How an Amazon Job Posting Saw Bitcoin Soar Past $40,000.
One of the most popular trends in cryptocurrency right now is “initial coin offerings,” or ICOs. These are a way for companies to raise money through crypto-currencies, and Ethereum has emerged as a dominant player.
This week, a new twist on this trend emerged when an Amazon job posting got noticed by bitcoiners around the web. In it, Amazon announced that it was looking for a software development manager to focus on the company’s business applications related to blockchain technologies.
In other words, they’re hiring someone who can help them with whatever they’re working on that is related to bitcoin and other cryptocurrencies. It didn’t take long for people to start speculating about what Amazon could be up to with these blockchain technologies. The most popular theory is that they want to use their server capacity for mining bitcoins – which would give them control of more than 2% of the computing power in bitcoin mining.
What is an Initial Coin Offering?
An initial coin offering is a way for companies to raise money through cryptocurrency. An ICO is often used when a company wants to create a new service or product and needs capital to fund development. Though not always the case, most ICOs issue “tokens” in return for bitcoin or Ethereum. Most tokens will be built on top of their own blockchain, which isn’t necessarily tied to the company that created them.
Why is Ethereum so popular?
Ethereum is a blockchain-based platform that can be used to execute code on the blockchain. In other words, it’s an open source computing platform which allows developers to build and deploy decentralized applications. Ethereum has emerged as a dominant player in the cryptocurrency market because of its smart contracts feature. These are essentially pieces of code that can be uploaded to the Ethereum network and interact with each other without needing a third party to coordinate them. Simple transactions between two parties can be easily coded into a contract, and these contracts are enforced by the network as they’re uploaded.
The Future of Blockchain Technology
The future of blockchain technology is an interesting, albeit uncertain thing. There are many people who believe it will revolutionize the way we invest and do business.
If Amazon succeeds in its goal, they could control more than 2% of the computing power in bitcoin mining – which would make them one of the major players in this space. And if that’s true? It could be bad news for the small guy, but good news for Amazon shareholders.
It is unclear what Amazon’s intentions are with this job posting, but it is clear that there are many speculations on what they might be up to.
How does the Amazon job posting come into play?
The Amazon job posting for a Software Development Manager (SDM) position caught the attention of bitcoiners this week. The SDM will be tasked with working on Amazon’s business applications related to blockchain technologies.
This is essentially Amazon saying they want someone who can help them with whatever they are currently working on that is related to bitcoin and other cryptocurrencies. It’s unclear how the company would use blockchain technology, but one theory is that Amazon seeks to use its server capacity for mining bitcoins – which would give them control over more than 2% of the computing power in bitcoin mining.
Speculation on what Amazon might be up to
This speculation led to a spike in bitcoin’s value, which passed $40,000. It’s not clear what Amazon is up to, and it could be that they’re not interested in mining coins at all. But the rumors got bitcoiners excited about the prospect of one of the biggest companies on earth getting involved with crypto-currencies.
There are many theories on what Amazon’s next move will be, but it’s hard to know for sure.