Hello to all steemians on this noble platform, I am much excited to write and share with you all my homework posts for this week's task assigned by prof @levycore. It is a great honor to attend this week's lesson.
Introduction
Privacy coin helps save transactions securely and as a result, they ensure and improve anonymity. Privacy coins ensure anonymity by concealing the data from the sender and the receivers of the data during transactions.
I would be throwing more light on the Dash Coin functioning as a privacy coin.
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
Understanding what is DASH?
Dash is an open-source protocol that has the main aim of speed and privacy for transactions. DASH was founded by Evan Duffield. Dash was first launched as Xcoin in the year 2014 and was later renamed Darkcoin. Later in 2015, it was renamed DASH as we know it to be today. Its protocol is just similar to that of Bitcoin's but their vision varies as DASH is mainly focused on privacy and speed.
DASH has been the most used privacy coin as compared to the other privacy coins due to its micro-fees, speed, and also privacy.
Evan Duffield
The Founder of DASH
Statistical Data of DASH
| Overview | Stats |
|---|---|
| Market Price | $191.92 |
| Market Cap | $1,957,731,345.00 |
| Trading Volume | $556,297,031.27 |
| Fully Diluted Market Cap | $3,639,805,491.97 |
| Market Dominance | 0.12% |
| Market Rank | #52 |
| Circulating Supply | 10,165,686.74 DASH |
| Max Supply | 18,900,000 |
| Total Supply | 10,165,687 |
DASH CHART
Micro-Fees
DASH platform has a low fee for transactions regarding the amount of money to be sent. They charge less than a cent for any amount sending to anywhere at any time as we can see from their website's homepage.
Speed
DASH utilizes the InstaSend Protocol in performing transactions in just a second. This InstaSpeed Protocol uses masternodes unlike the use of miners in Bitcoin in validating transactions. Transactions in the current block aren't validated at that spot but rather the masternode accepts the transaction and showcases it to other masternodes for validation in the next block.
Privacy
Privacy is the study of the DASH coin. DASH coin enables the sending of tokens privately thereby keeping the transaction data including the address, amount sent or received unknown to other parties. The Unspent Dash is usually mixed before the execution of the transaction takes place with the aid of the PrivateSend feature.
Dash Masternodes and Mining
The Dash coin makes the use of both masternodes and mining in verifying transactions which bitcoin on the other way round uses only mining in the verification of transactions on its blockchain.
Masternodes do not require large computational hardware such as CPU, GPU, and ASIC as required by bitcoin in its mining but rather it only requires staking of 1000 Dash, and there you go. This means that for one to execute a masternode, 1000 DASH is required to be staked. Masternode on Dash functions by validating private transactions, instant transactions, and participating in voting on the DASH network platform.
Mining on the other hand is also a different way of validating transactions on DASH. It is similar to that of Bitcoin's process where it uses the Proof of Work consensus algorithm. It also uses computational hardware such as the CPU, GPU, and ASIC in mining. For a new block to be mined, it takes about 2.6 minutes and every block has data of 2MB and total transactions of 56 per second.
Market Overview of DASH from the website
It can see from the above screenshot which I took, the transaction speed of DASH to be 1 second, 256 plus of exchanges and brokers and 4,350 plus of Merchants and Services.
Again the screenshot above also displays the current payment volume of DASH as 3.64 Billion plus, 86,000 plusDaily Active Addresses and 23,600 plus transactions per day.
The screenshot above shows how DASH is widely used by businesses across the globe.
Hurray !!!, Even Dash coin can be used to purchase a plane ticket, pay phone ills or even grab a coffee. Wow, indeed DASH coin is really booming and growing.
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
How to Create a Dash Wallet
Steps:
1.I would be installing the Dash wallet app using my phone from App Store. I first open my App Store and search "Dash Wallet" then click on Get to begin Download. I double tap my power button to confirm my App Store's account and wait for the download to complete.
2.Click on Skip from the welcome page to continue after opening the app.
3.I then clicked on "create a New wallet" to start creating my Dash wallet. A four-digit PIN code is required and I entered a 4 digit PIN to continue. You would be asked to confirm the code twice before proceeding.
- After setting my PIN, security for my wallet is needed here too where I would be given a recovery phrase to help secure my wallet. So I clicked on Secure Now to proceed.
5.After that a new page indicating an important warning on recovery phrase is given as shown below from my screenshot which I have kept in black rectangle. After reading through the message I then clicked on Show Recovery Phrase.
6.I then wrote down my recovery phrase and ticked the I wrote down phrase then hit continue to proceed. On the next page, I entered my phrase in the order in which it was given into the space provided and it immediately verified my account.
- After which I clicked on continue to proceed to my wallet's Dashboard. I was asked to wait for the Syncing of my wallet with the Dash blockchain before my wallet balance appeared. When it completed my Dash Wallet balance appeared as US$0.00 as shown below.
At this point, deposits can be done for payments and other transactions.
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
Reason for choosing Dash Coin
I selected Dash Coin over other privacy coins because of its decentralized system of governing. Also, the Dash coin was chosen because of the high speed and privacy it has over that of Bitcoin currency. Dash coin again has a low transaction fee as compared to that of Bitcoin. Dash coin uses both masternode and mining in the validation of transactions. Also, transactions on Dash coin can be done privately without displaying the details of the transactions to the public by using the masternode.
Advantages of Dash Coin
1.Dash coin provide low fees for transactions performed on their network platform
2.Dash coin provides secured transactions
3.With the aid of the InstantSend on Dash network, the transactions are done very fast and quick. (i.e. 1-second per transaction)
4.Dash coin users have the ability to participate in any voting for any change in the DASH governance due to the decentralized system it uses.
5.Dash coin aids its users to perform private transactions by using the PrivateSend.
Disadvantages of Dash Coin
1.Dash coin is currently not globally used
2.Dash coin has led many users to be making illegal and corrupt transactions because of its ability to send transactions privately.
3.Dash coin permits a particular group of authority to regulate their governance thereby making their system not fully decentralized.
4.There is high competition within the privacy coin, eg. Monero.
Conclusion
The Dash privacy coin offers InsantSend that helps users to send transactions at a spot without any delay and also offers the PrivateSend which also helps users to perform transactions privately without any display of details of the data to the public. This has been the unique feature of the Dash coin that has made it have the upper hand or advantageous over the other currencies in terms of improvement and performance.
To bulk everything together, Privacy coins are very necessary and one should at least open one account of it to be making private transactions at a fast speed.
I would like to say a very big thank you to prof @levycore for such an educative lecture, I would conclude by wishing for you prof @levycore a convenience in your work. Have a nice day and thanks for your time.
Hi @salma78, 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:
Fundamental analysis and steps to create a wallet that you created are very good.
Explanation of wallet creation is complete.
Put the pictures in the center of the page, to make it look more professional.
Re-learn the "Markdown Style Guide" to improve your writing skills.
Thank you!
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