[ SEASON 2 | Week 8 ] Steemit Crypto Academy Homework Post for @levycore | Privacy Coin [DASH] |
Hello friends .... !!!
Back again with me Ichsan Angga P at Steemit Crypto Academy Homework.
Today I will finish the homework from professor @levycore.
The topic that I will choose to discuss from the work given by the professor @levycore This week's assignment is about Privacy Coin [DASH Coin]
So before we get into the topic of Privacy Coins which I will discuss in the assignment given this week, I will first explain what coin privacy is.
Privacy Coin
The privacy coin is a digital asset in the form of a cryptocurrency currency, as the name suggests. The privacy coin is a coin that has a private and anonymous system, where when you make a transaction, no one will know anything about the details of the transaction that occurs, only you and the the recipient knows the exact details of the transaction.
Privacy Coins can also hide your privacy regarding the amount of balance you have, and also as the name suggests anonymity which means your identity is very confidential, so it is impossible for your account to be traced by other people, and this also aims to avoid parties who want to browse your account to commit a crime.
Disadvantages and Advantages of Coin Privacy
1. Advantages
- The security of your account profile is very secure
- Transaction details are only known by the sender and recipient
- Your balance details, transaction details, and also your wallet address are very well preserved
- Transaction trails that criminals will not be able to trace
2. Disadvantages
- Could be a place for illicit cryptocurrency transactions for criminals
- Could be a den to hide hacked coins
- Many disagree about the system adopted
- Lack of confidence to make coin privacy the coin of choice
So now let's get into the topic of Coin Privacy which I chose to be the topic in completing this task, namely is Coin DASH
DASH Coin
DASH coin is a digital asset that is in the world of cryptocurrency, DASH coin is also often called DarkCoin and also Xcoin, which Dash coin adheres to a coin privacy system, where everything about transactions and also about your wallet is very confidential, just you who knows.
DASH was created by someone named Evan Duffield, he created this coin using the X11 algorithm, which he believes that by using this algorithm, everything about security is very happening, different from other coins that use only one algorithm, and also a basic algorithm. , it has a vulnerable security. Evan Duffield believes that using this X11 algorithm, the rate at which hacks occur on your account is impossible.
There are several features that DASH Coin has, including:
- InstantSend : This is a feature found in Dash coin to handle transactions in a short time.
- PrivateSend : A feature found on Dash coin, where private send is a private send that aims to eliminate traces of your transactions on the blockchain system
- Decentralized Governance (DGBB) : This is a feature found on the Dash coin, which has the aim of raising funds for future development of Dash
How to get DASH Coins
There are 2 ways to get the DASH coin, namely:
1. Mining DASH Coins
The first way you can do mining using hardware is to help DASH read the algorithms on the DASH blockchain system, to secure the DASH Coin network and also to write down transactions that occur on the blockchain. From there you will be paid with DASH Coins at a certain amount, according to the performance of your hardware.
2. Buy DASH Coins
You can buy it through an exchange that sells the DASH coin, some of these are:
Coin DASH Fundamental Analysis
Fundamental analysis is a benchmark used to see the value contained in an asset, in fundamental analysis in the world of cryptocurrencies we must evaluate the asset price in the present to the price in the future. Now I will be doing a fundamental analysis of the DASH Coin on May 31, 2021.
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From the picture above we can see some important information, namely:
1. DASH Coin Ranking
that the DASH coin has a rating of 52, which indicates that the DASH coin is already in great demand by traders in the world.
2. DASH Coin Price
So because the DASH coin has a fairly high rating, this makes it a high selling point among Privacy coins with a selling price of $ 176.81 per unit of DASH coin.
3. Market Capitalists
For market capitalists on DASH coins alone this is high, for a private coin it has a market capitalist of $ 1,796,368,258 and a diluted market capitalist of $ 3,341,775,935.
4. Volume
The volume that occurred on the DASH coin during the last 24 hours was also high, with a total amount of $ 509,928,108.
5. Supply Circulation
The circulation of supply on DASH Coin is also quite high, because DASH Coin is in great demand so that the current supply circulation for Dash Coin is 10,159,675,80 DASH, which is 54% of the max supply of coins, which is 18,900,000 DASH.
Other Important Factors
If above is the fundamental analysis in terms of capitalism and volume, below are several other important factors in carrying out fundamental analysis, namely:
1. Website
DASH Coin itself already has 2 of their own websites, namely on the first site regarding the detailed explanation of DASH Coins and also on their first site we can get our DASH wallet SOURCE . Whereas on the second site it is more directed to news about the DASH coin SOURCE.
2. Community
For the community it also has a goal where the higher the community on the coin, the coins will also have a lot of enthusiasts, so the selling value will also increase, you can see the sites that DASH coins have for the community, including BitcoinTalk, Dash.Org, Twitter and Reddit
3. Chat
Coin DASH also provides a platform for chatting, there are two platforms they provide namely Telegram and then Discord, this shows that DASH coins are not playing games in carrying out their projects.
4. WhitePaper
In the DASHcoin whitepaper you can see in detail the whole starting from the system, vision and mission and several other important things, if we look at the DASH Coin project this has a very good future for the future Whitepaper .
The Fundamental Crypto Asset Score given to the DASH coin on March 12, 2019, with the predicate B, can be seen as shown below.
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And also some of the things you have to do a fundamental analysis of the coin you want to invest in, you have to read the news about the coin, you have to see the growth of the coin every year, it's all done so that when you invest on a large scale in DASH coins .
A coin project like DASH has all the systems in place to convince everyone in the world that DASH coins are not just a playful project, they really take the cryptocurrency market seriously, they have a Community, they have an official DASH web. , they also have purposeful goals with the designs they have outlined in their Whitepapers, you are sure that in the future DASH coins will continue to experience growth in their selling value.
Steps to Create a DASH Coin Wallet
There are several wallets available to store your DASH coins, but here I will try to explain the steps to create a wallet on the DASH site itself, here are the steps:
- The first step, you can enter the following website, then you will be directed to the home page on the web, then you can scroll down to be able to download the DASH wallet, as shown below.
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- After you choose where you want to install your DASH wallet, so here I choose on android, so because I want to install it on android, I take my android then I open this web, and choose install on android, as shown below.
- You will be directed to the Playstore on your Android, then you only need to install it
- After you finish installing the DASH Wallet application, now you click open, to enter the application
- After that you just click get started to continue at the next stage.
- Then you click create new wallet
- In the next step, you have to set your pin to enter your wallet.
- Next, you have to secure your wallet by clicking secure now
- The next step is that you click show recovery pharse red mark as shown below.
- So in this step you only need to follow the words given, after you enter the words accordingly, click continue
- So in the next step you are given the option to use USD or IDR, because I live in Indonesia so I changed it to IDR
- After all the steps you have done, congratulations on your DASH wallet account being used. There are several features available such as you can hide your balance, as well as other features, as shown below
So those are the steps you need to take to create a DASH wallet. Next, we will discuss the reasons why I chose this DASH Coin.
The Reason I Choose Dash Coins
The main reason I chose Coin DASH as the topic of discussion in my assignment is because DASH coins are coin privacy that is included in the privacy ranks of coins that are very much in demand by world investors, even he said that DASH coins are included in the top 10 privacy coins with high transaction volumes, That is, if we rank it with fellow privacy of other coins, if it is ranked overall with all other cryptocurrencies it is ranked 52, this is why I chose DASH coins, especially with the features they provide such as instantsend, privatesend, and also Decentralized Governance (DGBB) , showing that the DASH coin project is serious about launching this DASH coin, and we can also see in the DASH coin Whitepaper, they have a purpose, vision and mission that are directed, They also have their own DASH site, have a high community, and also have social media accounts, indicating this coin will move forward in the future.
Each Coin must have its advantages and disadvantages, here are the advantages and disadvantages of DASH coin.
Advantages
- Has a very fast transaction system with instantsend
- It has a private end system, which allows you to transact but are not inputted on the blockchain system.
- It has a Decentralized Governance (DGBB) feature which aims to raise funds to develop this project even better in the future.
- DASH Features Cryptonote algorithm
Disadvantages
- DASH coin has an anonymity feature, which allows criminals to make transactions without being noticed.
- Transactions that are not recorded on the blockchain system are also an opportunity for criminals.
- Doubts about the decentralized system the DASH coin adheres to
Conclusion
DASH coins are one of the coins that are included in the privacy of coins, because the system is deliberately built with anonymity, which means that transactions that occur will not be able to be tracked by other people, other than the sender and receiver, and with other advantages such as delivery fast with the Instantsend feature, with a private end feature for transactions that are not included in the blockchain system, and also a Decentralized Governance (DGBB) feature that allows raising funds to develop this project. Behind that they also have shortcomings in the system where the Privatesend system allows hackers to make transactions in DASH wallets, as well as doubts around the world investors about the Decentralized system which they think is a bit dangerous.
Last word
So that is the task that I have completed this time regarding the Privacy Coin [DASH] If in my delivery there are still many mistakes, I apologize and I will be happy if other friends want to correct it via the comments column.
Thank you to all of you, I hope this post can help all of you to understand more about the Privacy Coin [DASH].
Regards
@ichsananggap
Notes: The missing images are from my own screenshots, and my own edits
Hi @ichsananggap, 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:
You have been detected cheating on this community, you are under surveillance.
Thank you for the advice from you professor, I've improved it by adding writing according to the professor's direction
You've got a free upvote from witness fuli.
Peace & Love!