development team”.

Byrne said that Overstock has invested “millions of dollars in team” Ravencoin:

I think this coin really has a great future.

He even compared Ravencoin with bitcoin:

It’s like bitcoin, which is several times more energy efficient.

In an interview with Business Insider Byrne briefly recounted Wallpaper project, which lists the main problems faced by bitcoin: the rising costs for mining, decentralization around the major manufacturers of ASIC-s and cheap electricity. Byrne argues that Ravencoin solves these problems, being “resistant to ASIC-am” making mining truly democratic process:

Anyone can download the software and start working, even if you have a healthy mining farm in China, it will not give you tangible benefits.

Four days ago in the relevant section of Reddit there was a post called “What do you think about Ravencoin?”:

This coin is very new and uses a completely new algorithm X16R. Surprised that this subreddit there is no mention, while thousands of miners have already mined this coin. Specially kept secret to the level of complexity of the network jumped?

The author of the question has not received a normal response.

Information about the project:

  • Official website – https://ravencoin.org/
  • Discussion bitcointalk.org
  • Wallpaper – https://ravencoin.org/wp-content/uploads/2018/01/X16R-Whitepaper.pdf
  • Algorithm – X16R
  • The creation time of unit – 1 minute
  • The reward per block is 5000 RVN
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