Building a dedicated streaming PC for streaming from console

Hi! I'm planning to build a dedicated streaming PC for streaming from my Xbox One using an Elgato GameCapture HD and I'm looking for some help from people who know more about building a PC than I do. I don't plan on playing any games on this PC, but would like to be able to stream at max settings (most likely will stream at 720p 60fps, but would like the potential to go 1080 if that ever becomes a possibility with my upload speed, etc.). The build I am considering is as follows (this is from pcpartpicker, apologies if I formatted incorrectly):

AMD - Ryzen 5 1600 3.2GHz 6-Core Processor

ASRock - AB350M Micro ATX AM4 Motherboard

Team - Dark 16GB (2 x 8GB) DDR4-3000 Memory

Western Digital - Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive

MSI - GeForce GT 710 1GB Video Card

Thermaltake - Versa H15 MicroATX Mid Tower Case

EVGA - 500W 80+ Bronze Certified ATX Power Supply

My main questions about this build are whether 16gb of RAM is necessary, given that I will basically only be streaming on this PC, and whether this CPU will fit my needs well or if I should upgrade and go with the 1700x or even one of the newer ones being released this month (I understand speculation on unreleased products isn't allowed, only wondering if those upgrades would even be necessary). My budget is not strict, but this build will cost me a bit upwards of $600 not including shipping, so I'm not looking to spend much more than I already am. I live in the United States. Any help would be much appreciated and I'd be really thankful for any suggestions!

Submitted by OhShootKid | #Specialdealer Special Offer Online Shopping Store 2016