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Bitcoin mainstream adoption in 2017 ?

Bitcoin mainstream adoption in 2017 ?

2016 was a great year for Bitcoin

The public opinion evolved positively in 2016. A better understanding of the technology associated with Bitcoin (Blockchain / Distributed Ledger Technology) has contributed significantly to blurring the image of an anonymous currency of the Darknet.

A multitude of POC (Proof Of Concept) studies have been launched in various industries such as finance, energy and IoT. Moreover, the strong attractiveness of Ethereum perfectly illustrates the awareness of the industrial and institutional stakeholders of the technological potential and the risks. On the other hand, the emergence of cryptocurrenices guaranteeing the total anonymity of exchanges, such as Zcash, have also contributed to improve the understanding of the nature of Bitcoin and by the way changed the negative image often mistakenly relayed by the media.

In any case, the market capitalisation of the bitcoin increased from $ 6 billion to $ 12 billion (USD) this year. On December 19th, 2015, the price of one unit was approximately $ 435, compared to $ 788 today, representing approximately 81 % annual growth.
The growth of the number of the daily transactions also reflects  this enthusiasm. From an average of 200,000 transactions in December 2015 to nearly 280,000 today, which represents an increase of 40%.

Nevertheless, the whole system has almost reached its limits and will have to evolve quickly in order to absorb a higher transactional load. The improvement proposals subject to the approval of the community as the “Segregated Witness” will allow to do it in the coming months.

Bitcoin, 2017 the year of the regulation?

This new year will undoubtedly be marked by the emergence of the regulation at national, European and / or international level. Indeed, the establishment of a legal framework is necessary to promote investment, education and the use of cryptocurrencies as well as the associated technology.

A very large number of countries have become aware of the disruptive potential of this technology, .The majority adopted a position of attentive observers. Indeed, many have chosen to follow up the evolution of the ecosystem in order to promote the innovation while studying the actions taken by their neighbors.

All economic stakeholders will have to overcome together the numerous challenges of this major innovation in order to the enable the massive adoption.

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Zcash, new cryptocurrency launched the 28th October 2016

zcash

What is Zcash ?

Zcash is a decentralized anonymous network using a public blockchain and ZEC coins its associated cryptocurrency.

What are Zcash characteristics ?

Basically, Zcash borrows partly from the Bitcoin blockchain DNA :
• Proof Of Work algorithm that provides the robustness and the security level required for its evolution,
• Same economic model with a 21 million units an emission of of Zcash (ZEC) in total,
• Multisignature transaction function (multisig) that allows electronic signature of a single transaction by multiple parties,

The main evolution present in Zcash is the complete anonymity of transactions based on the zero knowledge proofs.
Unlike Bitcoin, Zcash transactions can be anonymise the sender, recipient, and value of all transactions (excluding multisig) on the blockchain due to zk-SNARK, recent cryptographic method. Only the private key holder can see the content.

Who is Zcash creators ?

A team of cryptographers, developers, engineers and Bitcoin / Ethereum experienced consultants. The majority of these members are part of the Zcash Fundation, which is a non-profit foundation whose objective is to control the maintenance and upgrades of Zcash protocol with the support of their community.

What future for this cryptocurrency ?

In the world of cryptocurrencies, it might be considered as another anonymous token (ZEC coins). However, zk-SNARK is a major cryptographic innovation imported on Blockchain and open source.
We can imagine making this privacy innovation for smart contract on blockchain Ethereum and allow only the parties involved in the transaction to be aware of the whole contractual information exchanged in the Blockchain.

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