here's an article from wired:
http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market/
it seems that overstock will hire the counterparty guys, and build a new piece of software called Medici.
Code-named “Medici,” the project aims to democratize Wall Street in much the same way bitcoin seeks to democratize currency and payments. By operating separate from traditional stock exchanges and the big corporate banks, it could eliminate certain loopholes in the system and reduce the costs associated with issuing and juggling stock.
After building the software inside Overstock, Byrne says, he will spin off its developers into a separate company that will continue to hone the software and provide various services to those who use it.
After Overstock builds its cryptosecurity software—which will likely take several months—Byrne intends to present the system to regulators for approval. But this may be difficult to win, because the SEC and the incumbent banks are so set in their ways.
But in order to grease the wheels, Overstock has enlisted a team of lawyers from the international law firm Perkins Coie, which, in recent years, has sought to build up an expertise in the area of bitcoin and other digital currencies. “We think we have the first string in all positions,” Byrne says, referring to Perkins Coie and CounterParty.
The ultimate aim of the project is to create a stock system that operates, in large part, outside the control of the big incumbent banks. A stock system based on math, the thinking goes, would eliminate loopholes maintained and exploited by interested parties.
I thought this part was interesting- they want to make investing as easy as shopping.
“We hope to really increase the efficiency of the market.” And, in the end, he explains, this could bring investments much closer to the average consumer. “If you shop for linens on Overstock, you can get a new mattress too. And now—oh by the way—you could also spend $10 more and invest in the company,” Dermody says.
