Internet and tech entrepreneur Halsey Minor announced the launch of Bitreserve, a bitcoin platform that addresses bitcoin volatility and provides real-time transparency, transaction traceability, and proof of solvency.
"Bitcoin is a remarkable innovation, created and supported by lots of very smart people," commented Minor, who founded CNET in 1993, growing it to be a Nasdaq 100 company. "Bitreserve is built on top of the bitcoin network, allowing members to convert bitcoin into money they know, trust, and understand."
Minor is Bitreserve.Org's Founder and Executive Chairman. Tim Parsa, a tech, media and telecom veteran, is the Company's Chief Executive Officer.
"We offer our Members all the advantages of bitcoin -- fast, irrevocable, low-cost, peer-to-peer payments -- but without bitcoin's value-destroying volatility," commented Parsa.
Bitreserve Members can hold bitcoin denominated in dollars, euros, yuan, yen, and pounds. These "bitcurrencies" are backed by a full reserve of real-world currencies.
"Our system is designed for a post-trust world," commented Minor. "Just like the bitcoin network, everything is out in the open, traceable, and continuously updated."
All the Company's obligations to its Members are published in real-time and are traceable back to their origin on the bitcoin network's blockchain. While always keeping private its Members' personal information, the Company provides a continuously updated status of its obligations to its Members and of the assets it holds in reserve--a public, real-time, traceable proof of solvency.
"People work hard for their money; they have a right to know what's being done with it," commented CEO Parsa. "What you do with your money is your business. What we do with your money is everyone's business."
Minor is an Internet and tech pioneer, having founded or financed many well-known companies, including CNET, Grand Central (now Google Voice), OpenDNS, Rhapsody, Vignette, and Salesforce.com. Parsa, a New York State Bar-sworn attorney and returned Peace Corps volunteer, is a seasoned entrepreneur, having founded and run many tech, media, and telecom ventures.