We have all heard about Overstock’s recent plans of revolutionizing settlement using Blockchain technology. They have mentioned during their recent press conference that they are aiming to be “technology agnostic”. One interesting thing to note though, is that while we don’t have much details about the set of technologies they are using, Open Assets is part of it.
Bitcoin is a public ledger after all, and everything that happens on the Blockchain is public. Coinprism.info is the main block explorer for colored coins. Whenever a transaction is committed to the Blockchain, Coinprism parses it and detects if that’s a colored coins transaction. It will also extract all the needed metadata related to the asset. This is how we construct our asset directory. Even if an asset was created completely outside of Coinprism, and its asset metadata is hosted on a third party website, we can index it, thanks to the transparency of the Blockchain.
If you pay attention, you will notice an asset in the asset directory called Overstock Bond OSD. And Proof of Authenticity tells us the asset has been issued by t0.com, which is known to be Overstock’s platform.
The asset definition is hosted at https://t0.com/asset-osd.json, and the contract definition indicates that:
The cryptobonds are unsecured obligations of Overstock.com, Inc. bearing simple interest at 7% annually, due 2020. The bonds are subject to put and call provisions.
What else is interesting? We can see the bonds have been issued on June 8, and that a recent transaction (July 30), which corresponds to one of their latest announcements, has sold 500,000 units of it ($5M).
Being the most open platform, it’s no surprise to see more and more both financial and non-financial companies starting to use Open Assets.