Crypto Academy Season 2 Week 8 Homework Task Article for Professor @levycore | Topic: Privacy Coins (DASH)
Hello Everyone and Have a Blessed day to all Crypto Students and Professors!!!
This has been a great week again here in the academy that we will able to learn from all the topics being shared and discuss by the Professors. For this post article, I will be doing my homework tasks base on the topic of Prof. @levycore this week which is all about Privacy Coins which he asks the following questions in the homework tasks:
1. Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
2. Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
3. Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
4. Conclusion.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmWj9zgUpvz8eq4JhVtokq9zjeL5EuQvTmgs4VGgjmCDJY/image.png)
As we are living in this world, we tend to be private but we are not only living here, we need to cooperate or interacts with other people to live, we live in a world that even technology changed our privacy we are dealing with right now. technology thus does not only influence privacy by changing the accessibility of information, but also by changing the privacy norms themselves.
Now, let us go back to our topic for today that is all about Privacy Coins. The word itself Privacy which means private or in literal terms it does not to be shared publicly. Privacy Coins is a type of cryptocurrency that all transactions in the blockchain are private and anonymous, it handles to characteristics of anonymity and untraceability. Anonymity hides all transactions of the blockchain while untraceability means all third-party individuals will no longer be accessible or trace the transactions trails.
1. DASH (Digital Cash)
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmU2v6jhwPesnswEP2eGPuVGSs6shSW8ci3hG1AsWsphEz/image.png)
An example of a Privacy Coin is DASH (Digital Cash). Dash is said to be the best privacy coin in terms of ease-of-use for it is best for its high-speed transactions and low-cost ability. Dash started way back in 2014 as a fork from Bitcoin, it was first named Xcoin to Darkcoin until it finally named Dash which also named Digital Coin.
Dash focuses on usability and user protection and is a decentralized autonomous whose native coin has features such as privacy. The technology Dash uses are PrivateSend and InstantSent. PrivateSend makes Dash being private as it allows you to break up your Dash into specific denominations and “mix” these with other participants that makes it hard to identify. InstantSend on the other hand makes Dash users enhanced transactions speed ability.
Creating a Privacy Coin Wallet (DASH)
Now, for us to know more about Dash Coin, let us install and create a Wallet. Here are the simple steps to follow in installing and creating a Dash Wallet.
1. Go to the Dash (Digital Cash) Official Website. Click it Here, then go to Get the App and choose your preferred platform. Since I am using a desktop with Windows OS, I have chosen Desktop Apps.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmdmFQSBwZTXgFKxCGgzUGEy5uXBFvmbsmfYWZFF5Cy3K1/image.png)
2. Choose your preferred platform and version then click Download Installer.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmPNvDrp6kxAXdLnGKhVGH4a7Z6wqji7pBjKvUVgJpjDvW/image.png)
3. After you have successfully download the Installer, run it to start installing. Just follow all the steps.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmWuT4ai8CVjB2Luxr3FuhyhwF1EzK81k4aGHNnE5zcn6B/image.png)
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4. Click Finish to open the Application.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmPLvMH64nBvZsDkoF96dx3nffw71HW1PR1FM7Z6YNAUHb/image.png)
5. Just choose the default data directory then click ok.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmeLkGqbRGXeEomBn6GSAhzEzgTPuVHgWuMLQSopJBhpLf/image.png)
6. You successfully have a Dash Wallet.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmST9WSAv4RpEvA2BD4LZCGevz9PBdedBuZAXJ36dwQUEL/image.png)
7. The next step to do is to back up your Account. Just go to file then select Backup Wallet. We need to save Backup for in cases, we can still recover our account.
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmW5NyV7jvL3ZDqqJuTiR7NbWkQQJgHJPMGwnfnDTFL31T/image.png)
8. Everything is set and you now be able to send, receive and see transactions on your Dash Wallet.
![](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmdvnmMwPwsC8u74GH8nWMmy4PMPoy2zUaMNbFjAkKB5Hq/image.png)
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Advantages and Disadvantages of Dash (Digital Cash)
Here are some of the Advantages and Disadvantages of Dash (Digital Cash).
Advantages of Dash (Digital Cash)
- We have full control of money. We can do transactions anytime and anywhere.
- Irreversible Transactions - Transactions are instants and are final which means not reversible..
- Ensures Security features - All transactions can be made and verified by both parties for security assurance.
- Speed - All transactions will process within 1.5 seconds that makes it faster than other cryptocurrencies.
- Low Transactions Fees - Unlike other cryptocurrencies, Dash has a lesser transaction fee.
Disadvantages of Dash (Digital Cash)
- Acceptance - We all know that are different major cryptocurrencies in the market like Bitcoin and Ethereum which are widely used in the different sector but Dash in the other hands is not yet widely used and some even didn't know Dash.
- Volatility - Same as to other cryptocurrencies, Dash is also volatile or should I say, the price is not stable.
- Less Number of Users - For crypto to know, it should have more users but Dash definitely not even has marketing campaigns but still few users were added.
Conclusion
Another type of cryptocurrency we might consider is this Privacy Coins which I think we need to understand better. Privacy has different advantages and disadvantages we should consider for it will help us know its use case. Before we do any action with this, we should always do our own research and consider to be risk-taker for anything we dwell here in the cryptocurrency world is not constant, everything change in an instant. All we need to do is be ready for whatever may happen and accept it. Spend at your own risk and don't ever spend as a whole. This just my encouragement to everyone and not recommended advice.
This would be my homework task from @levycore's Week 8. I've appreciate all the efforts and information I've got from the lesson and I'm looking forward to the next lesson next week.
Thank you also to all the Steem Team who initiated this new project, to @steemitblog, @steemcurator01, @steemcurator02, and to all curators who supported this project.
That would be all, thank you and God Bless!!!
Your Crypto Steemit Academy Student;