Sunday, 08 December 2019

Shopping on Amazon With Ethereum Could Soon Be Possible Thanks to Two Blockchain Startups

Two blockchain-focused startups, cryptocurrency payments firm CLIC Technology and blockchain infrastructure provider Opporty, have recently revealed they’re set to soon release a browser extension that’ll allow users to shop on Amazon using Ethereum’s ether.

According to a recently published press release, the browser extension both startups are developing will allow its users to shop on the largest e-commerce website in the world, Amazon, even though the company itself doesn’t accept cryptocurrency payments.

The extension will allow its users to use the cryptocurrency through Plasma Cash, a technology Ethereum founder Vitalik Buterin described in March of this year. It’ll essentially work as a payments scaling solution, similar to Bitcoin’s Lightning Network, and according to the release it’ll “bring a modern day cryptocurrency economy one step closer to becoming a reality.”

This, the firm added, as Plasma Cash will “dramatically accelerate” transaction speeds when compared to the Ethereum blockchain itself, which the document claims can handle on average about 20 transactions per second. Amazon, it notes, processes over 300 transactions per second.

Roman Bond, the CEO of CLIC Technology, was quoted as saying:

Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries.

In the future, both companies are set to work together on similar cryptocurrency-focused payment products, with options being considering including ERC-20 and ERC-721 tokens. It’s worth noting this isn’t the first browser extension designed to let cryptocurrency users shop on Amazon.

In April of this year, a browser extension called “Moon” started letting Bitcoin’s Lightning Network (LN) users shop on the e-commerce giant using the flagship cryptocurrency’s layer-two scaling solution.

These extensions work by converting the cryptocurrency to fiat after the purchases are made, which means Amazon itself doesn’t handle any cryptocurrency. It’s worth noting the CEO of Binance has, back in February, noted Amazon will “sooner or later” issue a currency.



source: cryptoglobe.com
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