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Amazon-Backed Crypto On A Horizon? Tech Giant Files Suspicious Patent

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Amazon Files Proof Of Work 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.

Despite the lack of cryptocurrency or digital asset-related discussion, the patent mentioned SHA-256, which, as you well know, is the hashing algorithm that Bitcoin and related crypto assets use.

Some have interestingly taken this news as a sign that Amazon, which is valued at a cool $940 billion on the open stock market, is joining the cryptocurrency revolution. As Morgan Creek’s Anthony Pomp wrote on Twitter, “there’s not a large company in the world who isn’t going to join the revolution.”

An Amazon representative might confirm, or at least not deny, the hearsay that their firm may get into cryptocurrency or blockchain. According to Decrypt Media, Amazon Web Services General Manager Rahul Pathak told reporters at Consensus that if digital assets are something that “matters to customers”, his firm would try to get a “point of view of it” that makes sense to them. Of course, that statement is very nebulous in and of itself, but at least Pathak didn’t deny the potential of an AmazonCoin or something of a similar nature.

Big Corps Launching Crypto Assets

While it is still unclear whether or not Amazon will launch its own cryptocurrency, other reports indicate that other technology giants have concrete plans in the same vein, making it not out of the realm of possibility that AmazonCoin will become a reality.

As Ethereum World News has reported previously on multiple occasions, Facebook is currently working on securing up to $1 billion in funding from financial services giants, namely Visa and Mastercard, and crypto pundits and funds. Just the other day, Digital Currency Group’s Barry Silbert just divulged he signed an NDA with Facebook for… something. The financing is purportedly for a cryptocurrency and a broader payment network — dubbed “Project Libra.”

The digital asset is purported to be a stablecoin tied to the U.S. dollar and will act as the backbone of the payments system, which is said to be focused on eliminating credit card fees, thus aiding merchants and consumers alike. Interestingly, the cryptocurrency may also become an integral part of an upcoming upgrade to Facebook’s ad system, which may reward users for viewing ads and purchasing goods. This contradicts previous reports stating that Facebook’s project was going to be centered around providing remittances for WhatsApp users in nations like India.

In a similar string of news, Samsung, one of the largest technology firms on Planet Earth, is building an Ethereum-based blockchain. The blockchain, which is still in an “internal experimental” stage, may host its own cryptocurrency, the fittingly named “Samsung Coin.” It isn’t clear what use this asset would hold, but the source suggests that blockchain could be brought to Samsung Pay, the tech giant’s fintech application. After this news propagated, Ledger was revealed to have received a $2.9 million cheque from the South Korean corporation.

Photo by Christian Wiediger on Unsplash

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Ethereum eyes $3.5K as ETH price reclaims pandemic-era support with 40% rebound

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Ethereum price is back above its 50-week exponential moving average, a credible support level from the 2020-2021 market boom.

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Amazon’s Flailing China Unit Plots Major Merger to Challenge Alibaba

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Talks are underway to merge Amazon’s Chinese challenge with NetEase-owned Kaola, in step with industry newsletter Caijing. Kaola is a Chinese e-commerce company which focuses on promoting imports.

The industry newsletter added that an settlement have been inked past due final yr amidst tough negotiations. NetEase is indexed at the Nasdaq and boasts a marketplace cap of fairly over $30 billion. Besides Kaola, the Chinese tech large additionally develops web content material, together with video games for private computer systems and cell gadgets.

Amazon China Chooses to Compete in a Niche Rather than Target Alibaba Directly

Should Alibaba worry Amazon’s newest China play? | Source: Shutterstock

Currently, Kaola is the most important Chinese e-commerce company that offers in imported items, in step with Reuters. Alibaba’s Tmall Global in addition to JD Worldwide, observe intently in the back of. Kaola imports greater than 5,000 manufacturers from 80 international locations. The imports are in large part purchased without delay from in another country producers.

The building comes at a time when Kaola is alleged to be requiring an infusion of funding. Yang Zhaoyu, the Chief Financial Officer of NetEase, just lately mentioned in a convention name that the concern lay in growth (loosely translated):

“At present, the company is still focused on increasing the scale of e-commerce business, expanding the market total, enhancing brand awareness and user reputation. The current goal at this stage is not to increase gross margin.”

In China, Amazon is Playing a Game it Hardly Knows – Catch Up

The merger talks might be observed as a last-ditch try through Amazon to catch as much as native e-commerce operators. Unlike in its house nation the place Amazon is the undisputed e-commerce chief, the web store is lagging in the back of in China. There, it’s occupying the 7th place with a nil.7% marketplace percentage, in step with eMarketer.

This contrasts sharply with Alibaba, China’s greatest on-line store, which has a majestic 58.2% marketplace percentage. China’s second-largest e-commerce company, JD.com, has a marketplace percentage of 16.3%.

Amazon is taking part in catch-up in China. | Source: eMarketer

With China being one of the most international’s maximum promising retail markets, Amazon is aware of it can not surrender with out a battle. According to eMarketer, China will – for the primary time ever – topple the United States as the highest retail marketplace on the planet this yr.

“We expect China’s total retail sales will grow 7.5% to $5.636 trillion in 2019. In contrast, US retail sales will grow 3.3%, reaching $5.529 trillion. Growth rates are slowing for both countries, but China’s growth rate will exceed that of the US through 2022.”

China Dominates World’s E-Commerce Market

Notably, e-commerce gross sales in China will develop to almost a 3rd of all retail gross sales this yr to exceed $1.nine trillion. This is not just the best possible fee globally however 55.8% of the arena’s on-line retail gross sales will likely be in China. In the United States, e-commerce will most effective include fairly underneath 11% of all retail gross sales.

The emerging retail gross sales in China are attributed to expanding earning as thousands and thousands of its other people sign up for the center magnificence. For Amazon, this isn’t a possibility to be overlooked.

Amazon Image from Shutterstock

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Enterprises Can Now Deploy VeChain Thor (VET) DApps With One-Click Through Amazon Web Services (AWS)

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Blockchain as a Service (BaaS) lets in companies to create, host and use their very own blockchain packages with no need to grasp the intricacies of the way the back-end coding works. All the sensible contracts and purposes are handy at the cloud. The services and products supplier handles the entire required duties revolving round keeping up the infrastructure had to stay the carrier operational.

In all circumstances of BaaS, the cloud carrier supplier companions with a blockchain challenge to give you the community required.  We have observed it with QTUM partnering with Amazon Web Services to give you the carrier to companies. A an identical deal was once struck between ICON (ICX) and SK Holdings to offer Blockchain as a carrier to banks, insurance coverage firms and dealer sellers. AWS additionally recently launched a controlled blockchain carrier and a quantum ledger database.

VeChain Thor (VET) and AWS’s One-Click Solution

It is with the above transient historical past of BaaS that we will be able to higher perceive the recent announcement via the workforce at VeChain Thor (VET) that One-Click DApp deployment is now to be had on AWS for companies. The new carrier is exclusive in that it additionally contains compliance certification services and products from DNV GL.

The latter company invested in VET in May of closing 12 months. The transfer was once geared toward DNV GL providing extra answers to companies at the VET blockchain. DNV GL is a world chief in high quality assurance and chance control.

VET’s Blockchain as a carrier was once to start with introduced in 2016 on AWS. It has since evolved to provide a complete blockchain resolution that mixes NFC+RFID chips, blockchain encryption, id verification era, Internet of Things (IoT), cloud computing, and conventional endeavor IT services and products. The announcement of the One-Click function is going on to give an explanation for how it’ll be really useful to enterprises.

With this one-click resolution, VeChain’s BaaS resolution will use AWS CloudFormation to allow their shoppers to deploy in a single click on, getting rid of the bulky guide deployment related to the rising trade.

As previous discussed, DNV GL’s compliance certification might be an extra get advantages to all VeChain shoppers the usage of the One-Click resolution.

VeChain’s BaaS resolution beneficial properties further aggressive benefits as they hone in on compliance and safety thru DNV GL’s compliance procedure and device structure, in addition to very best practices in virtual verification and data safety.

As VeChain’s strategic spouse, DNV GL supplies safety and compliance certifications to VeChain shoppers. Founded in 1864, DNV GL is a world high quality assurance and chance control corporate, offering the arena’s main third-party certification services and products.

What are your ideas at the One-Click BaaS resolution via VET and AWS that simplifies the deployment of DApps for companies? Are such services and products accelerating the adoption of blockchain era? Please tell us within the remark phase underneath.

[Feature image courtesy of Unsplash.com]

Disclaimer: This article isn’t supposed to offer monetary recommendation. Any further opinion herein is only the writer’s and does no longer constitute the opinion of Ethereum World News or any of its different writers. Please perform your personal analysis sooner than making an investment in any of the a large number of cryptocurrencies to be had. Thank you.

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Bitcoin Analyst Says BTC Could Reach $25,000 by End of 2019

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Bitcoin (BTC) price analyst Oliver Isaacs thinks it will hit $25,000 around the end of 2019, according to a report by The Independent on June 5.

Isaacs discussed the reasons he still has high hopes for a rally in the near future, saying:

“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the U.S. and China has led to the sudden interest in bitcoin as a hedge on investments.”

Draper also reportedly commented on the state of mainstream adoption trends, with giant corporations such as Microsoft, Amazon, Starbucks and Whole Foods all now accepting payments in crypto.

Investor Tim Draper thinks that mainstream adoption will occur within the next few years. Draper goes so far as to claim that BTC will hit $250,000 by 2023. He commented on how he pictures the near future looking, saying:

“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrency […] It will be like the old lady paying out with pennies.”

Analysts at SFOX have been more pessimistic, calling the outlook for the crypto market “uncertain” and cautioning that bitcoin’s recent growth may have been simple FOMO (fear of missing out). They also pointed to the United State’s ongoing trade war with China as a reason for BTC’s rally last month.
As previously reported by Cointelegraph, The University of Notre Dame and the Pacific Northwest National Laboratory conducted a study concerning the speed and scale of cryptocurrency discussions on Reddit. The study observed price and discussion on official subreddits for Bitcoin (BTC), Ethereum (ETH), and Monero (XMR) from January 2015 to January 2018.

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Walmart In-Home Delivery a Security Threat and Amazon Knock-Off

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By CCN: For a company that can’t even employ staff members capable enough to direct shoppers to the right aisle, Walmart is taking an enormous gamble asking customers to trust them to enter their homes.

But that’s exactly what the Bentonville, Ark. behemoth is planning to do in a bid to take on Amazon in the burgeoning home-delivery market. It is pure madness. But will it work?

Anyone Want Walmart Employees in Your Home?

Walmart is going to launch refrigerator deliveries in Kansas City, Missouri, Pittsburgh, and Vero Beach, Fla. The maneuver was originally trialed in Silicon Valley in 2017 using Lyft drivers in a what was a disastrous failure. Lyft drivers, with the help of Google Maps, made good navigators of streets. Turns out, they weren’t quite as adept at stuffing strangers’ fridges.

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In a clear bid to out-Amazon Amazon, Walmart says it will only deploy its most trusted employees inside peoples’ homes. Both companies are also vying off in the next-day delivery market, with Walmart targeting a reach of 75% of American consumers by year-end.

Coresight Research found that almost 40% of U.S. consumers bought groceries online over the past 12 months, up over 10% from 2018 levels. The market is expected to rise to 2.7% by the end of this year.

Home Delivery No Mean Feat, Fridge Delivery Even Harder

An Amazon home delivery worker almost found himself shot by rapper Ice-T last month. Amazon delivery workers don’t wear garments that identify them as Amazon employees, putting them at risk of being confused for intruders. The rapper fired off an angry tweet to the company as a result of the incident:

While the rapper’s concerns are valid, they also identify an opportunity for intruders: wear an Amazon vest to avoid suspicion.

Jeff Bezos’ Amazon loathes Walmart and is planning to destroy the company with cheaper prices at subsidiary Whole Foods. According to CNBC’s Jim Cramer:

“They hate, hate, hate Walmart! Walmart is the biggest grocery chain in the country. Amazon will stop at nothing to take away the [market] share that Walmart has gained.”

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Walmart concedes the roll-out, which will begin this fall, may take some time to catch on. Per Marc Lore, president and CEO of Walmart e-Commerce, stated:

“There will be early adopters and then word of mouth will spread. It’s like Airbnb.”

The company is also being cautious about which employees will be performing refrigerator stocking, only allowing employees that have been with the company for at least 12 months and have completed a W-2 form. They will also don a camera, meaning customers can view their activities in real time.

But whether a company notorious for paying almost unemployable people tiny wages will be able to earn customer trust – which Amazon has spent over a decade doing – is yet to be seen.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

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