{"id":382657,"date":"2019-05-17T01:01:15","date_gmt":"2019-05-17T01:01:15","guid":{"rendered":"https:\/\/wncen.com\/?p=382657"},"modified":"2019-05-17T14:05:17","modified_gmt":"2019-05-17T14:05:17","slug":"bitcoin-amazon-crypto-blockchain-industry","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-amazon-crypto-blockchain-industry\/","title":{"rendered":"Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Today it was revealed that the world\u2019s largest online retailer, <a href=\"\/tag\/amazon\" rel=\"nofollow\">Amazon<\/a>, has filed an application with the United States Patent and Trademark Office to patent a cryptographic protocol that utilizes a proof-of-work consensus algorithm much like Bitcoin and other crypto assets.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If Amazon were to actually launch a native cryptocurrency of their own, what implications might the coin have on <a href=\"\/tag\/rakuten\" rel=\"nofollow\">Bitcoin<\/a> or the rest of the cryptocurrency market? And how will Amazon stack up against competitors like Facebook and Rakuten entering the crypto space?<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Amazon Files Patent for Proof-of-Work Crypto System<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Amazon is often used as an example of what investing in early startups can bring investors for unheard of gains. As of yesterday, the company went public 22 years ago, and since then a $1,000 investment would be worth $1.2 million. <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, on the other hand has been around a decade and a $1,000 investment would since be worth $2.6 billion. But what happens when you combine a powerful tech giant like Amazon and the technology behind Bitcoin? It\u2019s something that the market may soon find out, according to a new patent filed with the <a href=\"https:\/\/pdfpiw.uspto.gov\/.piw?PageNum=0&amp;docid=10291408&amp;IDKey=5D02B19831C1%0D%0A&amp;HomeUrl=http:\/\/patft.uspto.gov\/netacgi\/nph-Parser?Sect1=PTO2%2526Sect2=HITOFF%2526p=1%2526u=%25252Fnetahtml%25252FPTO%25252Fsearch-bool.html%2526r=2%2526f=G%2526l=50%2526co1=AND%2526d=PTXT%2526s1=bitcoin%2526OS=bitcoin%2526RS=bitcoin\" rel=\"nofollow\"><span class=\"s2\">United States Patent and Trademark Office<\/span><\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/24\/tech-stocks-gold-oil-bitcoin\/\">Tech Stocks, Gold, Oil, and S&amp;P 500: Bitcoin ROI Beats Them All\u00a0<\/a><\/strong><\/em><\/p>\n<p><span class=\"s1\">Amazon, the world\u2019s largest online retailer, has <a href=\"https:\/\/pdfpiw.uspto.gov\/.piw?PageNum=0&amp;docid=10291408&amp;IDKey=5D02B19831C1%0D%0A&amp;HomeUrl=http%3A%2F%2Fpatft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO2%2526Sect2%3DHITOFF%2526p%3D1%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsearch-bool.html%2526r%3D2%2526f%3DG%2526l%3D50%2526co1%3DAND%2526d%3DPTXT%2526s1%3Dbitcoin%2526OS%3Dbitcoin%2526RS%3Dbitcoin\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">filed for a patent<\/a> for a proof-of-work system much like Bitcoin\u2019s. The cryptographic protocol will be a proprietary Amazon technology and could see the creation of an Amazon Coin cryptocurrency native to the retail giant\u2019s online website.<\/span><\/p>\n<p>https:\/\/twitter.com\/messarinews\/status\/93507073?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">The Bezos-led company is just the latest to join a growing list of tech industry powerhouses welcoming cryptocurrencies and blockchain with open arms, including Facebook, Rakuten, or <a href=\"\/tag\/samsung\" rel=\"nofollow\">Samsung<\/a>. As Morgan Creek Digital co-founder Anthony \u201cPomp\u201d Pompliano says, there\u2019s not \u201ca large company in the world that isn\u2019t going to join the revolution.&#8221;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography.<\/p>\n<p>There\u2019s not a large company in the world who isn\u2019t going to join the revolution.<\/p>\n<p>THE VIRUS IS SPREADING \ud83d\udd25<\/p>\n<p>&mdash; Pomp \ud83c\udf2a (@APompliano) <a href=\"https:\/\/twitter.com\/APompliano\/status\/70742272?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Amazon\u2019s move may be in response to the \u201cAmazon of Japan\u201d Rakuten entering the crypto space. The company plans to launch its own cryptocurrency, has a crypto wallet, and recently opened up a cryptocurrency exchange.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Another major US-based tech firm entering the crypto market, will be Facebook with the upcoming launch of the supposed Facebook-branded cryptocurrency Mark Zuckerberg is rumored to be developing.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Cryptocurrencies can have a number of use cases, and given Amazon\u2019s massive customer base and how deeply ingrained the brand and its products and services are into the daily lives of their customers easily gives whatever they come up with an instant upper hand, and can apply it to just about anything offered by the tech giant.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/05\/16\/why-the-next-bitcoin-bull-run-could-eclipse-the-last-crypto-bubble\/\">Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Notably, Amazon could use it for payments, or potentially tie it into its Prime loyalty program to further incentivize its customers to dig themselves deeper into the company\u2019s robust ecosystem. Amazon offers everything from the everyday products you know and expect, to media, books, music, groceries, and so much more.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As for it going head-to-head with Bitcoin and the rest of the cryptocurrencies, it\u2019s unlikely that Amazon\u2019s cryptocurrency ends up being used outside of Amazon and its immediate and most loyal customer base. Part of Bitcoin and other cryptocurrency\u2019s appeal are their decentralized design. While many are loyal to and trust Amazon, when it comes to the world and its money, the trust of a government or the trustlessness of a cryptocurrency is required for comfort and security \u2013 some of the few things Amazon simply cannot add to its inventory.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Today it was revealed that the world\u2019s largest online retailer, Amazon, has filed an application with the United States Patent and Trademark Office to patent a cryptographic protocol that utilizes a proof-of-work consensus algorithm much like Bitcoin and other crypto assets. If Amazon were to actually launch a native cryptocurrency of their own, what implications might the coin have on Bitcoin or the rest of the cryptocurrency market? And how will Amazon stack up against competitors like Facebook and Rakuten entering the crypto space? Amazon Files Patent for Proof-of-Work Crypto System Amazon is often used as an example of what investing in early startups can bring investors for unheard of gains. As of yesterday, the company went public 22 years ago, and since then a $1,000 investment would be worth $1.2 million. Bitcoin, on the other hand has been around a decade and a $1,000 investment would since be worth $2.6 billion. But what happens when you combine a powerful tech giant like Amazon and the technology behind Bitcoin? It\u2019s something that the market may soon find out, according to a new patent filed with the United States Patent and Trademark Office. Related Reading | Tech Stocks, Gold, Oil, and S&amp;P 500: Bitcoin ROI Beats Them All\u00a0 Amazon, the world\u2019s largest online retailer, has filed for a patent for a proof-of-work system much like Bitcoin\u2019s. The cryptographic protocol will be a proprietary Amazon technology and could see the creation of an Amazon Coin cryptocurrency native to the retail giant\u2019s online website. https:\/\/twitter.com\/messarinews\/status\/93507073?s=12 The Bezos-led company is just the latest to join a growing list of tech industry powerhouses welcoming cryptocurrencies and blockchain with open arms, including Facebook, Rakuten, or Samsung. As Morgan Creek Digital co-founder Anthony \u201cPomp\u201d Pompliano says, there\u2019s not \u201ca large company in the world that isn\u2019t going to join the revolution.&#8221; BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography. There\u2019s not a large company in the world who isn\u2019t going to join the revolution. THE VIRUS IS SPREADING \ud83d\udd25 &mdash; Pomp \ud83c\udf2a (@APompliano) May 16, 2019 Amazon\u2019s move may be in response to the \u201cAmazon of Japan\u201d Rakuten entering the crypto space. The company plans to launch its own cryptocurrency, has a crypto wallet, and recently opened up a cryptocurrency exchange. Another major US-based tech firm entering the crypto market, will be Facebook with the upcoming launch of the supposed Facebook-branded cryptocurrency Mark Zuckerberg is rumored to be developing. Cryptocurrencies can have a number of use cases, and given Amazon\u2019s massive customer base and how deeply ingrained the brand and its products and services are into the daily lives of their customers easily gives whatever they come up with an instant upper hand, and can apply it to just about anything offered by the tech giant. Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble\u00a0 Notably, Amazon could use it for payments, or potentially tie it into its Prime loyalty program to further incentivize its customers to dig themselves deeper into the company\u2019s robust ecosystem. Amazon offers everything from the everyday products you know and expect, to media, books, music, groceries, and so much more. As for it going head-to-head with Bitcoin and the rest of the cryptocurrencies, it\u2019s unlikely that Amazon\u2019s cryptocurrency ends up being used outside of Amazon and its immediate and most loyal customer base. Part of Bitcoin and other cryptocurrency\u2019s appeal are their decentralized design. While many are loyal to and trust Amazon, when it comes to the world and its money, the trust of a government or the trustlessness of a cryptocurrency is required for comfort and security \u2013 some of the few things Amazon simply cannot add to its inventory. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":382660,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[149,15683,428,6664,40298],"class_list":["post-382657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-amazon","tag-anthony-pompliano","tag-bitcoin","tag-crypto","tag-jeff-bezos"],"acf":[],"yoast_head":"\n<title>Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?<\/title>\n<meta name=\"description\" content=\"Today it was revealed that the world\u2019s largest online retailer, Amazon, has filed an application with the United States Patent and Trademark Office to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-amazon-crypto-blockchain-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?\" \/>\n<meta property=\"og:description\" content=\"Today it was revealed that the world\u2019s largest online retailer, Amazon, has filed an application with the United States Patent and Trademark Office to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-amazon-crypto-blockchain-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-17T01:01:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-17T14:05:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/amazon-bitcoin-crypto-blockchain-shutterstock_1398562568.jpg?fit=4608%2C2592\" \/>\n\t<meta property=\"og:image:width\" content=\"4608\" \/>\n\t<meta property=\"og:image:height\" content=\"2592\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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