Crypto Academy season 2 Week 8 - Homework Post for Professor @levycore || Privacy coins

This is my homework post Homework Post by for Professor @levycore. An assignment prepared by me @feliicia

Homework assignments
Create an article for this week's homework with content that covers the following:

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

Image source

ZCash is a form of cryptocurrency that offer high privacy to its user, unlike other cryptocurrency like bitcoin that stores every transactions in such a way that any on can view it.

Zooko Wilcox who happens to be the developer, came up with ZCash in October, 2016. Wilcox despised the fact that transactions on bitcoin and other like crypto were visible to anyone. Instead, he intended to build a blockchain that allowed anyone to pay and receive money anonymously.

Zcash introduced “shielded addresses,” which were supposed to encrypt the transaction and address data recorded on its blockchain.
Nonetheless, Zcash allows users to pick their level of anonymity, with two types of addresses available: transparent addresses (which display on the network) and shielded addresses (which do not appear on the blockchain) (which do not).

Users can also transmit transactions between the two sorts of addresses, however this comes with its own set of privacy concerns.

Market Cap	$ 1,791,976,839
Volume (24h)	$ 469.83 million

Circulating Supply	11.89 million ZEC
Algorithm	Equihash 200_9

Rank	61
Genesis date	28 October 2016
Website	https://z.cash/
Price to USD	$150.99
Price to BTC	0.00414 BTC
Total supply	11.89 million ZEC
Max supply	21.00 million ZEC
Wallet	https://z.cash/download.html
Source mode	Open source
Development status	Active

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

• The first step to take is to go to Z.cash/wallets/ site where you will choose the wallet to download as shown below

Step 2:

we will select the unstoppable, that I the wallet we will be using.

Step 3:

Tap on create wallet from the open page of unstoppable as shown below

Step 4

Add Zcash from the list of coin and then click on backup phrase.

Step 5

The next thing is to click on the backup phrase. It can be 12 or 24 as shown below

Step 6

Write down the 12 or 24 phrases, I won't be able to screenshot that because the app do not allow it.

Step 7

You will be asked to retype some of the saved recovery phrase as shown below:

By the time you complete all the steps below, your account will be created as shown below.

QUESTION 3. Provide an explanation of the reason you chose the Privacy Coin. (List the advantages and disadvantages)

Choosing Zcash as my choice here is due to some of the things that I see as the benefit of zcash over other cryptocurrency. Zcash is distinctive in a number of respects, it's one of the few public ledgers that guarantees users' complete privacy. When users want extra security, the network allows them to choose private transactions.

• The privacy of Zcash is paramount. To encrypt all of the information, the network employs Zero-knowledge proofs, and it has helped Zcash maintain its position as a leading cryptocurrency since its debut.

• Transactions in Zcash can be completed much faster than in Bitcoin. It also has a higher scalability. Concerns about scalability continue to haunt Bitcoin users. When the market becomes crowded, fees and delays negate its cash-like qualities. Zcash modifies certain technologies in order to significantly increase Bitcoin's performance.

• Another advantage of Zcash is its scarcity. In terms of overall coin issuance, the network shares Bitcoin's scarcity. Over the course of the project, only 21 million ZEC coins will be issued.

• Zcash has developed a reputation for its commitment to security. This project was created utilizing a scientific method that has been peer-reviewed. As a result of this method, Zcash has become one of the most secure privacy cryptocurrencies to reach the market.

Those are the few benefits that I will be writing for this homework. Now let us examine the disadvantages of the Zcash (Zec) as follows:

• Many wallets do not accept Zcash, and its widely use is restricted. Some common wallets that users at used to do not support Zcash (Zec)

• Although users desire anonymity, it is important to remember that transparency enables for the tracking of financial flow, which might lead to the denial of Zcash money owing to a user's unrelated history.

• Another issue with Zcash is competition. Some users find it difficult to adjust to the Zcash system, and other cryptocurrencies are competing with it. Many of the new cryptocurrencies are working on blockchain privacy and security systems, and many of them are succeeding. There are numerous upgrades that must be made in order for Zcash to continue to trend.

Conclusion.

Zcash now offers one of the best privacy-preserving systems on the market, and there's a significant probability that more people will adopt it.

According to most forecasts, Zcash has a bright future ahead of it, with many predicting a value of $1000 by 2024. Although everyone can not accept their system totally for, but due to the fact that organizations are investing in the privacy coin, It is possible that bitcoin might face a serious opposition from them in the future.

Cc:

@steemcurator02
@levycore