Market Update 5.17.19 – Amazon Granted Patent for PoW Cryptographic System

| Publish date: 05/17/2019
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Amazon Granted Patent for PoW Cryptographic System

The e-commerce giant Amazon has been granted a patent for a PoW (Proof-of-Work) cryptographic system. The patent was first filed in December 2016, and was finally granted by the USPTO (United States Patent and Trademark Office) on Tuesday, May 16.

The patent lists out various techniques of developing such a PoW, and is similar to the ones used on some blockchains like Bitcoin. The patent describes how a solution of Merkle Trees can be generated for a PoW challenge. It also lists out other benefits that this technique could help with.

Find out more about this story here.

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Bosch Supports IoT and Blockchain

Bosch, the engineering and electronics giant, indicated that it was going to take an active role in defending IoT (Internet of Things) against censorship via a press release. In its announcement, the company revealed that it had multiple ongoing developments in that space, and highlighted the fact that DLT (distributed ledger technology), including blockchain, were a critical part of the future of not just IoT but also EoT (Economy of Things).

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The press release stated that blockchain and DLTs could well become key technologies in this sector. While other organizations, including government bodies, are now assessing blockchain’s potential in this new field, Bosch has taken a step further in adopting a supportive stance on the ethics related to it.

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Banks Investing $50 Million for Blockchain Settlement System

According to the latest media reports, some of the top banks are investing about $50 million for the development of a Blockchain-powered digital cash payments system. One of the major publications cited anonymous sources who were familiar with the matter, stating that about a dozen currently unspecified banks were teaming up on this project. According to the sources, these banks would be creating a new entity called Fnality to develop this project, which is slated to be launched in 2020.

Upon investigation, it was found that Blockchain startup Clearmatics seemed to have filed for a trademark application for the term Fnality. Linking things together, UBS, the Swiss banking giant had announced in 2015 that it was working with Clearmatics.

Read more about this story here.

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Total Market Cap: May 17

The cryptocurrency market’s capitalization has dropped to $228.14 billion and trading volumes have declined to $105.99 billion.

Bitcoin Price Analysis: May 17

Bitcoin’s price has nosedived by 8.69% in the last 24 hours and is now at $7264.15. Capitalization is down to $128.61 billion and trading volumes have fallen to $30.13 billion.

Ethereum Price Analysis: May 17

Ethereum’s price has also dropped in the last 24 hours by 7.38% to $235.57. Its capitalization is $24.99 billion and volumes of trade are $16.51 billion.

State of the Top 10 Cryptocurrencies: May 17

With the exception of Tether, which has seen a gain of 0.61% in its asset price, all the other tokens in the most valuable cryptocurrency list are facing huge losses. Stellar, Cardano and Ripple have seen more than 11% drops in their token prices, and Bitcoin Cash is down by 10.38%.

  • Bitcoin is trading at $7264.15, dropping 8.69%. Currently, the token’s capitalization has reached $128.61 billion.
  • Ethereum is trading at $235.57, dropping 7.38%. Currently, the token’s capitalization has reached $24.99 billion.
  • Ripple is trading at $0.374991, dropping 11.30%. Currently, the token’s capitalization has reached $15.79 billion.
  • Bitcoin Cash is trading at $361.47, dropping 10.38%. Currently, the token’s capitalization has reached $6.42 billion.
  • Litecoin is trading at $87.80, dropping 8.42%. Currently, the token’s capitalization has reached $5.42 billion.
  • EOS is trading at $5.92, dropping 8.38%. Currently, the token’s capitalization has reached $5.39 billion.
  • Binance Coin is trading at $25.59, dropping 1.97%. Currently, the token’s capitalization has reached $3.61 billion.
  • Tether is trading at $1.01, rising 0.61%. Currently, the token’s capitalization has reached $2.85 billion.
  • Stellar is trading at $0.124116, dropping 11.94%. Currently, the token’s capitalization has reached $2.38 billion.
  • Cardano is trading at $0.078671, dropping 11.59%. Currently, the token’s capitalization has reached $2.03 billion.
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