A subsidiary venture company Overstock, Medici Ventures, announced the funding of a decentralized social network Minds, Inc.
In a press release said that investments Medici will be part of the total stock of investments of the series “A”. The exact amount and terms of financing are unknown, however, according to unconfirmed reports, the CEO and founder of Overstock.com Patrick Byrne (Patrick M. Byrne) won a seat in the Board of Directors Minds.
In addition, Minds adopted a document on the liability of intermediaries online communications Manila Principles that promote a human rights and lobbying organizations, including the electronic frontier Foundation (EFF), Free Press, Center for democracy and technology and others. Thus, the social network has decided to indicate its commitment “to defend the freedom of speech” of its users.
Overstock has already participated in investment rounds blockchain projects. Earlier, through Medici Ventures, an online retailer has invested in Israeli start-VinX developing licenzirovanie platform for trading of wine futures on the Bordeaux model.
The company also maintains its own blockchain project: cadastral subsidiary company Overstock, Medici Land Governance (MLG) has signed a Memorandum of understanding with the government of Zambia. Under the terms of the Memorandum, MLG will work with national experts to optimize processes related to land and property, by using blockchain technology.
Overstock first major online retailer started to accept BTC as a means of payment. In February, the main shareholder of the company was the Soros Foundation. Financier and investor George Soros (George Soros) repeatedly say negative things about cryptocurrency in the media.
About the full launch Minds on the Ethereum blockchain, the developers announced in August. At that time during the day, the Minds website was visited by about half a million people despite the fact that the total number of registered accounts was $ 1.2 million. Decentralized UGC platform that rewards users for content posted in bitcoin, in the form of deductions from earnings or attract Novyy subscribers — consumers of the content. Minds the recently launched native tokens $MINDS; they can be obtained by showing activity on the social network.