Crypto Academy Week 16 - Publicación de tareas para [@levycore] - Monedas de privacidad de @luis.lucia

in SteemitCryptoAcademy3 years ago (edited)

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**Introduction**

Hello my dear community #SteemitCryptoAcademy, give thanks to professor @levycore for imparting us his knowledge about cryptocurrency security as it is a very important topic because we must know the level of trust that will give us private currency.

1.- Choose a privacy currency and perform a detailed fundamental analysis of the currency.

In this case I will tell you about DASHCOINS, I will give information about this currency and other important facts worth knowing.This type of currency is very similar to BTC as it is nothing more than an open source blockchain protocol, but this in turn focuses on privacy and transaction speed in an almost instantaneous time.
Years ago this type of currency was known as Xcoins, Darkcoins and it was in 2015 that it was designated the name DASH. This type of currency has become very common and used at the time of investing, because one of its great benefits is the speed and privacy as well as micro-fees.

When we talk about Dash it is important to mention certain terms such as:

Speed: As its name says, we refer to speed, this type of currency can perform transactions in just 1 second, how this is achieved, using instasend which is nothing more than a protocol which uses masternodes in types of miners to validate transactions. In other words, a transaction is approved by one masternode and transmitted to another masternode and validated in the next block.

Private Sending: This currency gives us a lot of privacy when sending tokens, this cryptocurrency gives us the confidence to make transactions in a secure and private way as it is not mandatory to allow sending and receiving as well as the address or any other information that may be available to other people.

*Micro-Fees: It is nothing more than the low cost of transaction fees, speed is one of the great strengths of this currency, but so are the micro-fees for transactions, you pay less when making transactions compared to others in which you have to pay a large amount in BTC.

DASH MASTERNODES: This type of currency uses masternodes, while bitcoins use mining to verify transactions. The main function of masternodes is to regulate nodes as well as validate transactions, many coins use large hardware to carry out the calculation of transactions; unlike DASH this does not require large hardware to validate or calculate your private transactions such as snapshots as well as participate in voting.

NOTE: You need to rethink 1000 DASH to run a masternodes.

*Mining: This is another way to validate transactions, this mechanism uses a proof-of-work consensus. This can be achieved using a CPU, GPU.

This type of mechanism only needs between 2.4 and 2.6 minutes to acquire a new block, such blocks have 2 MB of data and 56 transactions per second.

2.- Describe the steps to create a wallet for the privacy currency of your choice (Screenshot required).

Steps to create the wallet:

1.- The first step is to download the wallet, for this I will use Play Store from my Android Phone.

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2.- After completing the download we open the wallet to enter its presentation then click on where it says (jump).

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3.- After the wallet opens this image will appear with 3 options. Choose the option (create a new wallet).

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4.- Then the option to create a password or ping for security will appear. I create the 4 digit password and then you will have to repeat the password, this password will be used to unlock the application every time you want to enter.

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5.- After you have created the password, we create the wallet, to achieve this you need a recovery phrase because the wallet is not secure.

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6.- After clicking on "secure now" a warning about a recovery phrase will be shown, this means that this phrase is our access to the wallet funds. You must save this recovery phrase as the wallet does not save this phrase. In case the device is lost, this recovery phrase will be needed to access the funds.

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7.- Keep the phrase in a safe place. Then click on I have already written it, continue.

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8.- After confirming the security phrase, the wallet is created and we can access it by entering the 4-digit password created earlier.

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9.- After entering the password or pin, you will automatically enter the wallet dashboard, this means that you can now make deposits, withdrawals, payments and receive DASH through the Wallet.

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3.- Provide an explanation of why you chose the privacy currency (List the Advantages and Benefits).

I have always liked BTC as a cryptocurrency but as everything changes and improves, I called my attention to this new currency called (DASH), which is an improved version of BTC, I leaned towards this currency because of its high privacy and speed when making transactions, as well as it is a decentralized currency. Nowadays any person tries to look for or reduce costs when investing or acquiring anything. Dash does not offer this because it is cheaper per transaction compared to other cryptocurrencies.

An example of the cost of these transactions is $0.02 or $0.03 per transaction. Another thing that led me to choose this privacy currency is that it provides great security and privacy, as well as at no time personal data is disclosed to the general public when investing, this makes it a great privacy currency.

*Advantages

1.- It has low cost at the moment of making transactions.

2.- They provide security to your investment or transaction (they are safer).

3.- They provide a high level of privacy which makes them very safe.

4.- It has a high level of speed when making transactions.

*Disadvantages

1.- They are used for illegal negotiations.

2.- Too much demand in the market due to the appearance of many cryptocurrencies.

3.- It is often used for illegal purposes, as it has the capacity to perform anonymous transactions, which leads to this.

Conclusion

Today technology has advanced by leaps and bounds which leads us to that technology is part of our lives and we adapt to it, in this case we will talk about cryptocurrencies, a very popular topic and much to understand today, the world is revolving around this issue. Specifically today we know a little about security currencies, in this case we talk about Dash which is characterized by its speed and security in its transactions, as we know there are many types of cryptocurrencies in the market, but Dash has taken a little advantage compared to other currencies due to its high speed and execution. DASH gives us great confidence when investing because there are many offers.

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Professor @levycore I am waiting for your correction and my homework is 3 days old thanks for your response

Hi @luis.lucia, 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:

Assessment Aspects
Rating
Privacy Coin Fundamental Analysis
0.5
Creating a Privacy Coin Wallet
2
Explanation of The Privacy Coin Selection
2
Conclusion
1
Follow Rules and Guidelines
0.8
Writing
0.7
TOTAL
7

Review dan Feedback:

  • Your fundamental analysis is good, but it could be improved by digging up more information.

  • Explanation of wallet creation is complete.

  • You explained well the reason you chose the privacy coin.

  • The conclusions you make are still too shallow. Not worth the good discussion you've made.

Thank you!

Thank you professor @levycore I hope to improve for your next assignment

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