Hello fellows. How are you all?

This is @aizazGhumman, here I am going to share my homework post on topic " Privacy coin" given by respected professor @levycore

Introduction to Privacy Coins

Before starting to answer the homework questions, I will like to share some brief information about privacy coins. As in the name, privacy coins are the crypto coins that stay anonymous in the blockchain network and show no credentials about a particular transaction. Once you transact (send/receive) privacy coins, the nodes in the blockchain network will be unable to see any details about it. Nobody except the sender and the receiver can track the data
of the transaction. Unlike all other coins, privacy coins have the ability to cover your name, address and crypto balance too!

The anonymity feature of privacy coins helps hide the confidential data of a specific transaction from hackers and criminals etc.

Pros:

● Your identity (full name, address, location) stays private.

● It is ensured that your transaction will be secure as criminals won’t have access to
the data

● All the details are known only to the sender and/or receiver only.

● Even your wallet address and crypto balance aren’t revealed to anyone in the
network.

Cons :

● Many people disagree with the idea of such privacy as;

● It can help criminals to make transactions without being recorded in the system.

● Hacked or illegally obtained coins can be hidden easily.

The Coin of privacy I will choose to dig into the details of is the DASH Coin…

DASH Coin

DASH Coin is one of the renowned private crypto coins in the industry, According to the founder, it was, and it is nearly impossible to hack your DASH account. Moreover, DASH secures a position in the top 10 private coins and is also known as DarkCoin due to the anonymity it offers in the transactions.

DASH Coin Network has many fantastic features like:

●  Private transactions (the “Private Send” option lets users make anonymous transactions whose credentials remain unrevealed on the blockchain network).

● Instant Transactions (DASH has an option of super-fast transactions named “Instant Send”. Which finishes your wait for the transaction to be processed and verified).

● Decentralized Government (DASH Coin is a community-powered project; it raises funds for the betterment of the network in the near future. This is the reasons it has the feature of Decentralized Government; aiming to provide maximum power to the community

How Can One Obtain DASH Coins?

There are (and most probably) will be only 2 ways to obtain DASH Coins, which are listed as below:

By Mining

The way, if you don’t want to spend money, is mining. Like all cryptos like bitcoin, Ethereum etc. DASH Coin can also be mined using specialized hardware and following all the rules in order to process transactions on the blockchain, and in return, you will be rewarded
with a specific amount of DASH coins.

By Buying

Like every other crypto coin, DASH coin (privacy coin) can also be bought from individuals as well as exchanges like:

● Binance

● Poloniex

● Dash.org (Official Website)

Question No. 1 Fundamental Analysis

It is a general and standard method applied to check the potential value of any asset (for us, it’s a crypto coin) in the near future. The fundamental analysis in the cryptocurrency industry is
all about contrasting and comparing the price of a specific token (for us, its DASH coin) at present to its price later in the future.

I am doing this fundamental analysis on the 5^th of June 2021,

1.DASH Coin Ranking

DASH Coin is currently only the 52^nd number in the competition with all cryptocurrencies. This means that even now, it has been started trading in huge amounts by people in the industry.

2.DASH Coin Price

DASH Coin has a substantial rating, making it rank in the list of top 10 high-transacted privacy coins right now. Due to this, DASH Coin is being sold at the price of $183.21 per single Coin!

3.Market Capitalists

(At the time of writing and taking the attached picture above) DASH Coin has a
market capitalisation of $ 1,863,971,656 and a diluted market capitalisation of $3,462,739,873.

4.Volume

The volume of trading that happened on DASH Coin during the last day was relatively higher than the past 7 days. With a total amount of $479,920,950.

5.Supply Circulation

The DASH Coins that are in circulation right now, due to increased demand, are also very high; the current for DASH Coin is 10,168,255.59 DASH, which is 54% of the max supply (18,900,000 DASH).

More Significant Points

Besides the fundamental analysis of the DASH Network done above, there are some more significant points that need to be kept in mind while investing.

Website

DASH Coin Network has already established 2 well-developed websites, which shows their devotion to work and coping with the requirements of modern society. The 1^st website gives more information about DASH Coin and Wallet. Whereas the 2^nd website is built for transferring news about DASH.

Community

Community is the power of every network. The more comfortable is the community, the better will the asset grow. DASH Coin uses the many sites for their community, including:

●  Twitter

●  BitcoinTalk

●  Dash.Org

●  Reddit

Communication Network

Once again, DASH believes in a powerful community, to establish better communication within the communication, DASH Coin is extremely serious for which they use Discord and Telegram.

Whitepaper

Looking at DASH Coin’s whitepaper, it wouldn’t be wrong to say that DASH has a very bright future. Their motivation, initiative and goals are just impressive! The fundamental cryptocurrency rating given to DASH Coin on March 12, 2019, can be seen in the below-attached picture.

Sometimes, fundamental analysis of a particular crypto coin becomes important. If you are ready to invest (some considerable money) in a coin, you have to do everything from fundamental analysis and news to the growth rate of the Coin per year.

The unique yet complex system of DASH Network makes us believe that DASH community members are not just doing fun; they take the crypto industry quite seriously. For some traders, it is even a matter of life and death.

Their devotion to work can be seen from their initiative and goals mentioned in their whitepaper and well-built website. These all reasons make me think about the bright future of DASH Coin. And that it will continue to sell in large volumes




Q2 How To Create a Dash Coin Wallet

Like every other crypto coin, there are various wallets on the internet that have the capability to store your DASH coins. In the following text, I will demonstrate that how can a user open a
wallet account on the official site of DASH Network.

1.  Firstly, you have to enter the website of DASH. The first page that will appear is “HOME”. Scroll down further to find the button to download DASH Wallet, as shown in the screenshot below.

2.Then you can choose the option of Android/IOS based on your device. As I have an Android, I will choose it to download on my android. Open the website on your click on Android download, as shown below.

3. The selected app will open on PlayStore (in android). Now you only need to install it.

4. Once installed on your device, open the DASH Wallet App

5.Click on “GET STARTED

6. Click on “CREATE NEW WALLET”

8.Set your PIN Code

9. To secure your account, click on “SECURE NOW.”

10.  Now, you will be shown your recovery phrase (a set of words used to recover your account). Copy these words and then enter as per instructions. Now click on “CONTINUE.”

11. Choose your native currency or stay on United States Dollar

12.  Congrats! Your account has been created. Now, you may personalize your account as per
your needs.

Question No. 3 Reasons Why I Chose DASH Coin

The primary reason that I chose DASH as an example of privacy coins is that the DASH coin is one of the most secure and highly-traded privacy coins in the market right now. According to professional data, the DASH coin has been able to rank in the top 10 privacy coins. Being in
the list of top 10 privacy coins means that DASH is one of the most transacted privacy coins (at the time of writing this article Moreover, if it is compared in the overall list of main, alternate and privacy coins, the market rank of DASH Coin is 52. Besides this, I chose DASH Coin to discuss in details due to the fantastic features DASH Coin owns like:

● Private transactions

● Instant Transactions

● Decentralized Government

All these features show the DASH Coin group is quite serious about taking DASH coin to the most used privacy coins of all time. They are continuously taking various steps in order to accomplish their goal. The DASH project is a cryptocurrency project with a great vision,
which can also be concluded by going through their whitepaper.

The DASH group is constantly trying to enhance their project and grow their community. They also have an official website and social media accounts with substantial fan followings. This is a true indicator of the success of this project sooner or later.

Every cryptocurrency has its advantages and disadvantages. Following listed are the pros and cons of the DASH coin:

Pros

1.As mentioned above in the article, DASH has an option of super-fast transactions named “Instant Send”. Which finishes your wait for the transaction to be processed and verified.

2. Also, the “Private Send” option lets the user make anonymous transactions whose credentials remain unrevealed on the blockchain network.

3. DASH Coin uses the “Cryptonote” algorithm, which covers many errors that are found in the algorithm of bitcoin.

4. DASH Coin is a community-powered project (it raises funds for the betterment of the network in the near future). This is the reasons it has the feature of Decentralized Government (aiming to provide maximum power to the community)

Cons

Perfections are always accompanied by imperfections,

1. The “Private Send” feature (which makes the transaction private in the blockchain network) allows criminals to misuse it and make transactions without being recorded.

2. People start developing various queries regarding DASH Coin’s decentralized system.

3. Dash’s private send feature (which works by mixing transactions) can also be altered by taking control over master nodes.

Conclusion

DASH Coin is included in the list of top 10 privacy coins due to the features of keeping the transactions private (only the receiver and sender can track it). No one in the blockchain network will be able to track the credentials of the particular transaction. Which also has a
further con as it allows hackers and criminals to make transactions without being recorded.

Moreover, the DASH coin allows instant transfer of crypto. People also doubt the decentralized government of DASH Coin. But, to me, the future of the DASH coin appears very bright.

I express my deepest gratitude to @levycore for this fantastic lecture.

THANKS

Regard

@aizazghumman