Bitcoin Tests 2016 Highs as Investors Seek Privacy

Markets Weekly is a column analyzing price movements in the global digital currency markets, and the technology’s use case as an asset class.

In this special monthly edition, CoinDesk analyzes movements and developments in the digital currency markets for the month of October.

key, locks

It may seem ironic, but privacy dominated the public digital currency discussion in October.

Spurred by a growing awareness that bitcoin is not as anonymous as it has been advertised by banks and regulators, innovators and speculators are now seeking to capitalize on what they see as an opportunity to create new products for developers and new value for investors.

Propelling this debate to the forefront was the debut of a long-in-the-making blockchain project called Zcash, which generated significant visibility (not to mention market activity) by leveraging claimed advances in bleeding-edge cryptography.

The currency, which uses zero-knowledge proofs called zk-SNARKs to help users verify transactions without exchanging information, has made progress toward providing users with new levels of optional anonymity.

As a result of effective outreach, the Zcash markets saw a speedy boom and bust after launch.

Zcash’s ZEC tokens surged to roughly 3,300 BTC (more than $2m) as they started trading on 28th October,

Read more ... source: TheBitcoinNews

Let's block ads! (Why?)

Powered by Bitcoin Central