The CEO of Overstock, Mr. Patrick Byrne has been a well-known and extremely knowledgeable crypto enthusiast, who has well in place the long-term growth of the market in mind. In a recent interview with the news source, he was all into beautiful praises on the capabilities and wide application of the blockchain network and how it was important to remove trust from economic systems and properly distribute power to the masses.
Byrne termed the revolution of blockchain as “bigger than the Gutenberg press and bigger than the internet.” This is a bold claim which he believes is backed by the potential of blockchain to give the people and users of blockchain an unprecedented means to trade value.
“I think that a 1000 years from now…this revolution is going to be bigger than the Gutenberg press, bigger than the internet. It’s changing the way humans interact. Instead of creating third-party institutions which are corruptible, we’re reducing things to mathematics and cryptographically protected algorithms.”
Mr. Patrick Byrne is also the CEO of tZero which is a distributed ledger platform for capital markets which went live in January this year. Byrne is making use of his experience and knowledgeable understanding of traditional markets and marrying that with blockchain platforms in the sector.
In an interview at the Beyond Blocks Summit 2018 in Tokyo, Byrne said that, with tZero,
“We are trying to create a new version of Wall Street.”
He further said,
“We’re trying to create a new version of Wall Street based on the blockchain – one that is fair and probably fair…so we started out by buying a node in the centre of Wall Street and building out, and it’s built on top of an SEC-registered broker deal.”
The relationship of Overstock with the crypto asset started in the year 2014 when it was an early retailer which accepted bitcoins in exchange for its products. Everyone has been expecting tZero to launch its mobile trading app in June this year. Byrne began knowing more and more about the blockchain technology and the digital assets back when it was still relatively unknown to most of the general public and way before some of the biggest price surges. Byrne sees 6 major sectors being drastically transformed by the blockchain network. The 6 sectors are voting, digital identities, banking, real estate, supply chains and security exchanges. These are only a few of the numerous industries blockchain can be used in.