CRYPTO ACADEMY SEASON2 WEEK8 ASSIGNMENT POST FOR @levycore
Hello guys, it’s a brand new week of the crypto academy and in this week’s lecture, professor @levycore did so well with the explanation of Privacy Coins. Even though I have come across some these coins, I had little idea about now. But with this lecture I have been able to fully understand what they are fully about.
Now I would like to go straight to the assignment given.
Privacy Coins
Even though cryptocurrencies are built on decentralized platforms, some find it a need to make their transactions on the crypto market discrete and private. This is why there was the emergence of an alternative, the Altcoin which seemed to offer some kind of security and privacy. They are now mostly known as the Privacy Coins.
With this new system or idea of Privacy coins, it ensures a 100% anonymity of users and their transactions or trades. In some way, it may seem to get rid of the transparent nature of blockchain network and this is due to the hiding of transactions details or history of the users.
Because of the anonymous nature of these privacy Coins, hackers and fraudsters mostly employs its usage. And by so doing, the use of privacy coins are prohibited by now Countries and government bodies.
Market Cap: $15,598,292,095
Trading volume: $1,578,547,162
The top most known Privacy Coins are listed below;
- Monero
- ZCash
- DASH
- Grin
- Verge
- Horizen
- Beam
Now, let’s talk about my preferred Privacy Coin, DASH privacy Coin.
DASH
The DASH privacy coin also know as Digital Cash was created in 2014 which also seeks to bring about anonymity in making transactions on the crypto market. Before the name DASH came into existence, it went through some name changes. From XCoin to DarkCoin before DASH coin in the year 2015. It’s founders, Kyle Hagan and Evan Duffield also had the aim of making the coin useful for a more anonymous and private.
It’s main objective is the speed of transactions, it priorities higher speed in transactions which will allow faster and easy transactions. On this platform, there is an additional feature which serves the purpose of privacy. This means that, you can choose to make transactions private or not, with the help of the PrivateSend feature.
The PrivateSend feature is usually requires a higher fee to complete a transaction than that of a normal/standard transaction. This feature actually hides the sources of coins to be used in a transaction and this will be able to make the transaction hidden or private. With this feature enabled, the transaction seemed to have never happened.
DASH uses the proof-of-work consensus algorithm and also uses masternodes to do the mixing of coins. It uses a special hashing algorithm known as X11 which with a block confirmation of 2.5 minutes.
One major disadvantage of DASH is that it is mostly used by money launderers and this puts it at risk of being delisted from the major exchange platform. It can be found on the following platform; Coinbase Exchange, Bitfinex, Binance and some others.
Current DASH statistics
Market Price: $194.99
Market Cap: $1,981,628,983
Volume (24h): $495,044,850
Steps in Creating DASH Wallet
Visit the website DASH
Place your mouse pointer on “Get started”. A drop down menu will appear then you click on downloads.
If you’re using a computer, click on “Download for windows”. If not then scroll down and choose either android or IOS.
I will choose windows.
Select your operating system. I am using windows 64bit so I go ahead and click on “Download installer” and wait for download to complete.
After that I go to my downloads and start the installation process.
After installation is completed, I click on finish and make sure that “Run Dash core” is ticked.
After opening the app, first thing to do is backup the wallet.
After backup is completed, you can now make transactions at the “send” and receive section.
Reasons for Choosing DASH
Even though there is quite a number of several Privacy Coins, my main reason for choosing DASH is that it gives a very faster and quicker transactions and it comes with a relatively low transaction fees as compare to other coins. I don’t really bother myself with the PrivateSend feature, my main reason is because of the speed in making transactions.
Another advantage it has over some other coin wallets is that, it very easy to set up and manage. Thus it does not require any special knowledge before u can be able to use. It comes with a very user-friendly interface and also it is very secure.
It actually gives you the right to backup your wallet, this also provides extra security for the users.
Adavantages and Disadvantages of DASH
| Advantages | Disadvantages |
|---|---|
| Very high transaction speed. Sending and receiving can be completed in a few seconds | It faces competition from other coins which may slow down its growth |
| Easy and simple to user | Money laundering and scams are performed through the platform since anyone can use it and erase transaction details |
| Security is very much tightened | Not completely decentralized |
| It is stable and reliable | It removes the idea of transparency in trading |
| Provides so much privacy since you can choose to hide/show transaction details |
Conclusion
From the research I made, I found that DASH is still growing and finding more ways to make it better option when it comes to cryptocurrencies. With their high speed of transactions and lower fees, I think more people will start investing into it.
One thing that is just pulling them backwards is the fact that people uses it for some bad acts such as money laundering. That is to say, it lacks transparency. If they can be able to find a way to take care of it, they will be able to attract much more investors.
I think it is a great platform which still needs improvement and it very easy to use as well
This lecture has been able give me a full understanding about Privacy Coins even though I have come across a few of them. But until this lecture I had little knowledge about them and this lecture has proved to be very informative since I have a much understanding about the Privacy Coins.
I thank the professor @levycore for yet another very good lecture.
Thanks for reading and have a nice day.
Note: All figures and images are screenshots from CoinMarketCap website and https://dash.org
Hi @arahman, 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:
Your fundamental analysis is good, but it could be improved by digging up more information.
Explanation of wallet creation is complete. But there are some images that do not have a watermark.
An explanation of the reasons for choosing the privacy coin of choice and the conclusions you made are good.
Pay attention to the rules and guidelines before posting your homework.
Thank you!