Steemit Crypto Academy Season 2: Privacy Coin [DASH COIN]
Hello everyone;
it is good to begin another crypto academy week, and this week, I will be starting the week by writing a post on Privacy coin by @levycore. The goals of the assignment are;
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
To achieve this, I will be writing on DASH Coin but before going into the 1st goal of the assignment which is to perform fundamental analysis on the coin in detail, I will like to explain Privacy coins as well as fundamental analysis.
Privacy Coins
Just as the name implies, the aim of privacy coins is to facilitate privacy when it comes to performing transactions so as to keep both its origin and destination secret and safe. In some cases, the user wallet addresses are changed on a regular basis, thereby allowing for the hiding of balance, and mixing address transactions together. This proves the function of privacy coins which are anonymity of sender and receiver and inability to trace.
Fundamental Analysis
you must have heard about TA and FA, while Technical Analysis (TA) requires studying the chart and price of an asset/instrument on the financial market, Fundamental Analysis studies everything physical about the instrument/asset. It could be the company, team, financial statement, and so on. Fundamental analysis is based on fact and not opinion, it is good at pinpointing the shift in the business of the asset/instrument, and determining whether to invest or not in it.
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
DASH COIN
Overview
Launched in 2014 as a fork of Bitcoin was aimed at creating an easy, fast and private way of transacting on the blockchain. It was originally known as XCoin, then it was changed to DarkCoin and finally Dash coin which it is currently known as currently. It allows for the private transferring of coins with the Private Send option.
Fundamental Analysis
Basic Details:
| Name | DASH Coin |
|---|---|
| Symbol | DASH |
| Blockchain Consensus | Proof of Work and Masternodes |
| Minable | Yes |
| Website | https://www.dash.org |
| " | https://www.dashfoundation.io |
| Contact Address | https://www.dash.org/contact |
| Email address | [email protected]@dash.org |
| Blog | https://www.dash.org/news/ |
| Social Media | |
| https://www.facebook.com/DashPay/ | |
| https://twitter.com/dashpay | |
| YouTube | https://www.youtube.com/channel/UCAzD2v9Yx4a4iS2_-unODkA |
| Slack | https://digitalcash.slack.com/ |
| Telegram | https://t.me/DashDigitalCash |
| Forum | https://www.dash.org/forum |
| Incorporation Address | 1846 E INNOVATION PARK DR #100 ORO VALLEY, AZ 85755, USA |
Management Team:
To view the members of the DASH team, it is accessible on https://www.dash.org/dcg. The site has a list of 33 team members which includes; RYAN TAYLOR (CEO), BOB CARROLL (CTO), GLENN AUSTIN (CFO), ROBERT WIECKO (COO), PHILIPP ENGELHORN (Board Member), HOLGER SCHINZEL (Infrastructure Engineer), UDJINM6 (Core Lead Developer), VIRGILE BARTOLO (Core Developer) and so on.
DASH Product Detail
| Product Roadmap | https://github.com/dashpay/dash-roadmap |
|---|---|
| Whitepaper | https://github.com/dashpay/docs/raw/master/binary/Dash%20Whitepaper%20-%20V1.pdf |
| Explorer | https://explorer.dash.org/ |
| Explorer 2 | https://insight.dash.org/insight/ |
| Explorer 3 | https://chainz.cryptoid.info/dash/ |
| GitHub | https://github.com/dashpay/dashgithub.com/dashevo |
| Transaction Speed | 1 Second |
| Product Purpose | Get paid, shop, pay bills in 1 seconds |
Financial Detail
| ICO | No |
|---|---|
| Maximum supply | 22,000,000 DASH |
| Circulating Supply | 10,158,941.84 DASH |
| Current Price | $182.69 |
| Market Cap | $1,859,117,632 |
| Daily Active Addresses | 86,000 |
| Transactions/Day | 23,600 |
| Payment Volume (Q4 20) | $3.64 Billion |
| Exchanges and Brokers | 265 + |
| Merchants & Services | 4,350 |
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
Creating a Dash Wallet
To create a Dash wallet, you simply surf https://www.dash.org/downloads/, where severeal Dash wallets and their compatibility will appear. There are several Dash wallets for Mobile Wallet (Android, iOS), Desktop Wallet (Windows, MAC, and Linux), Paper wallet, Hardware Wallet, Text (SMS) Wallet.
- I will be downloading the Desktop wallet and I will be picking DASH Core wallet. To download, click on download installer.
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- Click on "save file" to download. (I am using a Windows PC)
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- Click on the setup file to get the wallet to begin the installation.
- When Setup has been installed completely, the Dashcore app is launched.
- I will be using the default data directory and will click "OK". The DashCore wallet page opens
- When the page is opened, the appearance setup is then customized to users' taste, followed by a save button
- A pop-up showing that after creating the wallet, the recent transactions will not be visible will appear, after which I clicked on the Hide button.
- Wallets begin to synchronize.
- Click on "file" on the DashCore Wallet and click on Backup Wallet.
- Wallet backup will be saved on your device.
- The wallet is created and ready for transaction
- Coinjoin is used to transfer anonymously with DASH.
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
Dash like every other cryptocurrency has its pros and cons but this doesn't mean that it isn't a good cryptocurrency to invest in. One of the main reasons why I like DASH is speed which makes it easy for day to day transactions between merchants and customers.
Advantages
- Dash offers secure and anonymous transactions with no intermediary or third party.
- Transactions are fast (1 second)
- It uses master node to mixe transactions which improve security
- Decentralization is ensured through voting from master nodes
Disadvantages
- Can be used for illegal activities.
- A few cases of transactions can be traceable if hacked.
Conclusion
Dash is a very appealing cryptocurrency to invest in from a fundamental analysis point of view, and since it has working products, it is surely a project for long-term investing.
Thanks to @levycore for this homework, I was able to do an indebt research on DASH.