Amazon Crypto Patent Sparks Rumors Of Bitcoin Integration

A lot of best cryptocurrency news sites have reported that Amazon’s acceptance of Bitcoin or lack thereof will be a significant milestone for cryptocurrency. Especially after a new Amazon crypto patent went viral, showing that the company may be interested in a Bitcoin integration.

After filing a patent involving cryptographic proof-of-work, Amazon is apparently prepared to invest in a system that underpins Bitcoin and most major cryptocurrencies. As we already know, proof-of-work is a concept that was first invented by Adam Back as part of hashcash – mostly as an attempt to make it very expensive to conduct denial-of-service attacks.

The new Amazon crypto patent is described in the patent application submitted by the company as following:

“Computer networks have evolved to provide sophisticated functionality in a large variety of contexts. Providing such functionality, however, often involves complex systems that malicious entities may try to exploit. One such attack involves denial-of-service attacks, which can be disruptive to computer systems on a network. In a distributed denial-of-service attack, for instance, large numbers of requests are sent to a computer system to attempt to overload the computer system. One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing disincentive to participating in the attack. One such expense involves imposing a condition that a client submitting a request expend more computational resources (e.g., CPU cycles) to cause the request to be fulfilled.”

The revelation of the Amazon crypto patent has obviously sparked a lot of rumors on the market. Even though blockchain-related patents from major companies are not a new topic (with Bank of America and financial companies stepping in the place), Amazon’s patent has special relevance according to many crypto supporters.

One of them is Pomp, who took the news to Twitter:

BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography.

There’s not a large company in the world who isn’t going to join the revolution.

THE VIRUS IS SPREADING 🔥

— Pomp 🌪 (@APompliano) May 16, 2019

However, other analysts featured in the latest cryptocurrency news showed that the Amazon crypto patent does not actually mean that the company is stepping in the cryptocurrency market. In fact, the patent is purely for a proof-of-work system which will presumably play a role in Amazon’s web services division.

Amazon interacts with a lot of cryptocurrencies like Bitcoin now in a number of ways, as the altcoin news have showed so far. Its marketplace mostly contains crypto-related products which is how this Amazon crypto patent is of big relevancy for the company.