Lead Developers Leave Overstock's Medici Project

Overstock has confirmed Counterparty developers Robby Dermody and Evan Wagner are no longer working on its exchange project Medici.

AccessTimeIconFeb 4, 2015 at 10:30 p.m. UTC
Updated Sep 11, 2021 at 11:30 a.m. UTC

Overstock has confirmed that Counterparty co-founders and developers Robby Dermody and Evan Wagner are no longer working on its decentralized stock market project Medici.

The announcements come amid a shift in priorities for the high-profile crypto 2.0 project, first announced in October. At the time, Overstock indicated that it had hired Dermody and Wagner after vetting developers of notable 2.0 projects.

Overstock director of communications Judd Bagley indicated that the move coincides with a shift in Medici's development that will help the company build on a wider variety of protocols and blockchains in addition to Counterparty.

Bagley told CoinDesk:

"We’re not limiting Medici to a single blockchain, ledger or protocol – the idea being that long-term, cryptosecurities will undoubtedly be traded on multiple exchanges, and Medici intends to be able to accommodate trading wherever efficient and qualified exchanges pop up."

Dermody and Wagner confirmed the shift, indicating that they have since launched a new business to be announced soon. Both continue to work on their bitcoin-based asset transfer protocol Counterparty.

"We wish the Medici team the best of luck in accomplishing their objectives, and look forward to possibly working with them in the future," the developers said.

The acknowledgement comes roughly one month after rumors of a project shift first surfaced online in remarks made by Overstock CEO Patrick Byrne.

Project team remains strong

Departures aside, Bagley contends that progress of the Medici project continues to be made, adding that he's been "pleasantly surprised" by the speed of development.

Bagley indicated that the remainder of the Medici team is still in place, with new replacements hired by Dermody and Wagner taking over as the lead developers.

Alec Wilkins remains in a CTO role, while Raj Karkara is still the project's business lead, Bagley said, though he noted Medici is looking for quality assurance engineers who are passionate about the digital currency space.

also continues providing legal assistance as Medici seeks to secure regulatory approval from the US Securities and Exchange Commission.

Bagley also suggested that Byrne provides oversight when available. "You could say Patrick Byrne remains the soul of the project," he quipped.

Overstock did not provide the names of Medici's new lead developers.


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