AMAZON MAY BE CREATING ITS OWN CRYPTO!

[Vode]

3 hours ago, HalGameGuru said:

You misunderstand the technology, it isn't about the coin. It's about the blockchain. And while its strength lies in it being decentralized it doesn't HAVE to be. The technology can and should be used by many groups for as many purposes as possible. banks are already using it to store their ledgers and there are concerns in Africa beginning to use it as a land registry to codify deeds to land that has never been platted or officially demarcated by their governments. And while you would want an open and decentralized blockchain for a currency-centric operation, if you are focused on the blockchain itself dissemination of the blockchain may well be secondary to a more focused goal.

Dude. The only thing a blockchain does good is decentralization and censorship resistance.

 

But they come at a cost, mainly transaction speed.. If you don't need decentralization you don't need a Blockchain to have a coin. -> Ripple

[2FA]

8 hours ago, DanielMDA said:

Their own coin, they weren´t talking about the distinct capabilities of blockchain or apliccations, they were strictly designing coins

Sounds like an episode of Mr. Robot

[MadyTehWolfie]

Ugh another shitty crypto currency. Having 5+ differen crypto currency all with different values is why it'll never replace the dollar nor would I want to be paid by an employer with that garbage.

[HalGameGuru]

5 hours ago, Vode said:

Dude. The only thing a blockchain does good is decentralization and censorship resistance.

 

But they come at a cost, mainly transaction speed.. If you don't need decentralization you don't need a Blockchain to have a coin. -> Ripple

You don't need anything to have a coin. The coin, in this scenario, is a byproduct, a utility token, of the blockchain. The blockchain is the important bit. And while SOME of its STRENGTHS are its ability to be decentralized and resistance to unilateral change, specific use cases need not make use of these over other perceived strengths or needs.

[HalGameGuru]

7 hours ago, MyName13 said:

What would be the purpose of a centralized blockchain?How would it differ from a non blockchain ledger?

Among the many I may not know all of? It allows for publicly backing up the entire ledger. Easy dissemination among many sites all the records of every site while still allowing records to be added and recorded if any specific site goes down. It has built in confidence and error correction from multiple nodes working on all transactions concurrently. It helps to combat fraud by having unalterable records of transactions and provenance. It inherently allows tertiary data storage within transactions for reference to third party data or identifying/qualifying corroboration. A blockchain can replace the entire backend system of huge swaths of many companies' accounting, records, HR, or benefits. It's not a panacea, but for chronology, recording, and security  it is immensely useful

[Vode]

15 minutes ago, HalGameGuru said:

Among the many I may not know all of? It allows for publicly backing up the entire ledger. Easy dissemination among many sites all the records of every site while still allowing records to be added and recorded if any specific site goes down. It has built in confidence and error correction from multiple nodes working on all transactions concurrently. It helps to combat fraud by having unalterable records of transactions and provenance. It inherently allows tertiary data storage within transactions for reference to third party data or identifying/qualifying corroboration. A blockchain can replace the entire backend system of huge swaths of many companies' accounting, records, HR, or benefits. It's not a panacea, but for chronology, recording, and security  it is immensely useful

A centralized blockchain doesn't prevent any alteration or tampering with the system. Since the central party can modify the blockchain, roll back the chain if they don't like something, can change the coin supply at any point etc. Multiple nodes working on the same transaction will just slow down the system. There is no need for extra security. Howe many times did Amazon get their money stolen in the past?

 

If you just want to create a token or coin there is almost no benefit in having a blockchain (for a big company like Amazon). Just have a centralized database. Like Visa, Master Card, PayPal or even Coinbase have now.

 

There isn't a sound technical reason for Amazon to create a Cryptocurrency. Only marketing reasons and fiscal incentives, cashing in on the buzzword etc.

[Froody129]

16 hours ago, orbitalbuzzsaw said:

And this is surpising... why, exactly? It's not like Amazon wasn't going to do it eventually - honestly I'm surprised they waited until now

Amazon Go I would imagine 

[Razor Blade]

So will they call it AlexaCoin?

[HalGameGuru]

18 minutes ago, Vode said:

A centralized blockchain doesn't prevent any alteration or tampering with the system. Since the central party can modify the blockchain, roll back the chain if they don't like something, can change the coin supply at any point etc. Multiple nodes working on the same transaction will just slow down the system. There is no need for extra security. Howe many times did Amazon get their money stolen in the past?

 

If you just want to create a token or coin there is almost no benefit in having a blockchain (for a big company like Amazon). Just have a centralized database. Like Visa, Master Card, PayPal or even Coinbase have now.

 

There isn't a sound technical reason for Amazon to create a Cryptocurrency. Only marketing reasons and fiscal incentives, cashing in on the buzzword etc.

The chain itself cannot be altered unilaterally. And anyone with a copy of the blockchain from any point in history will have an unalterable record. Every copy of the blockchain that exists, whether its on a node or not, is a whole and complete record.

 

I don't think amazon is worried about money being stolen I think they want idle time on their AWS system being used for profit. Easiest way is to offload a lot of their accounting and record keeping to the blockchain, allowing those server farms to utilize idle time and liquidate much of their staffing and single use equipment from other departments.

 

I don't think they would be doing it specifically for the coin, in point of fact, unless they were to open the blockchain up to outside nodes and miners, thereby making it decentralized like you would prefer, there is no impetus for anyone to make use of their coin over any other as mining for coins is not an option. Only purchasing them via a market. Which Amazon would have a hard time doing unless they were to peg it to another crypto or fiat currency. In which case its no different than any other state backed currency.

 

Like I said, I think if they were to do this it would be specifically for the blockchain, the currency, if they even choose to implement one, would be gravy. And additional or aside to the value of the blockchain itself. It could be as simple as offering free purchase insurance or extra rewards if you include an Amazon crypto coin with your payment. That puts your transaction on their blockchain. Although if they are using it for their own record keeping we would never see the coins. They would all be on their end going back and forth as ledger entries not money.

 

CryptoCoins are not inherently money, they are inherently record keeping tokens. We can use them as money, but they could just as easily be used solely for record entries.

[Vode]

1 hour ago, HalGameGuru said:

The chain itself cannot be altered unilaterally. And anyone with a copy of the blockchain from any point in history will have an unalterable record. Every copy of the blockchain that exists, whether its on a node or not, is a whole and complete record.

 

I don't think amazon is worried about money being stolen I think they want idle time on their AWS system being used for profit. Easiest way is to offload a lot of their accounting and record keeping to the blockchain, allowing those server farms to utilize idle time and liquidate much of their staffing and single use equipment from other departments.

 

I don't think they would be doing it specifically for the coin, in point of fact, unless they were to open the blockchain up to outside nodes and miners, thereby making it decentralized like you would prefer, there is no impetus for anyone to make use of their coin over any other as mining for coins is not an option. Only purchasing them via a market. Which Amazon would have a hard time doing unless they were to peg it to another crypto or fiat currency. In which case its no different than any other state backed currency.

 

Like I said, I think if they were to do this it would be specifically for the blockchain, the currency, if they even choose to implement one, would be gravy. And additional or aside to the value of the blockchain itself. It could be as simple as offering free purchase insurance or extra rewards if you include an Amazon crypto coin with your payment. That puts your transaction on their blockchain. Although if they are using it for their own record keeping we would never see the coins. They would all be on their end going back and forth as ledger entries not money.

 

CryptoCoins are not inherently money, they are inherently record keeping tokens. We can use them as money, but they could just as easily be used solely for record entries.

If the majority of the network agrees on one version of the blockchain other versions become meaningless and invalid. If that majority is owned by one entity, you have a centralized blockchain. If Amazon controls the majority of nodes it controls the Blockchain. As a company as big as Amazon is it will actually need to control the nodes and therefore the blockchain. Because they need to fix it if something unintended, unforeseen or malicious happens. A different version of the Blockchain that's not agreed upon by the network or is offline is very similar to a back up in this case, yet not relevant to the network.

 

Like you said they probably don't want people to mine. Another reason Amazon won't implement a POW Blockchain like Bitcoin because then they would lose control (owning hashpower is expensive AF), which they need.

 

I wouldn't prefer the Amazon Crypto to be decentralized. In fact I expect it not to be. We already have Bitcoin.

The reason i was negative in my first post is that whatever Coin/Token Amazon creates will be more similar to existing Credit Card/FIAT than it will be to a truly decentralized Crypo like Bitcoin.

 

The way I see it: If Amazon does this it will be mostly about the coin, because they can capitalize on that, market it, whereas the blockchain would maybe improve their back end which they can't monetize. Imagine an Amazon Credit Card branded with their Coins/Token. It would be immediately be better than Bitcoin for most consumers since they can use/spend it easily and they don't care about decentralization (and generally know nothing about it anyway).

 

I agree that they could improve and optimize their back end, but I don't know whether using a Blockchain will make it any more efficient than it is currently.

[HalGameGuru]

3 hours ago, Vode said:

-snip-

It would, by definition, be more efficient and effective as they would be using idle AWS resources to replace people and machines in physical offices. Whether it is worth it JUST for that aspect... I would assume not. There would have to be some other vector to make that switch worth it for them. Maybe using it as a justification for capital investment in new and different AWS hardware.

 

As for Fiat, it still wouldn't be fiat currency. And unless they are going to peg it to some other currency I doubt they would be able to use it like regular money. I would assume it would operate more like bonus points or airline miles on credit cards. Which would still be of questionable efficacy as they NEED those coins to assign transactions to the blockchain ledger. While I would not put it past them to create a public facing crypto media I think their more likely first foray will be an in-house backend-only affair.

[HalGameGuru]

As for enough machines agreeing on something, that creates a fork, it doesn't change the past. And depending on how you design the blockchain there may be no way for parent blocks to have their hashes checked and even attempt to alter blocks after the fact. And in most situations where a blockchain can be altered the act of doing so can negate the rest of chain or will be limited to a specific fork or possible even machines if they cannot reconcile the remaining transactions and future ones that are still relying on the original chain of events.

 

As Amazon would likely be looking at having this house their own financial records I would sincerely doubt they would use an implementation that would allow retroactive alteration of historical blocks, no matter how old or recent, valuable or not, or number of transactions contained. Between the hashes, the interconnected exchanges, and the connected information from the transactions themselves they would risk losing months or years of records and REVENUE by allowing their chain to be so corrupted.

[TopHatProductions115]

I guess I should go make my on cryptocurrency next?

[BachChain]

[suchamoneypit]

Amazon accepting a crypto as payment on their platform would be a game changer.

[DanielMDA]

On 7/4/2018 at 8:15 PM, DanielMDA said:

Hello, this is my first big news post, so pardon me for not having the best editorial apabilities or English (Im Mexican).

 

What you read in the title, Amazon may be creating it´s own Crypto Currency, through AWS (Amazon Web Services)

 

In Jalisco, Mexico, the biggest Latin America Tech Conference takes place, called Talent Land, which also has the biggest Hackathon in the world. It was earlier this weak (April 2-3)

 

In the Hackathon, teams can tackle one of many issues in the world through technology, and each team wins $50,000 MXN (Pesos), around $2500 USD, and each challenge has a big sponsor, Intel, Nvidia, AWS, Koch, etc. In total there are 18 Challenges, and a prize pool of $900,000 MXN. Nine challenges are for the private sector (i.e. Companies) and the other nine of them for the Public Sector, since the Mexican Government is one of the organizers.

 

Now that I gave some background, lets cut to the chase:

 

The challenge is to create in 12 Hours a Crypto for AWS using their support, resources, your team, and your wits. All of this with Blockchain experts who are going to help you. All of this for $2500 USD (Approx). But the juicy part, when you win, you go to a final, most likely world wide, made by Amazon, which means they very may be preparing to create their own crypto.

 

"The Cryptocurrency of your design will work with the computing power of AWS" Translated from the page.

 

So yeah, Amazon, a big tech giant, may be creating a crypto, this could change the landscape completely, with the introduction of a more solid, well founded Crypto without previous limitations, made by none other than Amazon.

 @LinusTech 

 

 

 

Wow, UFD Tech made a video about this.

[DanielMDA]

On 7/4/2018 at 8:46 PM, orbitalbuzzsaw said:

And this is surpising... why, exactly? It's not like Amazon wasn't going to do it eventually - honestly I'm surprised they waited until now

You were expecting Amazon to create a Crypto long ago? (That's a bold statement)

[orbitalbuzzsaw]

1 minute ago, DanielMDA said:

You were expecting Amazon to create a Crypto long ago? (That's a bold statement)

I'm surprised they didn't do it at the height of the mining boom.