Killing R3: Overstock launches blockchain consortium for ‘everyone’

Rage Review : As alliances around the world are springing up, online retail giant and upstart blockchain innovator Overstock has also launched the "Revolution 4" blockchain alliance project, which is one of the most promising blockchain projects and can compete with the blockchain alliance R3. However, Overstock does not want to use the alliance to develop technology, but to make the overall products of all participants better. John Tabacco, chairman of Revolution 4, wants to expand this startup model to participants who have not yet received strong cooperation or have been ignored due to high pricing.

Translation: Nicole

Online retail giant and upstart blockchain innovator Overstock has begun working on its own blockchain consortium.

The project, called "Revolution 4," is one of the most promising blockchain projects and will allow companies to share technology and regulatory expertise related to emerging technologies. In a new interview, Revolution 4 chairman John Tabacco said Overstock's move is aimed at small businesses, fintech companies and startups that are looking for partners.

Tabacco praised R3’s move to provide a meeting place for large banks and institutions, but he also expressed his vision to expand the startup model to players that don’t yet have strong collaboration or are priced out of the market.

John Tabacco

Tabacco told CoinDesk:

“There are a lot of big banks and entrenched incumbents in the world right now, and a lot of people. But if you want to change that model and innovate organically, you have to find the valuable resources.”

Tabacco said Overstock has some potential members interested in the project so far, but he has CEO Patrick Byrne to protect the idea until it's implemented.

Notably, he believes Overstock is not interested in using the consortium to develop technology and services for its members, which is similar to R3’s strategy and work on distributed ledger platforms.

Tabacco said:

“We want to use this innovative marketplace as a backbone and then work with members as strategic partners. The main purpose of the project is not to sell something to our members, but to make the overall product better for all participants.”

As blockchain consortia gain traction, the race for a new alliance is on the rise, though most initiatives to date have been limited to geographic regions.

For example, alliances between Russia and China have sprung up in recent months as corporate interest in emerging technologies has grown.

Overstock said it will charge members a membership fee, but it may stop recruiting members at any time when it is officially launched.