Medici Ventures, the leading Company in the blockchain domain and subsidiary of Overstock.com, Inc., has recently conducted a digital securities token transfer representing its equity ownership in Portsmouth, New Hampshire-based Chainstone Labs. The transfer of tokens happened with underlying blockchain technology called “Ravencoin blockchain”.
Medici Ventures recently purchased a 29 percent stake in Chainstone Labs for $3.6 million.
Overstock.com, Inc. is an online retailer and technology Company which is based in Salt Lake City, Utah. It is one of the leading e-commerce website which sells a wide range of products at budget rates like furniture, decor, rugs, bedding, home improvement, jewellery, and more. Chainstone Labs is a financial technology Company which is into digital securities.
In order to publicize the simplicity of the transfer of equity using tokens as digital securities, the whole transaction was broadcasted to the public in real time.
What is a Ravencoin?
In the Fictional World of Westeros, ravens are used as the messengers who carry the statement of truth. In the same vein, Ravencoin is a specific blockchain use case developed to transfer statements of truth about one’s ownership of an asset. This special blockchain use case focusses on to implement the transferring of assets such as tokens from one owner to another.
It is built on a fork of the Bitcoin code. It is an open source project which aims to develop and nourish a useful technology, with a strong and growing community.
The 4 main key changes in the Ravencoin which is a fork of the bitcoin code are:
- The issuance schedule (block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (X16R)
Unique characteristics of Ravencoin
- ASIC free – Uses an X16R hashing algorithm
- No Premine – Genesis Block launched, opening mining started
- Fair Launch – meaning, on day one, you like everyone else could have started
- No rush to link up with an exchange
- Individuals ask about price and do price checks, developers agnostic
Medici believes Chainstone Labs to share its 3 visions
These are the 3 main rationales building the Investment Thesis for the Company which is common between the 2 Companies other than the “Ravencoin”:
Medici Ventures strongly affirms that with the development in blockchain technology it can bring people around the world together. Thence by eliminating the need for trust institutions as an intermediary, the blockchain paves way for the humans to engage among themselves and connect as people. This reduction in the relying on a third-party, the overall cost is reduced. Even the poorest member in the society can avail the benefit of such an opportunity to participate in local, national, and global markets. This simply means the Democratization of Capital.
With the Elimination of the Middleman, straight cut down of unnecessary time, difficulty, and cost of transactions is observed. This becomes the second rationale behind the investment. This elimination leads to the third factor of Re-Humanizing Commerce.
The Company believes that the blockchain technology offers the people to connect with other people around them replacing the fear, suspicion, deceptio, and fraud with trust, confidence and free communication with humans. The top most benefit with this technology would be that the wealth benefit is even shared and enjoyed by the poorest member of the society.
“It is natural that since we focus on securities tokens that we have a digital security for the equity in our own company. The ease of moving digital securities has the potential to change the way the global economy works. Medici Ventures has the operational expertise to help us pursue this market, Ravencoin is an ideal protocol and chain to use for this security token. The aim of Ravencoin is to do one thing and do it well: help users issue tokens and digital assets securely. Tokens, particularly securities tokens, are a promising area for blockchain technology.”
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