CRYPTO ACADEMY SEASON2 WEEK8 ASSIGNMENT POST FOR @levycore BY @jimah1k

THIS IMAGE WAS DESIGNED BY ME

Hello fellow steamains,

Its another week of this season’s crypto academy last week was all about cryptocurrencies. This our professor @levycore gave a detailed lecture on PRIVACY COIN. After reading the lecture notes and carrying out my own research I present my assignment for this week’s homework task.

QUESTION 1

CHOOSE A PRIVACY COIN AND PERFORM A FUNDERMENTAL ANALYSIS OF THE COIN IN DETAIL.

Before I tackle this task, I want to briefly explain the key term ‘privacy coin’.

PRIVACY COIN

A privacy coin per my understanding from this week lecture is privacy coin is made up of two words namely ‘coin’ which simply means any digital asset or cryptocurrencies, the second word ‘privacy’ which simply means security, so with this I can boldly say that a privacy coin is a cryptocurrency asset where by transaction using that coin is not known to the general public but only the sender and the receiver knows about the details of that transaction. For example, if I make a transaction with privacy coins third parties will not know the sender of the assets and also, they wont also know where it’s going to with privacy coins you can actually hide your current balance from prying eyes the general objective of privacy coins is to remain anonymous. One advantage of privacy coins is that you are in full control of your account you can choose to hide your account balance and address. Examples of these coins are,

· MONERO
· DASH
· GRIN
· ZCash
· VERGE
· BEAM
· HORIZEN

From this list of privacy coins I will be doing a detailed analysis of DASH.

DASH

Source

Dash privacy coin is a digital altcoin which was established in the year 2014 by Evan Duffield and kyle Hagan. These two software engineers first named their project ‘Xcoin’, later on after certain consideration changed the name from ‘Xcoin’ to ‘Dark coin’ after a year that is in 2015, the name was again changed to its current name ‘Dash’.

The main objective that led to the establishment of Dash coin was to improve on the flaws of BTC which is faster transactions and also the key factor total privacy and also to make it very simple to use. To strengthen the security of their network Dash software uses POW algorithm called ‘X11’, which uses 11 series of hashing algorithm namely; echo, blake, bmw, groestl, jh, keccak, skein, shavite, cubehash, luffa and simd.

A user on dash can decide to make a transaction and would not want people to see or know about this transaction so with the help of private send feature, the user can erase the transaction made on that blockchain to look like it never happened. Again, one of the objectives of Dash is fast transaction, instant send is feature which allows its users to execute transaction within a short period.

Just like most coins dash can be mined through the POW mining algorithm, when Dash is mined the total is divided into three parts 45% of the first part is given miners whiles the ither 45% is sent to the nodes the remaining left is stored for future usage. Preferable users can decide not to mine because it can also be purchased below is a screenshot of dash markets.

SOURCE

DASH COIN MARKET ANALYSIS

Here I will be talking about the price of dash coin, the market cap, the market rank and dominance, volume, total supply and max supply. Let’s begin

MARKET CAP
According to coin market cap dash coin has a market cap of $1,907,017,674.69 and a fully diluted market cap of $3,546,721,646.38

SOURCE

MARKET RANK AND DOIMANCE
According to coin market cap the current rank and dominance of Dash is #53 and 0.12% respectively

SOURCE

SUPPLY
This includes total supply and max supply according to the coin market cap Dash coin has a total supply of 10,162,239. And a maximum supply of 18,900,000 DASH.

SOURCE

VOLUME
According to the coin market cap the trading volume of DASH as of the time of this assignment was $524,455,851.40

SOURCE

PRICE
The current price of DASH according to the coin market cap is $189.63 with a price change of $-3.53 within 24hrs it also recorded a 24h high of $201.14 and a 24h low of $184.81

SOURCE

Below is the graph of DASH and a summary of what I have written

SOURCE

Overview	Statistics
Market Price	$189.63
Trading Volume	$524,455,851.40
Total supply	10,162,239
Max supply	18,900,000
Market rank	#53
Dominance	0.12%
Market cap	$1,907,017,674.69
Fully Diluted Market Cap	$3,546,721,646.38

SOURCE

QUESTION 2

DESCRIBE THE STEPS IN CREATING A WALLET FOR THE PRIVACY COIN OF YOUR CHOICE(DASH)

Before we can accomplish this task I would you edge you all to download the dash mobile app on your phone
You can do so by clicking HERE lets begin.

• After downloading the app, open it when you do the app will ask your to recover your existing wallet or create a new since we don’t have an existing Wallet click on “create a new wallet”

• When you click on create a new wallet you will be asked to set a 4digit pin code so make sure you enter the code you can remember

• click on secure wallet

• click on show recovery phrase and make sure you write it down do not screen shot it. Because someone can take your phone and see the screenshot

• After you are done writing it done click on “I wrote it done”

• The words would be scrambled and you will be asked to rearrange them once you do so you will receive a verification message telling you that your account is secured

• you can see from the screenshot below that the wallet has been successfully created you can scan directly with the app to pay and also you can receive.

These are the steps to create a Dash wallet.

THE REASON WHY I CHOOSE DASH

Now for me the main reason I choose Dash is it’s very simple to use just look at the simple steps in creating a wallet and their platform is user friendly also I haven’t tried their transactions yet but per my research they offer fast transactions at low fees which I think is cool.
My third reason is the ability to go ‘icongnito’ which means you can hide your identity and also current balance. You could all bare witness to the security level the platform has to offer in creating the wallet after setting up the pin they followed it up with a backup phrase to help secure your account more. These are basically what made me choose DASH.

MERITS OF DASH

• One advantage we can all attest to is that it’s very simple to use.

• Very fast transaction with moderate fees.

• the ability to hide your balance and also make transactions without it being documented this is all achieved with the help of the private send feature.

• the instant send helps send or make instant transactions.

• Dash uses 11 series of algorithms which helps strengthen the network.

DEMERITS

• since anyone can go “incognito” most criminals hide their identity and and scam people.

• sometimes scammers perform transactions and erase them from the system to avoid being tracked or caught.

• Dash is not completely decentralized.

CONCLUSION

Thorough this lecture I have learnt a lot about Dash coins and also privacy coins what I generally think about dash coin is even though it has some negative side effects but if you look at what it’s bringing to the table like faster Transactions and also moderate fees, not to forget the 11 series algorithm it runs on it’s a very interesting coin very simple to use I think in the future it’s going to improve on its flaws and also be the best privacy coin. Thank you professor for this wonderful lecture see you after this break.

THNAKS FOR READING