Crypto Academy week 16-Homework Post For Professor (@levycore)|| privacy Coins (Monero)

MONERO (XRM)

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Monero has become popular in the coin market basically because of it's feature that anonymize users. Transactions on the Monero blockchain are very difficult to trace due to the use of ring signatures and hidden addresses. With this method, both sender and reciever identities are hidden from the public. The Ring Confidential Transaction also aids in helps to keep the transacted amount hiden from public view.

Monero employs various technologies to provide it's users with fungibility and anonymity. This very feature has got the attention and attracted users who seek for privacy measures which is not offered in the popular cryptocoins.

Fundamental Analysis of Monero

The initial release of Monero by the original author, Nicolas Van Saberhagen was on the 18th April, 2014. It's developers such as Riccardo Spagni and David Latapie are also popular in the world of Cryptocurrencies giving the coin more credibility.

Trading at $248.77 as of May 31 2021, Monero is the twenty seventh-largest cryptocurrency by total market value.

Monero has a circulating supply of 17,921,233 XRM, it has a Market Cap of $4,456,543,882.81 and a 24 hours trading volume of $297,780,996.04

Monero block time is 2 minuites with a block reward of 4.99 XRM. That is 24 second per XRM. It's market dominance is at 0.30%

Steps involved In Creating A Monero Wallet

• Firstly, I opened the Monero official site to download the software on my PC.
On the site, I locate a suitable monero software; GUI for my PC.
And I click on it to download

• Next, I begin to install the downloaded monero software .

• Next, I open the Monero software and I get a display as in the screenshot below. I simply click on continue.

• On the next page that opens, you thick the box after reading and understanding the privacy terms as shown on the screenshot below, then you click on the 'Next' button

• On the next page, click on 'Create a new wallet'

• On the create a new wallet page that opens , input your desired wallet name.
Also save your mnemonic seed and your wallet restore height.
After backing them up, you click the 'Next' button

• On the next page, you will be requested to input a strong password for the wallet.
Note that this password once lost cannot be restored.
After inputting your password, click on the 'Next' button.

• On the page that opens, click on 'create wallet'

• On the next page, you will be required to input that your password which you just created and then click 'Ok'

• Your Monero wallet is set just like mine in the screenshot below.

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

Advantages of Monero Privacy Coin

Maximum security:

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Privacy coin offers to it's users a high level of security. For example, lets say that a firm pays it's contract workers via Bitcoin. The worker can easily view the Bitcoin balance of that firm and check if they are being well compensated and this could affect the firm to worker negotiation adversely. The contract workers similarly could uncover other sensitive transaction details from the firm's bitcoins account which other contract the company with any firm or person and all this pose a high security risk.

But with the introduction of Monero privacy coin, this same firm is security assured such that transactions with user 'A' is not made known to another user 'B'. Also, the firm's balance will be on stealth mode meaning that fellow transactors cannot view what their wallet balance looks like.

Mining Algorithm:

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The mining of Monero is designed in a way such that the ASIC computers(used by Bitcoin) does not carry so much advantage over the ordinary computers. Therefore, ordinary people can make use of simple CPU to begin mining on their computer, and this makes the mining process user friendly the more.

Adaptive block size limit:

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Monero's feature includes an adaptive block size limit. This is so that in the case of very high transaction volumes, there will be an automatic expansion of the size of the block. This is an important feature which benefits Monero users because sometimes, recipients require a double verification but with the adaptive block size limit feature in place, transaction time cannot be delayed as there will be a speedy verification of transaction.

Disadvantages of Monero Privacy coin

• Monero has the feature which makes for users to transact instantly all around the world without requiring any permission from authorities of state. In some countries with bad government, Monero can be used as very efficient and useful tool in the pursuit of freedom which every country government is likely to go against thereby making Monero an anemy of many states and thereby reducing it's use. Also, money has been found because of it's privacy feature as the currency of choice for the completion of the sale of weapons, drugs, and various criminal items.

• Monero cryptocoin can be mined with computers of low budget using CPUs. In the need to mine Monero, some hackers have been known to infest the computer of some website visitors with malware which will automatically mine Monero without the permission or acknowledge of the the computer owners.

Why I chose Monero Privacy Coin

I chose Monero Privacy Coin for the sole purpose of it's privacy. I can't imagen anything better than the privacy that Monero offers thereby making the transactions and wallet balance of a user unaccessible to the public.
Unlike steemit decentralized platform where my friends can easily dash into my wallet and check on my wallet status and wallet activities.
What I love most about Monero is it's privacy feature.

Conclusion:

Monero is an Altcoin which is privacy based. It solves the privacy issue about Bitcoin and makes room for it's users to transact with an assured security and also engage in mining process without acquiring the expensive ASIC mining equipment.

Regards to professor- @levycore