Resposted Crypto Academy temporada 2 Semana 8 - Publicación de tareas para @levycore por @nathan27
Crypto Academy temporada 2 Semana 8
Privacy Coins
Greetings to all, as are you, I hope you are doing great, this is the last week of the Crypto Academy, and then we get a well-deserved 2-week break for all the teachers and students of this great @steemitblog initiative but we can't get away without first finishing the last assignment of the teacher @levycore for this week in which we will be talking about Privacy Coins, and what are their advantages and disadvantages.
Choose a privacy coin and perform a fundamental analysis of the coin in detail.
Dash
Dash is one of the most used security currencies, it offers its users an enviable transfer speed and security in them, since its transactions are anonymous, and this made it attractive to its investors since dash seeks to be a replacement for Centralized organizations such as banks, since it allows unlimited transactions on its network, and has the anonymity that traditional transactions have.
Dash was created to be a strong rival to bitcoin although its code is very similar, it has its small differences that make it a totally different currency from bitcoin, while in bitcoin all transactions are made and remain on the accessible block chain For anyone, Dash does not allow doing this since at first they wanted to make a currency that is centralized, but the low acceptance of the people forced them to change their strategy, and become a decentralized system that allows these transactions to be carried out, with the anonymity that people wanted to have.
One of the characteristics of Dash is that unlike Btc this specializes in the use of Master nodes, these master nodes are the ones that validate the transaction and then transfer the information to less powerful nodes, and these nodes must contain A minimum Stake of 1000 Dash coins.
Why Use Dash
People use Dash and decide to use it because its usability is cheap, and its commissions too, this represented a great advance since btc had a reputation for having high commissions in those days.
This was the first Cryptocurrency in which its structure was made up of 2 parts, the first part is made up of miners as occurs in any cryptocurrency with PoW protocol and the second part is created by Master Nodes, These nodes are nothing more than Nodes that allow the correct operation of the network and provides you with the same speed and privacy with obcion to carry out transactions almost instantly.
The dash maintains both the balance and the addresses of the users anonymously, and this is something that has always been wanted in the world of cryptocurrencies.
There is no preference in transactions or in the feet charged, something that occurs in BTC that gives priority to large transactions since they entail a higher collection of feets
It is a cryptocurrency accessible to everyone worldwide.
It is capable of creating and sending transactions every 2 seconds, and these are irreversible, so before making a transaction make sure you put the destination address correctly.
Let's talk about its Technical characteristics
Mining.
In the case of dash, it uses a mixed mining system, since this coin can be mined in two ways using PoW and PoSe, the first of which is already well known, since it is the one used by BTC, and is the classic function of Find the mathematical puzzle and when solving it, the miner in question gets a reward.The speed of solving this puzzle is due to the complexity of its Hash and the mining power that the miner in question possesses, the algorithm to solve is the already famous X11,
Pose system, this mining system is known mostly to the system that works in the Master Nodes, these master nodes work the same as a common node, the difference is that it has more power of decision in the network, since if a miner intends to validate These master nodes detect a block incorrectly and prevent it from completing its function, expelling it from the network.
These master nodes are a complete Blockchain within a node to see it in a simpler way, which fulfills the function of the main server among the other normal nodes, this was thought thus to give greater performance to the transactions and a faster validation, and these Master nodes They are the ones that give Dash the ability to perform its speed and anonymity functions.
These master nodes can vote within the network, to improve its governance and provide greater security to the blockchain, the only detail is that to control these nodes it is necessary to stake a minimum of 1000 coins, an advantage of these master nodes is that they can fulfill their function of PoSe and PoW at the same time since they can mine and receive rewards in both ways.
About Dash
Another thing that must be taken into account that 10% of the rewards obtained are allocated to projects of the Dash itself in order to improve the project and create dapp that can further promote the use of this Blockchain.
Describe the steps to create a wallet for the privacy currency of your choice. (Screenshot required)
First of all we go to Google play to download the wallet.
Once the wallet is open, we will skip the home screen.
here we are going to select create new wallet
In this part we will be asked for a 4-digit code which we cannot forget, after entering it the first time, the system will ask you to confirm the entered code, revalidating the same code, that is, placing it again
here we are going to show our Recovery Phrase from the one I mentioned earlier.
We must write on a piece of paper or simply make a capture and keep it in a safe place, for safety I do not show my password, then you have to make a clip in I already wrote it and then continue.
As you can see, we are asked to insert the recovery phrase as shown previously.
After a small, very quick process of automatic configuration of the system, the wallet already created is shown to us, and ready to deposit funds.
Explain why you chose the privacy currency. (Indicate the advantages and disadvantages)
After observing several security currencies, it seemed to me that dash is more adapted to what I am looking for, it already has both its wallet and its system is better worked than other projects with the same or greater reputation, and that makes us think that the developer guys are doing the things very well. This currency is accepted in more than 4300 neogicos where dash and products can be purchased and sold, as well as a large number of very famous currency exchanges, I have not come across an exchange that does not have the Dash pair to date that's why I
I would like to invest in this currency.
This currency like any currency has its advantages and disadvantages.
Advantage
Its InstantSend technology makes transactions faster this technology is possible thanks to the master nodes that run on the Dash network, reading in whitter paper the developers assure us that the transaction will be carried out after 4 seconds, something very fast if it we compare with btc that sometimes takes more than 5 minutes.
We cannot stop naming its dual mining system, since a master node apart from validating the transactions and generating rewards for validating it can also run the PoW mining system at the same time, which is a coin with double mining thanks to its mining protocols.
Like the btc, it uses the x11 algorithm which makes transactions and the network in general safe, in combination with the master nodes that give it speed, it can be said that dash is superior to btc in terms of performance and security.
Transactions on this network are much lower than those we know in other currencies, for example Bitcoin, and this represents an advantage since more and more people begin to use dash for its anonymity, speed and low commissions that we want the most.
Disadvantages
Like any security currency, it receives criticism about the centralization of the project, since having anonymous transactions and that governance is executed only by people who invest in the platform, and thanks to the fact that it acts almost like a traditional bank, it receives criticism and many people move away from the project.
At its launch, there was an excessive drop which many people now have a lot of power and the new ones do not manage to have the influence that these people have who are from the beginning.
Decisions are made by small groups due to the excessive drop in their launch.
Conclution
Dash is a fast and secure currency, which every day is covering the cryptocurrency market more and more, thanks to the fact that the transactions are anonymous and that is what many people want, not everyone in the world of cryptocurrencies finds it funny that Anyone can see how many coins they have of a certain asset, and dash was created for that, apart from the fact that the implementation of the master nodes has been a success in this project since it gives it an enviable speed, although not everything is rosy. since its decisions are centralized and the project could in the future not follow a correct path or at least benefit the majority. But even so, this is a very good security currency to invest in, the development of its app is attractive, fast and reliable and that generates security for users who want a platform to work well.
Hello teacher, my post was not curated, it is possible that I can receive a cure in this repost.
@levycore