Steemit Crypto Academy Season 2: Privacy Coins
1. Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.The Cryptocurrency I have chosen is Monero, as it is a special vision for the world of private digital cryptocurrencies
Thus, only the owner of the address can learn all transactions related to the address related to Monero. In a way, the transactions of your bank account are not seen by the other customer. Although this is seen as an impressive feature, Monero is known to be used frequently in illegal transactions.
Monero is a Private Digital Cryptocurrency by Default, which makes it safe, accessible to all and open source, giving its users the freedom to be their own banks, capable of controlling their own funds, and Monero is impossible to trace. , for this reason, it has become the Most Used Private Cryptocurrency.
We can see all transactions in Bitcoin, the most prestigious cryptocurrency. Recipient address, sender address, total balance, previous transactions are always in the middle. In Monero, such a situation is not possible. Due to its non-traceability, it received serious support from a group. Confidentiality in Monero is provided as follows. Hiding the wallet address has eliminated all transparency.
The team behind Monedo was initially 9 developers, although it is said that there are more than 200 collaborators in this project in addition that the same creator of bitcoin Satoshi Nakamoto also had to do with its creation.
The Monero Private Cryptocurrency has been in existence since 2013 when a user is known as Nicolas Van Saberhagen "is the one who publishes the CryptoNote protocol on which Motero is based. But it was in 2014 when" Thanful_for_today "officially presented Monero with the name BitMonero, but days later and by suggestions from those interested in the Project that change the name by removing the Bit and leaving only Monero and Ricardo Spagni (Fluffypony), Co-Founder and Former Lead Developer of Monero
Supported pairs XMR/BTC, XMR/USDT, XMR/ETH. in the exchange Poloniex and XMR/BTC, XMR/ETH. in the ExchangesKraken, Since Monero is a privacy-focused blockchain, it is not listed on some exchanges. Major exchanges such as Coinbase, Bittrex, FTX do not list Monero as it is privacy-oriented. You can choose exchanges such as Binance, Huobi, Gate, Poloniex for buying and selling Monero
The price of XMR is $ 296.72 as of now. Coinmarcap rank 26th.Market cap is $5,292,693,692.54. There are Fully Diluted Market Cap $5,292,693,692.54 XMR reached its highest price on May 07, 2021, at $ 517.62. It reached its lowest price on January 14, 2015 at $ 0.213. Its volume in the last 24 hours is $322,078,879.45, Market Dominance 0.30%,24h Low / 24h Hig $265.39 /$296.82
Monero uses the Proof-of-Work consensus algorithm, just like Bitcoin ETH, This algorithm is used for the production of new Monero, protection of the network, and verification and recording of transactions on the network. As with Bitcoin, it is possible to mine on the Monero network with mining devices. Various moves have been made to prevent mining farms from becoming a dominant power. In order to prevent the network from being captured by a certain group of miners, they put in use protocols resistant to ASIC. Technically, Monero is mined. However, a certain group is prevented from dominating the network as a GPU Miner this kind is not profitable I have tried many times
Monero crypto as its has its own wallet now we are going to create the wallet by step by step
- click the link and click the download icon it will redirect you to another page to https://www.getmonero.org/.
- 2.scroll down until you see download various types of download like Windows 64-bit (Installer),Windows 64-bit (zip),Linux 64-bit,Mac OS X 64-bit like this click download based on your operating system my operating system is windows.
- 3.After it is successfully downloaded click and install
- 4.after you successfully installed it will ask to continue to click "Continue" to continue the process
- 5.I chose "Simple mode" which is easy to use and you can choose your preference.
- 6.I acknowledged that I understood the terms, I moved on to the next step and if you don't take the terms it will not redirect to another page.
- 7.click on the create a new account
- 8.it will show you the wallet name and the location where it is going to save you can change both .take a backup of the seed &wallet restore height to help you to restore your wallet . after everything you have set click next
- 9.in this page it will ask you password enter your password which will be the password for your wallet.and click next
- 10.it will show you the information you entered previously if the information is correct click create wallet.
- 11.after that it will ask you for your valid password enter it and click ok
- 12.now we have successfully created WALLET
3. Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)after reading through the wonderful lesson by professor @levycore and in addition to expanding the knowledge he had about Monero since I had investigated it before the task due to its popularity, AND While privacy-focused cryptocurrencies provide an advantage in some cases, on the other hand, there are issues where it is disadvantageous.
And because of the unique nature of this cryptocurrency have chosen this.
Now let us discuss the Advantages and Disadvantages of Monero Privacy Coin
Disadvantages
As I mentioned above I am a GPU Miner I tried to mine The difficulty of mining Monero is less profit.
it is its nature of Private and it's objective of maintaining Privacy that has made it very popular in the black market and it is very bad.
since it is being used for illicit activities, mainly in games of chance, which has given them a bad reputation and has also exposed the project to harsh criticism.
Due to its privacy focus, it is not listed on exchanges such as Coinbase, Bittrex.
For the people who are used to blockchains such as Bitcoin, Ethereum, the Monero blockchain is quite complex. Failure to track mining and transfers seems quite complicated at first for users.
because of his uniqueness It is supported by very few wallets
Advantages
Mining is simple and accessible and Miners can earn rewards for the actions they take by joining a group where they can mine collectively, and this mining process can be done without the need to install special hardware like GPU ASIC it can be mined using your CPU
The Monero blockchain has high reliability due to the consensus algorithm it uses can use this for the private transaction so no one can track us.
It has proven how good a project is by taking place at the top 26 in terms of market value and the price looks good and the market cap everything looks good.
Monero also offers the opportunity to its users who want transparency. Users can publish their transactions transparently.
It's private and it is created by decentralized network blockchain.
4. ConclusionI am in favour of the transparent monitoring of cryptocurrencies. because in the current situation the negative aspects are more dominant
Privacy is most important and using this Privacy network we can transaction without showing any proof he privacy is most important and using this Privacy network we can transaction without showing any proof because otherwise, we will never achieve independence and total freedom.
as all right that belongs to the user does not imply hiding info much less committing any illicit act, but, on the contrary, being able to carry out our transactions freely, Buy or sell our products, in addition to making transfers to who and where we want without fear of being singled out, censored or punished.
my final conclusion is that privacy matters but total privacy gives illegal activities so there must be found a new way to keep track of the transaction so the illegal activities cannot happen like implementing KYC verification
Hi @bharath-raj-m, 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:
Vary the type of header used in the main title and subtitles to make it look more attractive.
Re-learn the "Markdown Style Guide" to improve your writing skills.
The conclusion you make is not about the privacy coin you are discussing.
Thank you!