SEASON 2 WEEK 8 | PRIVACY COINS by @amritraj

Hey all, Hopefully everyone is doing good in this pandemic . I go through with the topic PRIVACY COINS by @levycore this is great topic by professor according to my research i have done my assignment hope you all will like it.

^{This design is created my me on canva app}

Before we start our assignment i want to tell that what is private coin.

Private coin are sort of digital currency that are private and utilize obscure blockchain exchange by concealing their starting point and objective location.

This exchange should be possible secretly by Blending different exchanges into one exchange , Security coin is a sort of digital money yet have more and distinctive kind of highlights for protection in block chain, Concealing location and wallet of client beginning and objective. Additionally concealing the exchange sum.

Question 1
Choose a privacy coin and perform of functional analysis of the coin in detail .

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Answer 1

source:- https://www.horizen.io/what-is-horizen/

I am choosing Horizen privacy coins for my research about the privacy coins.

What is Horizen privacy coin?

Horizen is a privacy Crypto coin. Horizen was launched on May, 2017 by Robert vialione. Earlier Horizen name as Z-cash in August 2018 z-cash change to Horizen main motive is that communication between all the users should be private and also solve the security problems in network.

Horizen (ZEN) offers protection safeguarded Z-Addresses and public T-Addresses that work comparably to Bitcoin. Be that as it may, sending assets from a Z-Address perfectly Address will show the sum got. Horizen additionally flaunts a huge hub organization, which assists with improving namelessness.

On December 24, 2020, Horizen exchanged at $9.40 and had a complete market cap of around $99.6 million. That made it the 117th biggest cryptographic money.

Creation of Horizen ??

Horizen has the maximum number of nodes count. It has a network of more than 40,000 nodes. Every node of Horizen not play the same role and it is powerful and secured nodes. Horizen is one of the largest and decentralized node infrastructures. Horizen is a combination of privacy tools, nodes and side chains.

Features of Horizen coin??

Horizen can generally use the address T & person Z For convergence of value without any problems. T address is a daily address and contain transactions just like Bitcoin blockchain transaction Z address are called block address and used modern security science to include sender and receiver address and Transfer amount.

The center element of the Horizen blockchain is security. Since its dispatch as ZenCash, the organization has utilized zero-information evidences to make its ZEN money untraceable and unwatchable between its security cognizant clients. It likewise accepts any connection between clients ought to be private.

Minning of Horizen??

Consensus mechanism network agrees on the single version of record. For cryptocurrency blockchain history is the order in which transaction on the network. We can say that only in proof of work that there can be mining and it is connected to minors. They will protect the blockchain from attacks and maintain the record. Horizen block time interval is 2.5 minutes. Horizen is traded on many exchange market like binance, bittrex, Dragonex etc. Horizen can be mined by Equihash (n = 900, K= 9). It will work on (POW) & (POS) algorithm. When a new horizen is created by miners 60% whereas secure node & super node operators will receive 10% each & the remaining 20% will go to DAO Which helps for economic development.

Market value of Horizen

Market Caps :- $ 1,233,561,216
Volume :- $ 78,909,268
Rank :- 73
Price :- $ 110.72
Market Dominance :- 0.07%

Source:- coinmarketcap.com

Future of Horizen

Horizen will be more efficiently & will be faster problem solving with the launch of Horizen’s Zendor beta. Horizen downstream is for open up the sidechain network. Horizen is planning to add another promising technique science called DAG by which horizen can be extensible. Horizen prices will also be increased by this technique & defeat above rank private coin. Horizen has increased more concern about investors privacy which will make investors more comfortable for choosing Horizen.

Comparision of Horizen by Bitcoin

HORIZEN	BITCOIN
Horizen was developed in may 2017	BTC was developed in January 2009.
It is privacy coin & cryptocurrency	It is just a cryptocurrency
It has maximum number of nodes	It has a highest market capitalisation.
It works on POW & POS	It works only on POW.
It has a long exchanging processs	Easy exchanges.

Question 2
Create a wallet in privacy coin of your choice. (Horizen)

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Answer 2

Lets set up Horizen privacy coin wallet.

Step 1

Search on google horizen wallet then scroll down & go to this link.

Step 2

Select the first link they will redirect you to download page.

Step 3

Select your version IOS/ Android as per your requirement. from this interference.

Step 4

It will redirect you to the google playstore and wait till its downloading.

Step 5

Now we reached on the interface of wallet creation. Now click on the create new wallet.

Step 6

Now on this interference we have to set a strong password.

Step 7

Now after setting a password click on i agree and create wallet.

Step 8

Now wait for 5 minutes.

Step 9

Now download the backup of password properly.

Step 10

Now, activate the autherization passwords like fingerprint or pattern.

Step 11

Enter the password to apply your fingerprint on wallet.

Step 12

Then we will see interface like this.

Step 13

Now click on add new wallet from the bottom.

Step 14

Search Horizen privacy coin. By typing on the search bar.

Step 15

Download the latest backup of the wallet.

Step 16

Now save the data where ever to want to save but save it securely.

Step 17

Finally you will see the horizen wallet setup.

Question 3

What are the reasons of selecting Zcash privacy coin for analysis . Advantages and Disadvantages ?

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Answer 3

The reason of choosing this coin because horizen has a strong network of nodes. It has a better privacy tools and securing coin. Horizen has a one of a kind administration model that guarantees the venture's manageability and empowers more prominent inclusion from its local area. Dissimilar to certain activities that depend on deliberate commitments from engineers and others, Horizen utilizes its depository assets to enlist the group expected to fabricate and keep up the stage. It is the presence of this depository that permits the undertaking to have a particularly hearty and energizing item guide.

Advantages

1. It provides opportunities for private conversations and provides protected data transactions.

2. Horizen works with many crypto paying providers to achieve mass adoption.

3. It securely transfer and store messages, data or funds based on complete end to end zero knowledge encryption and zK-SNARK.

4. It has more than 40,000 nodes in 56 countries and has largest node of networks which is very important for crypto coin.

5. Horizen has a source project like Horizen Development Environment and Horizen Early Adoption Plan which allows developers to learn, test and contribute to blockchain projects. In this you will be rewarded for completing such tasks and you can build blocks quickly.

Disadvantage

1. The biggest concern of such Cryptocurrencies may be the expansion problem that usually comes with it.

2. Such currency will suffer from network security vulnerabilities amd may fall into the hands of hackers.

3. Volatility, frequent drops exchange rates.

4. These technology is adopted by federal government, so there will be a risk of investing.

Conclusion

Horizen is willing to become a sustainable blockchain ecosystem by using there components like ZenChat, ZenPub, ZenDAO. These tools are suitable for businese users because horizen understand that once the technology is adopted by business users they will be loyal to technology and will pay high fees for a long time. Horizen is not paying attention to basic anonymity and privacy, that why it stands out among the many privacy coins. Horizen works with highly reputed payload so that horizen can be used by the public on a large scale. Horizen having a large network of node and a protected data transactions.

Thank you so much professor @levycore for this research based homework.

Note :- All screenshots taken from my mobile phone of my wallet.