Steemit Crypto Academy Season 2: Privacy Coins || Monero Coin

image source

Introduction
Hello Steemians, I welcome you all to this week’s Steemit Crypto Academy contest. I will be discussing on Privacy coins from the lecture given by professor @levycore. In today's lesson, I learnt about "Privacy Coins" and to create a Privacy coin wallet. In this post, I will be discussing on a particular type of privacy coin which is the “Monero Coin” based on my research and understanding of the topic.

Question 1: Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
A Brief History of Monero

Monero is a type of privacy oriented coin that is operated on the concept of opaque blockchains which enables easy transactions to be carried with privacy owned to the parties involved. It is an open source digital asset that was launched in 2014 by Nicolas Van Saberhagen as the original author. Riccardo Spagni and David Latapie were also amongst the key developers of this great privacy coin.

Monero with it popular features like ring signatures and hidden addresses makes it a privacy coin with a difference attracting users who seek privacy in their transaction which cannot be accessed via other crypto assets. These incentive features makes it hard and difficult for transactions to be traced. It also allows for easy usage and asses since it needs no special hardware before it can be accessed.

Unique features of Monero
Stealth Address: Monero uses a stealth address to send and also receive its coin

Public View key: This is a key that gives regulators and other people the access to view your transaction and this only at the owner or user’s agreement to share it.

Built-in Scalability: Monero is built on a blockchain that can handle volumes of transaction at a high speed within a little frame of time as compared to others.

Ring Signatures: Monero involves the use of ring signatures in making transactions not to be tied to one specific user but in contrast digital fingerprints which are called signatures are attached to each transaction making for easy transaction without trace on the transaction maker.

Mining of Monero
Monero can be mined individually or by joining pools and get rewarded. It can be performed on a computer without the use of any hardware as used in Bitcoin mining. Monero depends on an algorithm called proof of work algorithm.

Market Analysis and Overview of Monero
Coin Name = Monero
Symbol/Ticker = XMR
Circulating supply = 17,924,511.80 XMR
Current Price = $283.99
Coinmarketcap Ranking [based on market cap] = 27
Market Cap = $5,090,458,932
Volume (24h) = $386,575,583

Exchanges of Monero
According to https://www.getmonero.org, Monero has about 48 exchanges and brokers where the transaction (buying and selling) of monero can be carried out. The following exchanges are as shown below:

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

The following steps are taken to creating a monero wallet; first off...open the official website of Monero in the browser http:getmonero.org and then select the Download option at the top of the page as

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

why I choose monero is because of its privacy incentive and feature as compared to other cryptocoins. this makes it possible for ease in transaction of any kind, any amount without being traced by anyone. Having privacy over my asset transaction without view fro the public on what I do or the type and amount of transaction I make is one of the major things that makes me choose monero privacy coin.

Advantages of Monero

In monero, transactions cannot be traced, the user only chooses who to see his/her transaction details.

Monero can be traded or exchanged for another and thus makes it a fungible token and thus its widespread cannot be limited.

Since monero mixes it public keys, this makes it destination address not to be discovered and as well can be mined at the comfort of the user without the use of costly hardware which needs much burning of energy but just a good computer and a network for internet access.

Since monero operates on a decentralized system, it makes and also gives power of attorney to the user without any third party intermediary in transactions and other services at will.

Monero brings about privacy on any transaction carried out and thus helps in checkmating the public from viewing confidential details of the transaction.

Disadvantages of Monero

Since addresses of recipient transaction cannot be traced, this could lead to deals that are not legal thereby breeding anonymity.

Monero has not been widely adopted by users.

In monero, there is no limit of transaction across the planet and thus this can lead to government of some countries being devalued.

Hackers can easily infest CPU's with malware due to use of low cost and available CPU's.

Conclusion
Monero is a privacy oriented coins which creates and gives all round security and privacy to the user's transaction details. It makes room for every user to have peace of mind as to being followed up by public users who views user's transaction details on other crypto blockchains that allows other users to access to users transacton details. it does not need much capital (it is not expensive) to begin since it does not require costly hardware for mining it.