Crypto Academy Week 16 - Homework Post by @armstrongdiho

INTRODUCTION

Basically, traders exchange crypto assets which made the currency functions every 24 hours. Now, crypto assets is well known globally as a result of its privacy, permissionless, and anonymity.

Humans live in groups as such it is difficult for one to survive or succeed without the help of others. Perhaps, in as much as they live in groups, each individual has it's own privacy which enable them to control their assets. Different people has different lifestyle and personalities.

Therefore in this task I will be explaining a privacy coin(Dash), it's fundamental analysis, how to create a wallet, and reason why I choose the coin(Dash).

DASH COIN

Source

BRIEF ABOUT DASH

Dash is recommended as the first cryptocurrency built in privacy functions and was launched in the year 2014. Dash is decentralized and was formed so to serve as a special medium of payment. As such Dash can be refer as the blockchain based peer to peer (P2P) cryptocurrency as a result of Bitcoin fork, but gives quicker transactions(1 second to confirm and finalized transaction) to its users than Bitcoin.

However, after Dash was created as a result of a bitcoin fork in the year 2014, it was known as Xcoin but later renamed as Darkcoin. In the year 2015 March precisely, the name changed as Dash. Dash was modified to provide a suitable privacy to users, as such operates on a network called masternodes. It also use Proof of Stake as a Consensus algorithm unlike the bitcoin's Proof of Work.

MASTERNODES

Basically, Dash has a way of processing transaction very easily which is as a result of a modified network called masternode. The masternode in dash serves as a network that facilitates transactions and validation is also carried out by the masternodes as well.

Masternodes are very powerful servers and a user can anticipate on it only when the user stake at least 1000 DASH in their system. And through this the user can be able to pay fees and receive rewards. Hence, InstantSend, PrivateSend and usernames on the blockchain are all controlled by the masternodes host.

^{MORE INFORMATION ABOUT DASH MASTERNODES}

DASH Price Statistics

Below is based on Coinmarketcap data*

OVERVIEW	STATS
Price at time of writing	$195.69
Price Change24h	$-4.97 (2.48%)
24h Low / 24h High	$181.23 /$199.72
Trading Volume24h	$559,905,613.51 (1.00%)
Volume / Market Cap	0.2816
Market Dominance	0.12%
Market Rank	#52
Market Cap	$1,987,798,276 (2.48%)
Fully Diluted Market Cap	$3,694,923,837 (2.50%)
Max Supply	18,900,000
Total supply	10,167,018
Circulating supply	10,167,018.04 (54%)
All-time high	$200.69
All-time low	$181.23

TRANSACTION STATS

Dash has about 265+ exchanges and brokers(Q1 21) and marchants and services (Q1 21) of about 4350+. This shows that over 265 exchanges and brokers do transact dash as such marchants of about 4350+ receives it as a medium for daily transactions. Dash Blockchain has a Conjoin mixing also known as coin mixing which facilitate rush transaction and privacy.

HOW TO CREATE DASH WALLET

To creating a Dash wallet it can either be to download the wallet fro the Play Store or on Freewallet. But I will be creating mine by downloading it from the Play Store. Hence the following are the various steps to create the wallet;

• First is to search for the dash wallet on your Play Store.

• Next is to install the Dash wallet from Playstore

• After downloading, click on open so as to lead you to the welcome page.

• Now on the welcome page, click on the "skip".

• This page has three options shown below, the *"create a new wallet"", "Restore wallet from recovery phrase", and "Restore wallet from file". But my main focus is on the first option, so click on the "create a new wallet"

• This page is to create a Security pin that will enable one to unlock the App and use it when needed.

• After creation of Security pin, the pin need to be comfirmed again for proper verification.

• The wallet has been created but in this page it requires you to secure the wallet which is optional because you can skip over. So to secure it, recovery phrase is necessary. So click on the "Secure now".

• This page has important notice which is shown below. This noticeis to entails the user that the recovery phrase is very important because it gives access to the funds in the wallet. That's will be needed to access funds if your device is lost. Click on "show recovery phrase".

• put down the phrase in a secured keep book, after which click on "*I wrote it odwn""

• Click on the continue button.

• Tap on the words from the recovery phrase.

• This page below require you to input your 4 digit password to get access to your wallet.

• the wallet dashboard is opened after inputting your 4 digits numbers and now you can perform any of the transaction; deposits, withdrawals, payments, and recieving Dash

WHY I CHOOSE DASH

Dash has some special features that enticed me and below are some of them.

SPEED AND PRIVACY

Bitcoin remains the king of all coins and the major attributes of Bitcoin is privacy and speed which Dash possess as well. That's when it comes for privacy and speed, Dash has that Bitcoin quality due to its improvement in those areas.

Every users want quick transactions and privacy, and basically Dash provides it to it's users. Hence, it takes seconds(1 Seconds) for dash system to execute a transaction unlike the Bitcoin system that takes approximately minutes or sometimes hours before executing transaction.

ACCEPTED BY BUSINESS

Globally, Dash is known and accepted by business regardless of the business nature, as such the transactions can be done anywhere and anytime with small cost charge fees(micro fees).

Although, Cryptocurrency assets like Dash face challenges and criticism regarding there exchange rate volatility and foundation vulnerabilities, but dash has this special features of being transparency, resisting inflation, and portable. All these special features entice lots of investors as such made them to praise it. Currently dash is one of the well known Cryptocurrency and has a market cap of 50 according to coinmarketcap.

ADVANTAGES OF DASH COIN

SPEED CAPACITY

Transactions are executed in 1 seconds by InstantSend, which makes it a good choice for daily transactions. Dash is known based on its speed capacity and has about confirmation time of 2.5 seconds. As of last year, there was an upgrade in dash block size which is from 1MB to 2MB. In dash blockchain system, 2MB block size can be achieved with an interval of 56tx per seconds. Users can move Dash in a seconds.

MEANS OF DAILY PAYMENTS

Dash is refers as digital cash, and one of the significant purpose dash of is means of payments. Currently, many merchant accept dash and use it as a means of daily payments in many businesses regardless of the nature.

PRIVACY AND UNTRACEABLE

Privacy is one of the special features of dash coin as such serves as an advantage. Dash has a built in feature called PrivateSend which is designed to secure users information. Users can do some transactions privately on their blockchain and it can be untraeable.

TRANSACTION FEES

Dash has a micro fees for transaction which is one of the reason merchant can perform the business anywhere, any amount, anytime, to anyone. However, Dash facilitates transaction and the fees are significantly lower when compared to credit cards. Globally, transaction via micro-payments in dash is quite minimal.

DISADVANTAGE OF DASH COIN

NOT FREQUENTLY USED

Although dash possess some special features like privacy and speed but regardless of that dash is not frequently used as such lacks some good number of users or merchants.

COMPETITION

Dash has lots of competition which made it not be frequently used by many merchants or users.

IT CAN HARBOR UNLAWFUL ACTS

Since users can perform transaction privately and can be untraeable, it can serve as a means whereby users will can used it for illegal business.

UNCERTAINTY ABOUT IT'S DECENTRALIZED NATURE

Dash use masternodes as a means of network. Masternodes are very powerful servers and a user can anticipate on it only when the user stake at least 1000 DASH in their system. And some large amount of masternodes are owned and managed by set of people, which makes its decentralized nature to be doubted.

CONCLUSION

Every user love privacy most especially in crypto space. And privacy coin has helped to solve that in crypto ecosystem. However, there are more privacy coin but I choose dash coin due to its special features like speed, privacy and as a medium of payments. All these features made dash to be among the best coin to invest.

Also the dash market statistics, shows that dash is really a nice coin to invest due to is trading volume per day and the demand will be more in the future because it's supply is finite.

Dash coin has a cheaper transaction and it's transaction speed it unique, which made it a good Cryptocurrency to Invest.

Thanks for reading.

Cc:
@levycore