Hello steemians, today brings us another episode in the crypto Academy community. Before I present my homework post, I would like to acknowledge the professors and the crypto Academy community as well. Most important for this lecture, I would say a big thank you to @levycore for such a wonderful lecture Privacy Coins. Before this lecture, I had no knowledge about the topic. Thanks once again.

Without wasting much time, I would present my homework post systematically based on the questions from the professor.

1.Choose a Privacy Coin and perform a fundamental analysis of the coin in detail

They are quite a number of privacy coins. But I choose the DASH.

Before we talk about the dash coin, let us know what privacy coin basically means.
privacy coins is a class of crypto currency that enhance private and anonymous blockchain transaction. What this means is that, although we know the cryptocurrencies are built on decentralised systems where every transactions could be monitored, there are this few privacy coins in the crypto world that reduces the transparency. With the privacy coins, no other person can know any transactions other than the tranders. Meaning everything is private similar to the conventional financial system.

DASH

The dash coin is one of the most popular privacy coin currently. The dash coin was founded by two software engineers namely Evana Duffield and kyle hagan in the year 2014. Initially the name was the Xcoin before before it was changed to darkcoin. Before later in 2015 where the name actually became the Dash.

Initially, the sole aim of the dash was to keep privacy, be highly scalable and produced provide the best friendly interface for it users. There are over 18 million dash in circulation and has a market dominance of 0.12%. However, miners use the X11 proof of work Algorithm to create more of the coin.

• Dash provides instant transactions from any part to the world. Dash can be used as a medium of exchange in most parts of the world.

• Dash has a very high scalability. Transactions using the dash is very fast and reliable. The dash transactions takes few seconds or minutes to complete the transaction.

• Dash has a low transaction fee. This coin offers a relatively low transaction fee compared to most of the assets.

The DASH CHART

source

From the current chart, the dash price is currently at $200. Which could fluctuate at anytime due the high volatility. The price of dash has rises by over 5% from the 24hrs duration.

Dash is currently ranked 52 among the top 100 Altcoins. It has over 1 trillion usd market circulation.

Overall, Dash has a very modernised way for transactions:

• Instantsend : In my opinion, this is one of the most fastest transactions I have seen. Transactions happens in very few secs. This feature allows users to send money very fast and reliable.

• privatesend on the decentralised platforms, every transactions done by anyone could be seen. But with this special feature of the dash (privatesend) , no transaction could be traced by just anyone. Unless the people involved in the transaction.

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

Step 1

• search the DASH WALLET from the playstore app

step 2

• click INSTALL to download the dash wallet

step 3

• click OPEN to open dash wallet

step 4

• click GET STARTED to start the app

Step 4

• click CREATE NEW WALLET to create a new wallet

Step 5

• set your pin and confirm the pin

Step 6

• click SECURE NOW to secure your wallet

Step 7

• click Show recovery phrase

backup all the words given and continue to confirm them

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

The main reason why I choose the DASH coin is because of its scalability. Among the few privacy coin I know, the DASH has the highest scalability to speed up transactions. Comparing the dash to Ethereum and Bitcoin, you realise that DASH has high scalability.

Another reason why I choose the dash is because of its popularity. Among all the privacy coins, the DASH in my opinion is the most popular and highly recommended by many people.

Advantages of DASH

• high scalability: the dash have a relatively high scalability. The transactions on the dash is very fast. Transaction on the dash uses very few secs to complete transaction. Dash uses less than 5 secs to complete transaction which proves that its highly scalable.

• private transactions: with the dash, all transactions are hidden from the blockchain system. All transactions are private between the sender and receiver. All historys and records can only be seen by the users.

• High security : Just like most decentralised systems, the dash has a very high security with prevents hackers from hacking peoples accounts. Everything is highly protected and secured.

• Low Transaction fee: The Dash basically has a relatively low transaction fee compared to most of the others like Bitcoin, Ethereum ETC.

Disadvantages of DASH

• Low Transparency : As we all know, most decentralised system should be very transparent. All transactions should be able to be monitored be any user on the blockchain network. But with the dash the transactions are private which makes it less transparent although its a decentralised system. Hence, most people categorise it as a Centralised system.

• The anonymity promote theft Since the transactions are hidden from the blockchain system, any hack or theft case can't be traceable. This feature encourages more hackers to attempt hacking the system.

CONCLUSION

Looking at the DASH coin, it has really improved the scalability of transactions and brought privacy in blockchain. I think there are some people who prefer privacy to the transparency. The privacy coin would be very relevant to such people. However, the dash as a privacy Coin attracts hackers because of its privacy.