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Amazon Crypto Currency? Tech Giant appplies for Suspicious Patent

A patent that has begun to circulate, published Tuesday, reveals that Amazon may be looking into crypto-related systems, like Proof of Work and Merkle Trees. The document, filed under the jurisdiction describes a system that has a “first party” complete computational work to gain access to a computing resource. The document’s abstract also mentions hash trees, which are also referred to as Merkle Trees

Sound familiar? Well, that’s because Bitcoin, Ethereum, and other blockchains use a very similar system. Funnily enough, however, the patent did not mention “cryptocurrency”, “blockchain”, or “Bitcoin” at all, and instead described the Proof of Work system in immense detail, specifically touching on how it could be used to mitigate DOS (denial of service) attacks from bad actors. Indeed, Proof of Work was once proposed as a way to ensure emails aren’t spam.

In spite of the absence of cryptographic money or advanced resource related talk, the patent referenced SHA-256, which, as you understand, is the hashing calculation that Bitcoin and related crypto resources use.

Some have strangely accepted this news as a sign that Amazon, which is esteemed at a cool $940 billion on the open financial exchange, is joining the digital currency unrest. As Morgan Creek's Anthony Pomp composed on Twitter, "there's not an enormous organization on the planet who won't join the insurgency."

An Amazon agent may affirm, or if nothing else not deny, the noise that their firm may get into digital money or blockchain. As indicated by Decrypt Media, Amazon Web Services General Manager Rahul Pathak told correspondents at Consensus that if computerized resources are something that "matters to clients", his firm would endeavor to get a "point of perspective on it" that sounds good to them. Obviously, that announcement is exceptionally shapeless all by itself, however in any event Pathak didn't prevent the potential from securing an AmazonCoin or something of a comparative sort.

While it is as yet vague whether Amazon will dispatch its very own digital currency, different reports demonstrate that other innovation mammoths have solid plans in a similar vein, making it not out of the domain of plausibility that AmazonCoin will turn into a reality.

As Ethereum World News has revealed beforehand on various events, Facebook is as of now taking a shot at verifying up to $1 billion in subsidizing from money related administrations mammoths, to be specific Visa and Mastercard, and crypto savants and assets. Not more than a day or two ago, Digital Currency Group's Barry Silbert just revealed he marked a NDA with Facebook for… something. The financing is purportedly for a digital currency and a more extensive installment organize — named "Undertaking Libra."

The advanced resource is implied to be a stablecoin attached to the U.S. dollar and will go about as the foundation of the installments framework, which is said to be centered around disposing of charge card expenses, along these lines helping dealers and shoppers alike. Strikingly, the digital currency may likewise turn into an essential piece of an up and coming move up to Facebook's promotion framework, which may remunerate clients for review advertisements and obtaining merchandise. This repudiates past reports expressing that Facebook's undertaking would have been revolved around giving settlements to WhatsApp clients in countries like India.

In a comparative series of news, Samsung, one of the biggest innovation firms on Planet Earth, is building an Ethereum-based blockchain. The blockchain, which is still in an "interior test" organize, may have its own digital currency, the fittingly named "Samsung Coin." It isn't clear what utilize this benefit would hold, yet the source recommends that blockchain could be conveyed to Samsung Pay, the tech mammoth's fintech application. After this news spread, Ledger was uncovered to have gotten a $2.9 million check from the South Korean enterprise.


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