Overstock CEO Gives Major Support to Unknown Cryptocurrency

Overstock has been one of the most prominent online retailers in terms of how cryptocurrencies are supported. In 2014, Overstock became the first major retailer to offer support for the bitcoin. The site has since expanded its support for cryptocurrencies by offering payments through more than forty different altcoins with Ethereum being among the options.

But the CEO of the company is looking to support another cryptocurrency. CEO Patrick Byrne stated in an interview with Business Insider that he is investing millions of dollars in a smaller cryptocurrency that was just recently formed and does not have much information on it available at this time.

Byrne stated that he is working to support the development of Ravencoin, a new currency that launched in early January. The currency is being promoted as a blockchain solution that focuses solely on allowing assets to be transferred from one place to the next.

Byrne said in his Business Insider interview that he and Overstock are investing millions of dollars into this, but he did not give specifics on how much is being spent here.

About Ravencoin

Ravencoin is being promoted through its website as a single-use cryptocurrency. It focuses on delivering assets between individual parties that use it.

Ravencoin has only one blog post as of now, but the post is symbolic of the goal that the currency has. The currency is being promoted as one that will carry statements. This works like the raven, a bird who delivers messages of truth. The belief is based off of what the bird represents in the popular television series Game of Thrones.

Byrne states that the Ravencoin is made to be more energy efficient. He states that the bitcoin has been struggling with regards to energy usage and production. He says that the cryptocurrency is using far too much energy in the mining process and that it has been difficult to get enough clean energy ready for mining functions. This particularly comes as currency mining efforts in Iceland, a popular place for mining, have been hard to come by as mining farms in the country are struggling to handle the limited power grid in that country.

Ravencoin is designed to work with a new mining standard. It uses a new algorithm called the X16R system, a point different from the ASIC standard used in most currencies. However, information on the X16R system has been extremely hard to come by as the system is relatively minimal in size at this point.

Working For Overstock

With Overstock being a major supporter of cryptocurrencies, there is a chance this new Ravencoin might be used as a payment option on the site in the future. This comes as Overstock is recovering from a temporary glitch where people were able to interchange bitcoin and Bitcoin Cash for purchases on the site. This allowed the two completely different currencies to be made available for the same value for a period of time, thus giving people with Bitcoin Cash a massive discount on their purchases through the site.