T-ZERO which is the subsidiary of Overstock.com, one of the leading E-commerce giant, get patent for creating a special crypto platform for integration of digital assets trading. The patent was recently published by the Patent and Trademark Office of the United States Of America.
The specialty of the platform is that it would be able to receive instructions to trade crypto- transactional items like cash equivalents, securities, digital shares, tokens, and digital assets from dealers and brokers and eventually translating those orders into digital assets orders on a digital platform. The platform then clubs up various market information from digital asset exchanges in the market and assigns the best price to the digital asset or liability which is being traded. In the starting, the platform secures the transactional item which is meant to be traded followed by signing the transactions cryptographically just before matching orders. Later, the system checks on the funds and digital asset’s availability, eventually settling the transaction. The platform serves as an interface between crypto exchanges and formal trading systems.
The patent uses a specially encrypted technology that verifies the ownership of all items and then ensures that only the existing and available items can be traded.
The platform can be used for rendering other services as well as conducting IPOs or initial public offerings, public securities offerings and secondary transactions of market securities. These offerings get registered through the U.S. Securities and Exchange Commission.
But the most important feature of this platform is integrating crypto trading systems with traditional trading systems. The patent also talks about some systematic processes being put to use which ensures that the instruction for digital assets is recorded through the traditional trading system. Once the trading orders get into the legacy trading systems, the matching of cryptographic transactions takes place with the help of correct sets of private and public keys in order to execute the systematic procedure. tZERO would be developing special-purpose hardware for this platform.
The trading interface would be launching sometime mid of this year, after releasing the prototype. Mid of last year, the company started with some operations after developing token security for trading cobalt.
As per a report, released earlier last year December, tZERO was approached by a private firm, GSR Capital to create and deliver a smart contract token which would enable a sale of cobalt which is expected to go into the market in 2019.
Recently, Overstock stated that it would clear part of its commercial taxes using Bitcoin via the digital asset’s taxpayer platform called OhioCrypto.com. Patrick Byrne, the CEO and founder stated that this is the best possible way to ensure that the United States remains a forerunner in the ever-advancing international economy.