With 2019 over it is time to look at Bitcoin 2020.
Bitcoin is one of the leading digital assets in the institutional trading field. It offers the greatest trading alternatives.
Additionally, it enjoys a sure track record with a long history and accessibility of data. This forced some of the established financial institutions to have an interest in Bitcoin.
In 2019, we witnessed the launch of multiple Bitcoin products such as Fidelity and Bakkt.
It’s also the situation for established businesses that view modern blockchain technology. For this reason, they want to innovate it using easy payments over secure and fast transaction networks and procedures created around smart contracts.
In this article, we’ll look at how BTC stacks up as a development platform for companies.
According to the latest Ernst and Young research, amongst the decision-makers in Asia, the US and Europe, here are the reasons to embrace the blockchain:
Preserving the integrity of data in Bitcoin 2020
In this field, Bitcoin is an absolute winner since it’s regarded as the most secure and trustworthy public blockchain in the market.
Currently, BTC blockchain is secured by 97 EH/s (quintillion hashes per second. The integrity of data is the priority for maintaining BTC blockchain. Additionally, there extremely restrictive about new features that can bring security bugs and jeopardize protocol integrity.
The consistency and accuracy of data can be analyzed and observed by blockchain explorers and also using surveillance equipment such as Chainalysis, Elementus, and Elliptic.
Capability to create new business models/revenue
Currently, Bitcoin has a liquid market cap of $128 billion, and this allows you to build new business models that can unlock great income channels. Moreover, the increased implementation of layer 2 technology, such as Lightning Network that operates through channels that allow faster and affordable payments. This will enable businesses to create new procedures and ways to generate income.
Improved operational efficiency
Since 2010, during the time when some opcodes were extracted from core protocols, smart contracts were known to be a bad omen in Bitcoin. Recently, with the improvement of Blockstream’s liquid and RSK framework, the Taproot and Schnorry signatures will smart contracts such as execution possible via sidechains.
The availability of layer 2 protocol like Lightning network on BTC blockchain allows private, instant, and cheap transactions. While there are some restrictions, they can be improved or changed in the future restatement of the network in Bitcoin 2020.
This enforced and supported in the blockchain in Bitcoin 2020. This is unlike other famous protocols that integrate security features such as STARKS, ZK-snarks, Confidential transactions, and Mimble Wimble.
The Bitcoin noted developers avoided incorporating those features since they could make the monetary supply of 21 million hard to verify and audit.
The growth on top of a bitcoin blockchain may be one of the key catalysts in next year. In contrast to other public blockchains.
Bitcoin has the first-mover benefit and is not affected by the same increasing issues as EOS and Ethereum. Generally, the security issues many CTOs and CIOs tend to have with public blockchains are mitigated in the sidechains areas.
Furthermore, one of the major concerns of blockchain can be reconnoitered in multiple ways. This includes the Interledger Protocol (ILP) Bridge) or keep’s tBTC.
Bitcoin has several robust features since it’s the most decentralized and stable chain available. Numerous teams are working on a broad range of services and products such as layer 2, privacy, smart contracts, and sidechains.
However, a lot is needed from bitcoin for the coin to become a dominant stake in enterprise development. They need to introduce greater accessibility of development equipment and the IDE environment.
Also, Lightning Networks need to mature to improve its implementation and usability. In a matter of time, we’ll find out if Bitcoin will use DEFI as a base layer. And match the development of EOS and Ethereum have experienced.