Steemit Crypto Academy Season 2: Privacy Coins by@dayographix
What is Privacy Coin ?
Privacy coin is explained as a cryptocurrency that hide information about the users. they hide the identities, currency treaded and the amount in users wallet.The identity of the user and details of the transaction are completely protected,
Privacy coins was designed to address the loopholes in crypto currencies like Bitcoin . Bitcoin makes use of public keys, and all transactions are saved on a public ledger and this makes it easy for all transaction details to be traced.
Privacy coins makes use of technology like ring signature, stealth addresses CoinJoin, zk-SNARKs, MimbleWimble and Tor to hide transaction details.
They are so many privacy coin available for trading on the crypto currency market today. They include:
Monero
Dash
Zcash
Verge
Bitcoin Private
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
They are so many privacy Coin but my major focus will be on dash coin
DASH COIN
Dash Coin is gotten from Bitcoin , it was initially known as Darkcoin but was changed to Dash. It make of use of mix of miners and masternodes to authenticate transactions. it ensures network security by asking all masternodes to stake at least 1,000 DASH into cold storage.
Transaction speed can be increased through masternode to authenticate which excludes miners. Dash has a system that enable quick changes in administration if the need arises .Privacy can also be Guaranted through :
1.InstantSend
2.PrivateSend
PrivateSend
Dash Coin has the ability to make secure and anonymous transactions, As the name implies, PrivateSend is related to something private which is a distintive feature in dash coin that allows secure transactions and it also makes transactions completely anonymous. In this way, nobody can know the parties that participated in the transaction and to achieve this it makes use of a technique known as Coin Mix.
InstantSend
InstantSend feature of Dash Coin that allows you to send payments immediately to another person. This implies that if you are making a payment transaction to anybody using Dash and you use InstantSend, the person will receive your payment instantly. This is a perfect feature for a digital payment system, as it resembles cash transactions.
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
Creating a Dash Coin Wallet
1. Go to Google Play store to Download Dash coin wallet for andriod users and type Dash Wallet,Click on Dash Wallet.
2. Click on install
3. Wait for it to install
3. After Installation Click Open.
4. Welcome Page will pop up, Click on skip to skip it but i advice you go through it
5. Click on create wallet to create wallet.
6. Set the PIN to secure your wallet .
7. Confirm your pin.
8.Secure Your Wallet but You can Skip but is Advisable to secure for security reasons.
9. Copy the phrases and input it back.
10. Click on Tap to hide balance, to hide your Balance.
11. You have successfully Hide your wallet and your wallet is ready to use.
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
Advantages of Dash Coin
.The information on Dash Coin is decentralized
like other cryptocurrencies, all Dash operations operate on a distributed databasewhich means the information is decentralized. Everyone else will have exact same information because every time an operation is performed, all the nodes that are part of the blockchain are replicated.
.Dash Cryptographyis Secured
The creator of Dash was part of inventor of bitcoin so he decided to create Dash base on bitcoin algorithm, but he then incorporated additional security measures. Dash’s algorithm is called X11 because it includes 11 types of cryptography encapsulated in one and is one of the most difficult algorithms to break or violate.
.Transactions are instantaneous.
Dash Coin that allows you to send payments immediately to another person. This implies that if you are making a payment transaction to anybody using Dash and you use InstantSend, the person will receive your payment instantly. This is a perfect feature for a digital payment system, as it resembles cash transactions.
.Transactions are traceable to some extent.
In some cryptocurrencies it islikely to trace transanction using IP address and the information of their wallet,but Dash has a service known as private send that allows secure transactions and it also makes transactions completely anonymous. In this way, nobody can know the parties that participated in the transaction.
.Commissions are lower than those of other cryptocurrencies
.Dash handling is cross platform
Disadvantages of Dash Coin
.The masternodes introduces a significant element of centralization to Dash, weakening its ability resist censorship.
.Dash has a large marketing budget and is structured to spend resources on marketing, not on innovation. This is not a long term recipe for success
. Like BTC Dash is open-source and has its own blockchain, wallet and its transaction fee is negligible. from the look of thing Dash will remain as digital money for internet user which is a welcome development.
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professor @levycore below is the link to my assignments which was marked by @alphafx and i was 5 in two assignment but was not voted by @steemcurator02 and right now i dont knw if the issue is from my account. i appeal you look into it pls.
Very educative
Hi @dayographix, 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:
The analysis you make is technical analysis, while I want you to discuss more about fundamental analysis.
The steps to make the wallet that you made is very good.
You only make the advantages and disadvantages, I want you to explain the reasons you chose the privacy coin in your own words. While the advantages and disadvantages are only supporting factors for your explanation.
Place the pictures in the center of the page, to make it look more professional.
Thank you!
Thanks @levycore
@sapwood and @steemcurator02 pls my post is about to hit deadline without vote ... Pls look into it