tZERO Awarded Patent For Technology Enabling Traditional Trading Systems To Be Anchored Into Public Blockchains
August 06 2019 - 8:30AM
Business Wire
New Patent Builds On tZERO’s Portfolio of
Strategic Assets & Intellectual Property
tZERO, the global leader in blockchain innovation for capital
markets, announced today it was awarded a patent by the U.S. Patent
and Trademark Office for the Time Ordered Merkle Epoch (TOME)
methodology. TOME is a base-layer technology that uses digital
signatures to record and verify time-series data such as trades,
executions and settlements. This technology enables low-latency
systems, including traditional matching engines or private
blockchain ledgers, to be anchored into immutable public blockchain
ledgers.
The TOME system will allow tZERO to record incoming trades
quickly and efficiently in a time-series, producing a hash at any
time interval, which can be anchored on a public blockchain. With
the technology behind this patent, tZERO is able to verify the
existence of previous trades and simultaneously produce an
auditable and immutable record of those transactions. This system
provides valuable functionality to exchanges and trading venues
required to report trade activity, as well as to regulators for
audit purposes.
tZERO CEO Saum Noursalehi said, “This technology, which is
synergistic with the patent that we announced earlier this year,
has many use-cases in our ecosystem. It can be used in our suite of
products, as well as licensed to companies across various
industries that are seeking to maintain a tamper-proof and
auditable record of time-series-based data. Today’s announcement
showcases our technological leadership in blockchain innovation and
underscores the strength of tZERO’s intellectual property and its
growing portfolio of strategic assets.”
In conjunction with the patent tZERO was granted in January
2019, TOME can be utilized to link the settlement of tokenized
blockchain-based securities on a public blockchain with legacy
trading systems. Additionally, it can record and anchor the
execution venue’s transactional data and the resulting on-chain
settlement data into public blockchain ledgers. For example,
off-chain trade data and on-chain settlement data occurring on an
Ethereum mainnet can be combined and anchored into the Bitcoin
blockchain for added resiliency, security and transparency.
tZERO is a technology firm that was founded in 2014 with the
goal of utilizing blockchain technology to revolutionize Wall
Street so that financial processes could become less beholden to
traditional institutional market structures and to bolster and
enhance market integrity. tZERO is a keiretsu company of Medici
Ventures, the blockchain subsidiary of Overstock.com, Inc.
(NASDAQ:OSTK).
About tZERO
tZERO Group, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology. For more
information on tZERO, please visit: https://www.tzero.com/.
tZERO is not a registered broker-dealer, funding portal,
underwriter, investment bank, investment adviser or investment
manager, and is not providing brokerage, investment banking or
underwriting services, recommendations or investment advice to any
person, and does not provide any brokerage services. tZERO takes no
part in the negotiation or execution of secondary market
transactions for the purchase or sale of securities and at no time
has possession of investor funds or securities in connection with
such transactions.
About Overstock.com
Overstock.com, Inc Common Shares (OSTK) / Digital Voting Series
A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) /
Series B Preferred (OSTBP) is an online retailer and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its
wholly-owned subsidiary developing and accelerating blockchain
technologies to democratize capital, eliminate middlemen, and
re-humanize commerce. Overstock regularly posts information about
the company and other related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and
Worldstock are registered trademarks of Overstock.com, Inc. O.biz
and Space Shift are also trademarks of Overstock.com, Inc. Other
service marks, trademarks and trade names which may be referred to
herein are the property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended March 31, 2019, which was
filed with the SEC on May 9, 2019, and any subsequent filings with
the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20190806005198/en/
Media: Alexandra Sotiropoulos, +1-347-293-1416
asotiropoulos@tzero.com
Investors: Michael Mougias, +1-347-293-1248
mmougias@tzero.com
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