Hello everyone, it is another interesting week of the steemit crypto academy season 2. It was really a great lecture from our honorable professor @levycore and I'm here to present my homework task on the topic Privacy Coin.
Question 1
Let's have a brief look at what Privacy Coins are and their rise within the cryptocurrency world. The cryptocurrency rise was a total uniqueness of the operational status vis-a-vis the ordinary monetary framework which was apparent in its straightforwardness level tailored towards its Open source, high privacy level which leverages on the conveyed hubs within the framework, less exchange charge charges and so on.
But on the opposite a distinctive school of thought had it that, with the nonstop open framework seen within the decentralized cryptocurrency space, that it is of no distinction with the routine monetary framework or indeed respected its development as less since all are let free or brought to uncovered without any frame of mystery or protection in its exercises.
Thus the entry of the Privacy COIN which was presented to fathom issues of security which was particularly seen within the frame of its secrecy and un-traceability. With this the beginning and goal of all exchange and wallet accounts are kept in protection disposition void of third party sees.
Now, with regards to this homework task, I would be talking on the DASH PRIVACY COIN.
The Dash has witnessed some form of name mutation, that may sound funny but it originated from a Bitcoin fork in 2014 as an anonymous cryptocurrency as XCoin. It was seen to change to DarkCoin and now Dash. We hope this would be the end of its name mutation.
It is known for its anonymity behavior which is seen to be active while using the PrivateSend option which uses the CoinJoin strategy in unmasking real transaction data. Due to its origin from a Bitcoin Fork, the Dash is said to be not natively anonymous because it maintained its cryptocurrency development.
Moreover, due to the Bitcoin fork which sees the rise of the Sprint, the exchange subtle elements such as addresses and wallet equalizations are within the open space but when the PrivateSend alternative is utilized. Although, on phenomenal move approximately the Sprint is that it natively runs on the PoW calculation and PoS for it Master-nodes. This makes its adaptability and speed more Scalable/Faster with small delay in approving exchange.
The DASH seen in the coinmarketcap is ranked #52 with a market cap of $1,924,780,838.31 and market Dominance of 0.12%. Its daily trading Volume is seen as $524,479,089 and currently valued at $209.96 as at the time of this post.
Question 2
Below are the steps involve in creating a Dash wallet account;
Step 1. Visit Playstore and search Dash Wallet and click on the Install button.
Step 2. Swipe through and click on theGet Started button.
Step 3. You now click onCreate A New Wallet.
Step 4. You will be ask to Set Your Pin, then you will choose any four digits of your own as your Pin.
Step 5. Now you click on Secure Wallet Now button.
Step 6. Again click on Show Recovery Phrase.
Step 7. Here a phrase will be given to you in an order and you will write it down at a safe place and click on Continue.
Step 8. You will now be asked to input the four digits pin you chose at the beginning.
Step 9. YourNew Dash Wallet Is Created Successfully.
Question 3
The reason for choosing the Dash Privacy Coin may not be distant from its crucial connection with the Bitcoin, safe house known that the Dash rise was as result of a Bitcoin fork in 2014. In spite of the fact that this may not be all, these are a few of its idiosyncrasies as recorded underneath; They can too be seen as major player in its proceeded presence as a security Coin within the cryptocurrency space.
1. It profits the client the alternative to choose in the event that exchange done ought to either be open or in Protection. With the utilize of the "PrivateSend" include, this decides how a client needs its exchange done.
2. Moreover, the Dash works natively with the Confirmation or Work (PoW) calculation in approving its exchanges additionally with the Confirmation of Stake (PoS) for all of its Master-Nodes. This constantly implies that, there would be advancements in its versatility and speed of exchange within the blockchain systems.
3. It contains a inviting interface which is less demanding to utilize by its clients coupled with its tall exchange speed and Lower expenses charged. The speed of exchange is additionally
improved by the "InstantSend" highlight which makes and empowers exchange done nearly at the speed of light.
1. High control speed in executing exchange. They are unconstrained with the utilize of the InstantSend include which sees exchange done as before long as its clicked.
2. It is seen to save 10% of its mining rewards to the DAO which in turn are capable in maintaining and financing ventures that are useful to the Sprint community
3. The Dash is profoundly secured given to its local root from the Bitcoin which runs on same calculation additionally its extra security measures in put. It is seen to have the X11 cryptography calculation which makes it most trouble to break
4. It is absolutely decentralized in all of its functionalities in spite of the included highlights in it. Data are well conveyed to all hubs indeed when something happens to one of its hubs.
1. The Dash is seen to have a few impediment and escape clauses, exchange can be followed when Master-Nodes are gotten to which sees its Protection highlight compromised.
2. There are still flawed comments on its decentralized status as the Master-Nodes are accepted to be dealt with by its advancement group.
To conclude with, Privacy coin will proceeded to fulfill the a fragmentary portion of those who accepted within the mystery of their Exchange.
In spite of the fact that there are government kickbacks who accepted through this implies that there would be an expanded cash washing infringement and Psychological warfare financing but investigate has it that fair an microscopic esteem has been followed to Cryptocurrency inclusion.
Thank you!!
Hi @abdulhalim100, Thank you for taking my class in the 8th week.
This is the detailed assessment that you get from the results of writing the homework that you have created:
Review dan Feedback:
Your fundamental analysis is good, but it could be improved by adding some supporting pictures for your explanation.
The explanation of wallet creation is complete.
The conclusion you make is not about the privacy coin you are discussing.
Thank you!
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