Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?

Today it was revealed that the world’s 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?

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