Steemit Crypto Academy Season 2 Week 8 Homework Task By @fadil1 : Privacy Coin

Good day everyone,

I am very delighted to be part of this wonderful lecture and on the topic on Privacy Coin. I will like to thank our noble professor @levycore for that wonderful lecture.I really enjoyed and learnt a lot so am kindly here to present to you my work.

QUESTION 1
Choose a privacy coin and perform a fundamental analysis of the coin in detail.

Before I get into serious business I will like to give a brief explanation of what privacy coin is.

PRIVACY COIN

From my own research and from what I have learnt from this week lecture, I will say private coin explains it self let’s take it word by word. When we talk about privacy it means hiding your self in a safe place and that is security, also when we talk about coin that is any cryptocurrency or the normal currency we spend. So putting them together I will say privacy coin is is any type of cryptocurrency coin when transactions are been made only the the one sending and the one receiving knows about the transaction history but not everyone on that crypto market platform. Let’s take for example like am to send a private coin to another trader somewhere and maybe it includes a middleman, apart from me no one will know the amount I will be sending to the receiver till it reaches him and this is because when you check in the privacy settings you can hide all coin from any stranger and left alone only you.What I like most about privacy coin is that you the user is the only one who can manage your accounts and nobody else so you can choose to leave your wallet showing or hide it from strangers.

There are so many privacy coins and some of them are :

Dash

Verge

Horizen

Monero

Grin

From the above listed privacy coins I will like to make a detailed analysis on Dash

source

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DASH

DASH is one was the privacy coin which was created in 2014 by some two great software engineers named Evan Duffield and Kyle Hagan as a digital altcoin. When it was first created the name they gave to it was Xcoin and later it was changed to Dark coin and finally named as Dash that was in the year 2015 from my research.

The very reason why this dash was created is that they wanted bitcoin to have a smooth running and also help in a quick transferal of bitcoin from one trader to another. There is something in Dash which we call X11 in POW algorithm to make the network security very tight and with this X11 it uses numerous number of algorithm hashes.

Someone who has dash might want to transfer coin from his account to another persons account but may not want others users to see his transaction history. As we said earlier it’s very simple you the sender will just go into your account and clear your transaction history and nothing like your transfer will be visible again and this can only be done by the private send. With the help of the instant send to quick transactions are being made, a sender can send and will be received immediately it is sent very reliable.

Dash can be gotten by mining it yourself and not just by buying it with your own money before you can have it. Just like bitcoin mining but as for this the processes involved in mining this is POW mining algorithm.The dash market screenshot is shown below

DASHCOIN MARKET ANALYSIS

We are to explore more into dash and see what is in it and explain those features into details. Some of them include the market cap, market rank and dominance, supply, volume, and price. I will kindly pick them one after the other and give brief explanations of each of them.
Clear screenshots will be shown below all.

MARKET CAP

From the time I was doing my homework the market cap was $1,961,971,847.52 and the fully diluted market cap was $3,647,337,660.72

MARKET RANK AND DOMINANCE

From the time I was doing my homework, the current dash market dominance was 0.12% and the market rank was #52

SUPPLY

With the dash supply we had circulating supply which was 10,166,667 DASH, the total supply was 10,166,667 DASH and the last one max supply 18,900,000 DASH.

VOLUME

The trading volume of dash at that current time was $592,571,985.41

PRICE

Here we have the dash price statistics which include the dash price dash which is $192.37, the price change to be $-15.25 and then the 24h low / 24h high is $183.20 / $210.79

This is a graph of dash which you can read and know how prices move day in and day out

QUESTION 2
Describe the steps in creating a wallet for the privacy coin of your choice.

I will be using DASH as usual but before I will take be able to take you through the processes, please click on the link https://apps.apple.com/gh/app/dash-wallet/id1206647026 to download app on either your google play store or apple istore.

• If you are done downloading the app, the interface of the app will appear click on ‘skip’ and the main interface appears. You will see ‘create a new wallet’ which is in blue and the other which is ‘recover wallet’ but since you are new click on ‘create a new wallet’

• After you click on the create a new wallet button you will be asked to enter a four digits pin which you will be using to unlock your app all time.

• When you enter the pin another menu will appear which you will click on secure now.

• Again click on show recovery phraseo. At at this point you need to write this down at a secure place.

• Click on ‘I write it done’ when you are done writing them.

• After you are done arranging words in order then you will receive a verification message and that means your accounts have been verified successfully.

• Your dash accounts gave been created successfully but because you are new there is nothing in your account.

WHY I CHOSE DASH PERSONALLY

The number one reason why I chose dash personally is because dash is very riable and the app itself is not complicated. Am saying that because of the simple steps I went through before I got my account created. There is no need to pay for anything before you can get into the platform.

The security on dash to is very tight before you will ask to provide your pin a keep it at a very safe place this means no one can use your accounts except you and as said earlier on there is no need for someone to know your account wallet you hide it if you decide to.

ADVANTAGES

• Sending of coins in dash are very quick.

• Very reliable and simple

• High security on the platform

DISADVANTAGES

• It does not use a full decentralized system

• Since one identity can be hidden a lot of thieves hide their identity and steal coins from others.

CONCLUSION

In brief, I will like to say I really enjoyed the lecture a lot and I can say this lecture was one of the great lectures for this week. I also learnt a lot especially on ‘PRIVACY COIN’

Thank you very much professor @levycore for that wonderful lecture and May the good Lord be with us and bless us all.