Season 2 week-8| Homework post for [ Professor @levycore]| Privacy Coins | by @huzaifanaveed1

I will be choosing a very famous privacy
Coin known as the DASH coin

source

Originally known as the Xcoin, dash coin was released in 2014. It was then named as the Darkcoin and then finally as DASH coin in 2015.

Evan Duffield the developer, of the dash coin Made sure that the user's privacy was absolutely secured and the anonymity was maintained.

It is based on the Litecoin protocol which in turn is based on the Bitcoin protocol

MARKET OVERVIEW

Currently Dash is one of the most successful Cryptocurrencies.

With a huge Market capitalization of 2.06 Billions it stands on the 51st position in the market.

The trading price of dash is currently $203.08

With a Circulating supply of 10.16 millions and a Maximum supply of 18.90 millions Dash coin is one of the most attractive coins to invest in.

The above-mentioned information can be tallied from the screenshots I am attaching below.

Here we will do an in-depth analysis of the dash coin. Such as the Masrernodes, Mining, Privatesend and much more.

a) MASTERNODES

The dash Cryptocurrency blockchain works in the basis of two things. The masternodes and miners.

This is different from the Bitcoin blockchain as it works on mining via Proof of Work

In dash a user has to deposit or rather say stake atleast a 1000 DASH to become a Masternode

The masternodes in return helps you do Private transactions, instant transactions and gives you complete privacy.

In the dash blockchain a Masternode also gets rewarded on mining. A 45% of reward is recieved by the user on mining dash coin.

So in masternodes instead of utilizing tons if energy, you only need to stake 1000 dash.

The dash blockchain chain also ptovides simple mining which works on the fundamentals of proof of work in which in which energy is consumed. It could be carried out theiugh ASIC miner(application-specific integrated circuit), CPUs etc.

b) PRIVATESEND

The reason of reading and understanding this lecture was to grasp the concept of privacy in Cryptocurrencies.

DASH provides you absolute privacy in your transactions which is called as Privatesend

These transactions cannot be tracked down by anyone and also the anonymity remains intact.

c)INSTANTSEND

We learned about the scalability of the Cryptocurrencies in our last week's lecture.
Scalability assists in having fast transactions.

Dash gives us very fast speed of transactions which is in under 2.5 minutes

Bitcoin still completely a transaction in 10 minutes. So I believe this is a huge upgrade.

d)SUSTAINABILITY

Ask yourself a question what is beter than to provide yourself sustainability?

This is what the dash blockchain does.

When a miner mines a block on the dash blockchain, 10% of mining reward is gifted to Dash which helps the fundings of Dash provides an excellent oppurtunity of self-growth.

e) SECURITY

in a decentralized system there is transparency amd security maintained. There are very minimum chances of frauds. Similar is the case with DASH

Currently there are 4,943 servers all around the world who are confirming the transactions on this blockchain.

Unlike a bank, which is a centralized system, and chances of frauds are more. Here on dash you get security.

*All the fundamental attributes of dash and it's complete overview alongside the market cap and the supply were discussed thoroughly. Hope it's clear to you all

2)

In this Question I will be demostrating on my Monile DASH wallet.
all the steps will be explained for your clarity

STEP 1

• Download the DASH wallet from the playstore or the IOS store as shown in the screenshot below

STEP 2

• After downloading open the dash wallet and you will be directed on the main page as shown in the screenshot below

STEP 3

• after going through the main page click on CREATE A NEW WALLET as shown in the screenshot below

STEP 4

• Set up a pin for your wallet for security

• confirm pin

• enable face id for your feasibility

STEP 4

• after that you will be needed to secure your wallet

• when you tap on secure now option the wallet will give you a warning regarding the recovery phase as the wallet does not save recovery phrase

STEP 5

• write down the phrase and click on i wrote it down and tap on continue

• save the phrase with you

• once the verification is completed you can log in to your wallet

STEP 6

• ENTER THE PIN

once you entered the pin you will log in to your wallet where you can send, recieve or withdraw DASH

all the steps regarding creating a dash wallet were thoroughly demonstrated step by step. Hope its clear to you all

3)

Reason of choosing dash. Advantages and disadvantages

Dash is an excellent upgrade of Bitcoin
It provides us with absoluteprivacy and security through the Privatesend even though its a decentralized platform but it provides privacy.

Furthermore it has amazing feature which is known as the INSTANTSEND through which the rate at which the transactions take place has significantly increased thus saving our time.

It provides an oppurtunity if masternodes in which you get rewarded for mining as well. You get a 45% reward back for mining which means;

If you stake 100 Dash you'll get 45 back as a reward

Isn't this exciting and amazing?

Lets shed some light on the advantages and disadvantages of DASH

ADVANTAGES

• SPEED: Transactions are very quick which take place is less than 4 seconds

• PRIVACY: Provides absolute privacy and ensures anonymity.

• FEES: the transaction fees is very low

• Rewards: One I personally like the most is the rewarding system of dash which you get by mining DASH (explained thoroughly in previous question)

DISADVANTAGES

• NOT Used widely: Although facilitatimg us with different features DASH is still not used widely used.

• Can be used for unsolicited means: On one hand where DASH provides us privacy, the other hand it could be used for illegal means and illegal transactions.

• Masternodes can be hacked: masternodes can be traced down by some professional level hackers which can invade your privacy

• Not completely Decentralized: The core reason of digital Cryptocurrencies was the decentralization and the transparency. But in DASH, its not completely Decentralized.

The advantages as well as disadvantages were thoroughly discussed and hope its clear to you all

First of all thank you professor @levycore for providing us once again with an amazing topic, The privacy coins.

In this assignment post we first shed light on the concept of privacy and privacy in Cryptocurrencies. Then we learned about a private coin DASH and analysed it completely with its features and attributes. We got to know about Dash on the coin market. I demonstrated how to create a dash wallet for yourself on your mobile phone. Though a bit techinal process yet an easy one. All the steps were seperately mentioned for your clarity.

Conclusively we learned that no matter how good a thing may be there are always some cons to it. So we discussed the advantages and disadvantages of DASH.

Professor @levycore I really enjoyed doing research on this topic as I got to know about more privacy coins such as the Zcash, Monero etc.

I chose DASH because I found it the most User-friendly.

Hope you have a good read.

ps: all the screenshots were taken from coinmarketcap and my dash wallet.

Regards,
@huzaifanaveed1