SEASON 2 Week 8 | Steemit Crypto Academy Homework Post for @levycore | Privacy Coin DASH

Introduction

Bitcoin was founded with the sole intention of creating a decentralized, transparent, and anonymous digital currency, although the last function isn't so true because transactions can be traced back to individuals via their public addresses. Because privacy coin keeps transactions private, it ensures anonymity. This is accomplished by masking sender and receiver data. I'll be looking at Dash Coin as a privacy coin in this post.

What is DASH coin

DASH coin is a digital currency built on the open-source of blockchain protocol, similar to Bitcoin. DASH coin was created to offer more privacy and faster transaction than Bitcoin.
The words "Digital" and "Cash" are combined to form DASH. The coin was Launched in 2014 as Xcoin, it was later renamed Darkcoin, and finally DASH in 2015.

source

Dash has grown in popularity in comparison to other privacy coins due to its primary features;

PrivateSend: This feature allow users to transact anonymously without revealing their address, amount sent and received, or other transaction data to third parties. The User's unspent Dash are combined before the transaction is executed with the PrivateSend feature.

InstantSend Using the InstantSend feature, Dash may complete a transaction in under a second. Instead of using miners to validate transactions, the InstantSend uses masternodes. Rather than validating an IstantSend transaction in the current block, a masternode accepts it and broadcasts it to other masternodes, where it is validated in the next block and this is very quick and fast

Decentralized Governance (DGBB): this feature allow DASH coin to self-fund itself, in Bitcoin mining the miner receivie all the rewards but in DASH 10% of the reward will go back to DASH itself this funds is used to develop and improve the system.

DASH Mining and Masternode(How to get DASH coin)

Bitcoin the first cryptocurrency uses the proof of work (PoW) algorithm consensus to mine, DASH on the other hand uses the proof of work algorithm and Masternode a very unique feature to mine.

Mining DASH Like I stated earlier it uses the Proof-Of-Work algorithm that is a node or miner validate a transaction using CPU, GPU as well as ASIC hardware and the miner are being reward with 45% of the mining reward this is totally different from Bitcoin that reward the miner with 100%.

Masternode The Masternode are like special servers, they validate transaction on the instantSend and PrivateSend feature making transaction on DASH faster and private.
They are also rewarded with 45% mining reward, to become a Masternode on DASH a user must deposit a minimum of 1000 DASH.

Fundamental analysis of DASH coin

DASH coin is one of the cryptocurrency that didn't perform any ICO before entering the market.
It has a circulating supply of 10,164,339 DASH and a maximum supply of 18,900,000 DASH.
DASH is currently ranked #50 with market capitalization of $2,108,592,122 trading at $577,221,835 in the last 24hrs.

There are list of popular exchanges that DASH coin can be traded on. Which include Binance, Huobi, Coinbase and so on.

Looking at the official website of DASH, there are numerous information that can be found which includes;

The DASH whitepaper, DASH roadmap.

There are other informations published on the official website which include the daily active address 86,000+, the total transactions per day 23,600+ and the payment volume 3.64 Billion+ all this are reported by it Q4 20 report.

There are also 4,350+ merchant and service, with over 265+ exchanges and brokers with a transaction speed of 1 seconds.

All this are really amazing and it makes the platform standout and unique from every other platform.

2. Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)

I will be download and install the DASH wallet on Google playstore.

To create a wallet it is very important to follow all the steps which include;

Step 1Go to Google playstore or visit this DASH and it will redirect you to Google playstore to download the app.

Step 2 After successfully installing the app, click on"Open" to launched the app

Step 3: click on "Get started" to begin

Step 4: In this page click on "Create a new wallet" to start the process of creating a new wallet

Step 5: Create a new PIN for security reasons, this will also help you to unlock the app when idle.

Enter the PIN and confirm by re-entering it

Step 6: The next step is to secure your account, click on "Secure now"

Step 7: This page will show a important warning about your recovery phrase, how important the recovery phrase is when you want to access your account
Click on "Show recovery phrase"

Step 8: The recovery phrase will be displayed which consist of 12 words, you are required to write it down and keep it safe

Step 9: Now select the 12 phrase words according to how it was previously displayed.

The wallet has been successfully created, the dashboard will be displayed, you can then send and receive DASH coin.
And the balance currency displayed is my local currency NGN (Naira) which can be changed at the settings to any currency of your choice.

3. Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)

DASH is a better version of Bitcoin, with considerable advantages in terms of privacy and speed. It's a self-governing and self-funding decentralized cryptocurrency with a lot of room for improvement in the protocol.
There are some amazing features like the InstantSend that confirm transaction as very fast as speed of light, with PrivateSend that make transaction secure and sent anonymously without giving any information about the transaction to the public. When compared to Bitcoin, Dash is a more cost-effective way to pay for transactions. Transactions as cheap as $0.02 per transaction are possible. Everyone has a way to validate transactions, whether it's by mining or a masternode.

Advantages

• DASH coin can be use to make fast transaction using the InstantSend feature

• The ability to perform transaction anonymously without the information been traced by the third party

• Transaction on DASH requires low fee compare to Bitcoin

• Self-funding and government to make improvements for the system

Disadvantages

• Alot of criminals use it for illegal transactions because of the privateSend feature that confirm transaction without leaking the sender or receiver details

• Alot of Competition from other privacy coin including Monero

• The government doesn't support it because of the privacy feature and it is not widely used currently

Conclusion

Dash's unique technology, which focuses on privacy, speed, and cheap transaction fees, has given it an advantage over many other cryptocurrencies. When it comes to investment, Dash has a finite quantity, which means it will be in higher demand in the future when the supply can no longer be mined. Dash is an excellent cryptocurrency for everyday transactions such as shopping, paying for hotels and flights, and conducting business.

Furthermore it is one of the most popular privacy coin listed on big exchanges like Binance, Poloniex, Huobi global, Coinbase and so on.

Cc: @levycore