Its another week of endowed knowledge bestowed unto me from the understanding lecture of professor @levycore.
After going through the class I found it easy to write to my knowledge about PRIVACY COIN.

PRIVACY COIN

This is the type of coin that empower both the sender and the recipient to remain hidden when making and receiving transaction, privacy coin is a digital coin that has the ability to provide anonymity on the blockchain network, it runs on a decentralized system like every other cryptocurrency but it's aim is to facilitate privacy when it comes to performing transaction so as to keep it's destination and origin safe and secure, when a transaction between two people is made, no one will know the details of the transactions except the sender and the recipient. There are different type of privacy coin and they are Moreno, zcash, dash, beam, Grim and many more.

ADVANTAGES AND DISADVANTAGES OF PRIVACY COIN

ADVANTAGES

• Detail of transaction are known by sender and receiver alone
• Transaction of privacy coin are untraceable
• Asset of users are highly protected
• Transaction of privacy coin are decentralized

DISADVANTAGES

• transactions are not transparent
• privacy coin are used by hackers to make illegal transaction.
• it is not supported by the government in some countries because transaction can't be traced

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

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The uniqueness of this privacy coin has great impact in the popularity of this coin called MONERO, XMR being the symbol of monero in the market is a privacy coin that is released in April 2014 on an open source based on crytonote, monero is among the top 30 cryptocurrency in the industry, when we talk about cryptocurrency, Bitcoin comes to the mind first, why, because is is widely known all over the world as the first cryptocurrency.

BTC is known for its transparency, In this case transactions done from one person to the other is seen or can be traced on the blockchain from the sender to the receiver, the basic reason for monero is because of its privacy, transactions done on this coin are private on the block chain of which only sender and receiver can see their transactions.

XMR is accessible to all users as it is also decentralized, monero uses the ring signature to conceal the sender from been discovered, the use of the ring signature on the monero platform is by merging or combining the senders account keys and public key on the blockchain to keep the sender from been known, by this it keep the sender private and it is impossible to ascertain the sender who sent the coin to a particular group or individual.

The stealth addresses make monero more unique and private because it hides the recipient by creating a one time address randomly on every transactions on behalf of the receiver

Additional to the privacy of monero network which was introduced in January 2017 is the ring confidential transaction which enable the hiding of the amount in transact from a sender to a receiver from outside observers.

HOW TO GET PRIVACY COIN MONERO(XMR)

XMR MINING
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Btc mining requires costly software like ASICs to mine but in the case of xrm, standard computer can be used to mine xrm with the help of leading OS platforms like macOS, Android, Linux, windows and freeBSD, Monero support the proceed of mining called the egalitarian which means miners are reward of their activities equally in the mining pool. Monero relies on a proof of work algorithm as said in the monero website, it takes about 2 minutes to mine a coin, monero network works on a RandomX PROOF OF WORK algorithm which was just in introduced in November 2019, before then cryptonignt consensus algorithm has been used, so you can get XMR buy mining or by buying, It can also be bought from exchanges like, BINANCE,HUOBI GLOBAL, KRAKEN BITFINEX and many more.

FUNDAMENTALS ANALYSIS OF MONERO(XMR)

XMR RANKING:

As you can see in the above screenshot, monero is been demand by investor making it rank at the number 26th, if we see more billion investors who say this coin can't be amonng the top 10

XMR MARKET PRICE :

AS at 31st of May 2021 the price of monero is at $261.97 per one XMR, this price is as a result of trading demand of the coin and it's rank.

XMR MARKET CAP :

For a coin that is private, the market cap of monero is so high on a number of 4.6billion(4,694,857,869) and a fully dilute market cap of
4,695,682,669.

TRADING VOLUME:

The rate of trade this coin in the last 24hrs is low as we see a number of $279,731,110 ruduced 43.36percent of the initial volume in the last 24hr.

As at May 31, 2021 on the coinmarketcap monero market cap is $4,694,857,869 and a fully diluted market cap at 4,695,682,669, it's market price is at $261.97 with a ranking number of 26th and it trading volume of $279,731,110 and a circulating supply of 17,921,366.10 xrm.

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

The procedure to create a wallet for Monero will be demonstrated with screenshots, this process will be with my Android phone, so I will be downloading an application called mymoreno

• Open a new page for mymoreno

• click on the download button via Android

• Since i don't have the application on my phone it redirect me to play store to download and install, so I downloaded and open

• After opening the app, it direct you to the first page, here since am creating a wallet you select "create a wallet" as indicated by the arrow.

• Create a name for your wallet and click next

• Having processed the aforementioned steps, I continue to create a wallet by ticking the small box meaning I understand I have to keep and save my keys.

• The key to be protected are on display so you write down the keys offline and choose your preferred language for me it's English, and click next as indicated by the arrow.

• The display of the offline keys are asked, so you put them in order as given in step before this.

• Create a strong password to enable you login and click next.

• Congratulations you already own a moreno wallet where transaction can be done

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

The reason I choose monero privacy coin is because of the future potential of the coin as we a have seen a very high percentage rise in the price of the privacy coin in the range of a Jan 2020 to 2021, it is demanded by investor making Moreno a high ranking coin in the world of privacy coin as per the market cap, investing in XRM is a great opportunity for every one not only whale investors, the increase in XRM from Jan 15, 2020 to jan 15, 2021 has been massive as a record of 137% of increase in price of monero is recorded, I choose monero because it is untraceable unlike other cryptocurrency like Bitcoin where transactions are traceable, the upgrade of this privacy coin network over the past few years has been really encouraging and satisfying, where we see a decrease in transaction fee and the efficiently of transactions is improved, although Moreno is a privacy coin but the upgrade added more privacy to it's functions using the ring signature, stealth addresses and the RingCT to privatize transactions these are reasons why I choose monero.

ADVANTAGES OF MONERO

• monero aim is to archeive the greatest level of decentralization
• Outside observers can't tell the actual user of a transaction
• Details of sender recipient and amount being transfered is obscured.
• XMR is completely fungible
• Monero coin privacy is untraceable
• When used on a large scale transaction the cost will not be large
• Mining monero is easy, as it takes about two minutes to mine one coin
• User have high level of privacy of their account.

DISADVANTAGES OF MONERO

• It is used for illicit transactions
• It is not yet widely known and used
• Market wallet are not many, they are only few wallet.
• Due to the fact that transactions are not recorded on the blokchain, it gives opportunity to hacker to use.

Conclusion

Privacy coin is a coin which is in form of cryptocurrency is a digital asset that enables privacy and anonymity, privacy coin is gradually taking a hill step with the help of coin privacy like monero, monero is special because it offer ring signature which combine certain keys together to hide the sender from been known, stealth addresses uses a one time address on every transaction to keep recipient anonymous and the ring conventional transaction hides the amount of a transaction done in the blockchain and it is said to be mandatory in every transaction, with more huge investor investing in this privacy coin XMR, I see a better and profitable income in the coming future and don't be surprised if monero is been rank among the top 10 cryptocurrency in the world.

Written by: @olabillions
Regards to:
Cc: @levycore