SEASON 2 | Week 8 ] Steemit Crypto Academy Homework Post for @levycore | Privacy Coin

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

DASH Coin

DASH is a digital currency that is built on the blockchain, used to receive and send payment. It was built to offer privacy and faster transaction than Bitcoin through the help of some unique feature called Masternodes. It was folked from Litecoin, while Litecoin was folked from Bitcoin.

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DASH cryptocurrency does not only offers privacy and faster transaction, but it also follows a self-governing and self-funding model. Unlike Bitcoin, Dash's network can self-fund in order to advance the DASH technology.

This sound interesting doesn't it?

DASH is the combination of "Digital" and "Cash" it was released on January 18, 2014, by Evan Duffieldin. It was fist called “Xcoin (XCO)”, then on January 28, 2014, the name was changed to “Darkcoin” before finally being renamed “Dash” on March 25, 2015.

Features of DASH coin

There are some amazing feature that makes DASH unique than most of the cryptocurrency;

Masternodes: on Bitcoin and some other cryptocurrency there are miner who verify and confirm transaction but incase of DASH it is divided into two Miners and Masternode
The Masternode are like special servers, they make sure that the transaction on DASH are fast and private and are being rewarded 45% of the mining reward.

PrivateSend one of the amazing features of DASH coin is private send, in this case there is privacy in the transaction, that is the transaction on Dash can never be revealed nor the user identity to the world.

InstantSend: this is another amazing feature in DASH that made transaction Instantly confirm by the masternode.

Decentralized Governance (DGBB): in some mining like Bitcoin for example 100% of the reward goes to the miner, but in Dash 10% of the rewards goes back to dash this is to raise funds for the growth and development of DASH.

Mining DASH coin

Just like Bitcoin, DASH coin uses the Proof-Of-Work (PoW) algorithm, that is someone or group of people known as miner uses powerful computer to solve a math problem the first miner to solve the problem create a new block on the blockchain that verify and confirm transaction on the blockchain and in return they are being rewarded 45% of the DASH reward.

DASH Masternode

Like I have explained earlier, Masternode are like special servers, they make transaction fast and private.

Before someone can be a Masternode he/she must deposit a minimum of 1000 DASH and they earn 45% of the DASH reward.

Where to Buy DASH

A user can buy DASH from exchanges, there are alot of popular exchanges that sell DASH coin.

• Binance

• Bittrex

• Huobi

This are the list of some of the popular exchanges that sell DASH coin

How does Transaction on DASH works

Let just assumed John have gotten 10 DASH from Binance exchange and he want to send it to his friend Daniel.

This is the process of the transaction below;

Barnabas want to send 10 DASH to Paul, he collected Paul's public address (which is randomly generated)

• Barnabas send the 10 DASH to Paul's public address

• A DASH miner will then add Barnabas transaction to the block and verify it

• If Barnabas decided to use the Instantsend feature then the transaction will be instanly confirm by the masternode but Barnabas will have to pay some extra fee, but if he doesn't want that then he will have to wait for the normal miner to confirm and verify the transaction which usually take 2 to 3 min.

• If this is done, then the other miner in the world will be informed to double-check the transaction from the miner that verified it to make sure it is valid.

• After that Paul will then received the 10 DASH that was sent by John.

Fundamental analysis of DASH coin

Fundamental analysis simple means the method of determining the value of an asset in the market..

Fundamental analysis can be perform by looking at the asset project, the behavior in the market, this can be used to determine the future of the asset.

Today I will be doing the fundamentals analysis of DASH coin by looking at the price behavior and statics according to Coinmarketcap.

Price	$184.99
Market Cap	$1,880,978,462
Market rank	No 52
Volume	$467,805,998
Volume / Market Cap	0.252
Circulating Supply	10,168,118.97 DASH
Maximum supply	18,900,000 DASH
Total Supply	10,168,256 DASH

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

There are many wallet that can be used to store DASH coin, I will be exploring the official website of DASH coin and download the Android app wallet.

Firstly I visit the official website of DASH coin and click on "View all App"

• I am using an Android phone so I select "Download for Android"

• I was redirected to another page where I will have to choose if I want the app on Google playstore or the APK.
  So I prefer the Google playstore, so I click on "Google Play Download".

• Now at the Google playstore, I select "Install" to download the DASH wallet

• After successfully downloading the app I click on "Open" to launched the app

• At the homepage of the DASH wallet I click on "Get started"

• Now I Click on "Create a new wallet"

• I then set a new pin and confirm the pin by entering it again

• I then click "Secure now" to secure and back up my keys

• I Click on Show recovery phrase to show my 12 phrase words

• The 12 words are them displayed, I write it down on a sheet of paper which I later kept in a safe place. Them I marked "I write it down" and click on "Continue"

• I was the instructed to enter the 12 words according to how it was previously displayed.
  I enter it one after the other

• My wallet has been created successfully, you can see my balance displayed in Naira (NGN) my local currency. There is also an option to receive and send DASH coin.

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

The reason why I choose DASH is because it's one of the most popular privacy coin, it doesn't only solved the privacy problem it also has a fast Transaction speed compare to Bitcoin and some other non-privacy cryptocurrency.
DASH coin has a lot of features which includes Instantsend that allow user to perform transaction instanly, privatesend this allow user to perform transaction without having traces, Decentralized Governance this feature is for the development and improvement of DASH.

Another amazing reason why I choose DASH is the Masternode features that allow users to their DASH and earn from the mining reward pool.
Further more looking at DASH whitepaper and roadmap, there is a great potential in the coin, the company has also provide some social media where users can interact with each other and also an email was provided where user can contact for support.
Talking about the fundamental analysis of DASH, we can see that performed very well during the bull run in 2017 reaching and all time high before dropping down. It is currently ranked #53 in the market and this is not really bad for privacy coin.
There are some advantages of DASH coin on the other hand there are also some disadvantages.

Advantages of DASH

• With the Instantsend features DASH coin is very fast on confirming transaction

• DASH coin has a feature called Decentralized Governance, this allow the system to raise funds from the Mining reward to improve and develop DASH system.

• DASH has a very low transaction fee compare to Bitcoin and other non-privacy coin.

Disadvantage of DASH

• Because of the privatesend feature alot of criminals used it has means of transaction since the transaction can never be traced back to them.

• DASH coin is facing great Competition from other privacy coins like Monero and ZCash.
• The government isn't in support has alot of people use it for tax evasion.

Conclusion

In conclusion DASH coin is undoubtedly one of the most popular privacy coin, the system was built in a way that no body in the world can traced the transaction of a user whether the sender or the receiver, there are some amazing features like the instant Transaction, the privacy features. The self funding features whereby the system earn 10% of the Mining reward to build and improve the DASH system, however with all this good features there are also some shortcomings in the system has a lot of criminals use the private send features to do some illegal transactions while some use it to avoid paying tax which is not supported by the government.

In my own opinion there are still a lot of potential in DASH Coin and I see it reaching a new all time high before 2023.

I have talked about DASH coin, how to create a wallet, the disadvantage and disadvantages, I believe I have been able to attended to the homework task in my own way.

Thank you Professor @levycore for the lecture and thank to all the readers

The image used are my screenshoot from my Android phone.. The one I downloaded from the internet has been properly cited Source here