REPOSTED Crypto Academy Week 16 - Homework Post for Professor @levycore – Privacy Coins.

REPOSTED
THIS IS MY HOME WORK I DID THAT WAS RATED BUT WAS NOT CURATED BELOW IS THE LINK
https://steemit.com/hive-108451/@kingworldline/crypto-academy-week-16-homework-post-for-professor-levycore-privacy-coins

source

Is my humble pleasure to have you on week 16 home work which was assigned by my professor @levycore who lectured on private coins, this home work was done by @kingworldline.

QUESTION ONE
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.

The defect of anonymity has course the creation of privacy coin which have provide various means to be use privately. As associated with privacy coin, one of them is I choose to analyze is monero.
Monero (XMR) this is a privacy focused P2P which are digital currency which are designed in such a way is untraceable which is anonymous.
The transaction which is always perform or done in Monero blockchain is always associated with a user with a personalized identity as the cryptcurrency is said to be fungible. This have explain a currency which their unit is identical and interchangeable with other currency. Then Monero coins is seen as the same.
This actually have laid Monero currency to lack its popularity in financial sector which have made XMR transaction to be regulated regards payment and personal data.

HOW MONERO WORKS
Monero actually based on two concept regards to privacy and anonymity which are
1.Stealth address
2.Ring signature

STEAITH ADDRESS:
This actually help a sender to spawn one time public address for a person on a traction which the rescipent can utilize a single public link for all the transaction made like that of the bitcoin. It actually means that everyone using Monero spawn a private viewing key and that also generate private spend key. Private view gives them access to view out there transaction with there account. As of the private spend key is actually use to authenticate transaction (payment).
RING SIGNATURES:
This cryptography known as signature which can be endorsed by a member of a particular group with his or her private key. When a transaction is performed, the wallet will establish a ring from others keys in order to withdraw from the blockchain, note this concept was initiated in January 2017.

BRIEF HISTORY ON FOUNDERS OF MONERO
This actually was put in play 2012 by Night CNN plastic Van Saberhagen a developer. He introduced cryptographical process at which a task is completed which he invented a new electronic cash which is know as the Cryptonote.
Bitcoin was the first cryptocurrency to be used on cryptnote in 2012, as of 2014 Bytecoin code base now initiated Bitmonero which was known as Monero today
As it is an open project, Monero have been on the primary level in order to donate fund for development in communities.

UNIQUENESS OF MONERO
Monero as anonymous and that if open source code are actually seem similar with that of Bitcoin with some differences, Bitcoin is seem to be resistance to fork, Monero is cofigured to update every six months
Back then in 2018 Monero was the first crytocurency explore "bulletproof ' is actually a technology that support and improve XMR efficiency with regards to transaction which reduces the 80% of the fee of the end users involved.
Monero is a famous market cap, among the rest as privacy coin.

THE CORE VALUE MONERO HAVE
The value Monero have is from privacy and that of anonymity which give people the opportunity to transact cryptography at the convenient time with out monitoring of the governmental body, hacker and any order third party, due to the fact that it can not be traced means that XMR coins cannot be shunned due to it privacy.
Monero has value to the people who invest money In order to yield profit which enhance the price of the market cap of the Monero (XMR).

ANALYSIS OF MONERO ON CIRCULATION
As it stance currently XMR has 17,922,456 in circulation which means that 18.4 million supply of XMR is expected in may 2022 at which is expected to emit approximately 0.6 XMR per block I position the miner to encourage the power of the network.

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

STEP ONE
After downloading and installation of the application, is now time to explore it to create the wallet, first click on the application.

STEP TWO
Click on simple mode

STEP THREE
Click at the small box to accept the privacy terms then click on NEXT to proceed on

STEP FOUR
Then click on create wallet

STEP FIVE
Imput you a name

STEP SEVEN
Create a personal password or pin for login purpose.

STEP EIGHT
This is the wallet how it look like

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

This are some of the reasons why I adopt private coin
PRIVACY: Privacy is the state of being secluded from the presence, sight, or from knowledge of others, this gives me room to protect my personal information which are not main for public to see, it as well protect my physical interest and as well with my personal data along side with my transaction and it's history.
This also limited people and foreign affairs from my wallet, some time i imagine how people jump into my wallet just to figuring my progress report in my wallet which is not normal because is main for the user only to manage his tranction.

RISK: when you account is open to individuals to open to view, it stand with high rate to hacked due to the fact that is open to every one to view, but when is private is actually secured for the user.

ADVANTAGES OF PRIVACY COIN

1. it actually have high level of security which protects indivial credentials and datas.
2. All transactions made is confidential
3. Due to the large market cap, is easy to trade on
4. Evey one have full ownership regards to his wallet
5. It ca be manipulated easily

DISADVANTAGES OF PRIVACY COINS

1. It can serve as means of syphoning funds.
2. Some one's net earning cannot be determined regards to task and other utility payment.
3. Founds or deposit cannot be traced
4. Some one's net worth cannot be determined
5. This means/platform the hackers explore it a lot to transact.
   

QUESTION FOUR
Conclusion

Monero is actually a private wallet at which my transaction and funds are always private which are convinient to me, which also keep people out from viewing my amount in deposit.

Done by
@kingwordline

Special regards to
@levycore
@steemcurator02
@steemcurator01

#levycore-s2week8 #cryptoacademy #privacycoin #steemexclusive #nigeria #steemit