2019 is going to be a big year for cryptocurrency and blockchain technology. It has been a decade since the launch of Bitcoin and a plethora of cryptocurrencies have been released into the market since then. Not only are people opting to buy and sell digital currency, but the adoption of these digital currencies for paying for goods and services is also increasing with each passing day.
One of the main reasons behind the growing popularity and acceptance of cryptocurrencies is better security and quick transactions. As 2019 witnesses growing adoption of cryptocurrency and blockchain technology, it will also see a range of novel technical developments.
The rise of Mimblewimble
The cryptocurrency industry will witness the rise of Mimblewimble, a new technology that enhances privacy and confidentiality of crypto transactions.
Mimblewimble has already been implemented, allowing users to choose which information will be made available to which parties, thereby empowering users to have complete control over their transactions, according to applicable laws.
Mimblewimble uses ‘blinding factors’ to encrypt the sum of cryptocurrency that is being sent to another party, together with CoinJoin – a privacy protocol that prevents Bitcoin transaction privacy, to make transactions untraceable by mixing them together.
It is more likely that Mimblewimble will be adopted by other coins that will be launched this year. It will make the process to buy and sell digital currency better and more secure.
More number of blockchain-based applications
Two major trends that you are more likely to see in 2019 are – first, evolution of faster and more secure platforms. A lot of money raised through Initial Coin Offerings is going into developing quick and secure platforms that will be able to acquire more users.
Second, introduction of more blockchain-based applications. A recent example of such solution is issue of birth certificates by leveraging blockchain technology. The government of India issued the first birth certificate in December, 2018 by using an ID platform based on Ethereum blockhain and developed by Lynked.World.
Apart from this, Bank of America patented blockchain technology for cash ATMs at the end of 2018; Xerox patented a blockchain-based solution to check if electronic files have been altered; IBM patented blockchain-based tech to build trust in augmented reality gaming; and Intel introduced a new and energy-efficient method of bitcoin mining.
It comes as no surprise that there will be a multitude of technological advancements in cryptocurrency and blockchain world this year. The advancement like Mimblewimble will benefit the crypto exchange market, helping exchanges to appear as the best site to buy and sell bitcoins and other currencies, when it comes to privacy and confidentiality.
Furthermore, growing number of blockchain-based solutions will result in more efficient operations in the domain that the solutions cater.