SEASON 2 | Week 8 | Steemit Crypto Academy Homework Post for @levycore | Privacy Coin MONERO (XMR)

Thanks Prof. @levycore for another wonderful lecture, I enjoy participating in your lectures and homework task.

Below is my homework task.

INTRODUCTION

Before I go into the main homework questions I'll discuss what Private Coins are.

WHAT ARE PRIVACY COINS?

Privacy Coins are special decentralized cryotocurrencies that operates using a hidden blockchain. This hidden blockchain keeps the transactions of users anonymous. Privacy Coins are associated with high level of anonymity. Transactions between senders and receivers are completely hidden and never transparent for a third party, transactions of privacy coin can't be traced. Details of transactions with Privacy Coins are only known by the sender and receiver.
Private Coins hids users informations such as transactions details, wallet address, balances.

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

The privacy coin I choosed is Monero (XMR).

Source

MONERO (XMR) PRIVACY COIN

Monero (XMR) coin is one of the most successful privacy coins. It was created on April 2014. It's uniqueness is it's anonymous nature and transactions of monero privacy coin are untraceable. In the privacy coin market, monero coin rank 26th. It's operations is decentralized. Transactions of monero is encrypted.

Features of Monero

• Stealth addresses that's unlinked: For each transaction made a one time address is created, and this feature of monero private coin makes it impossible to trace the address back to the recipient and the sender. This feature strengthens it's privacy.

• Ring Signature: Monero privacy coin also uses the ring signature feature which mixed up transactions thereby making it hard for transactions to be traced.

FUNDAMENTALS ANALYSIS OF MONERO(XMR)

• MONERO (XMR) RANKING: Monero is ranked 26th of all the Privacy Coins and it is as a result of it's high demand by investors.

• MONERO (XMR) MARKET PRICE : On the 4th of June 2021 when the above screenshot was taken, the price of monero increased with 3.33% within 24hours and the price value was at $297.09 per one XMR, the price is rising due to the high demand of the coin and also considering it's rank amongst the other Privacy Coins.

• MONERO (XMR) MARKET CAP : The Market cap of Monero is 5,325,068,117 and the fully dilute market cap is 5,331,845,964 with an increase of 3.34% market cap and 3.33% in fully dilute market cap as at 4th of June 2021.

• TRADE VOLUME OF MONERO (XMR): The coin increased with 20.69% of it's trade rate compared with the volume in the last 24hrs. The trade volome increased to $379,919,648.

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

HOW TO CREATE MONERO (XMR) WALLET

Creation of Monero wallet is quite simple. I created mine through Google play store using my Android phone. The steps I took are shown on the screenshots below..

• On my Google play store I searched for Monero wallet app.

• Select your preferred type of wallet by clicking on it, in my own case I selected MyMonero.

• Click on it and install.

• Click on open.

• When u click on open two options will come up, use existing wallet and create new wallet. Click on create new wallet to create a wallet.

*Choose a wallet name for your reference and then click on next. For example I used preshymukel as my wallet name.

• On the next page click on got it and then click on next. Clicking on got it means you understood the explanations made on that page concerning mnemonic and how to keep them safe.

• Write down your mnemonic which is used to recover wallet in a case of a lost wallet. Change language to your preferred language, mine was English, and then click on next.

• You'll be required to verify your mnemonic by tapping on the words orderly, then click on confirm.

• The next page is required for you to create a password for your wallet and then click on next.

• Wow..... your MONERO PRIVATE COIN WALLET is ready and you can start making transactions.

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

The reasons I choose Monero privacy coin is because if it's anonymous nature which makes it impossible for the involvement of a third party. The anonymous nature also makes it one of the successful and popular private currency due to the fact that most investor prefer their transactions hidden for some reasons which might not be illegal. It operates using a decentralized system like every other crytocurrency. Monero shows a good market trend following the records of Market Cap. Monero is ranked 26th of the privacy coins which shows that the coin is appreciating. The coin can be interchange/exchanged and traded at any time and place provided there's a smart phone and internet.

ADVANTAGES OF MONERO

1. Monero is a decentralized crytocurrency which makes it secured.
2. It is an anonymous system and that makes it impossible fro transactions to be traced.
3. One choose who sees his or her transactions by disclosing their private view keys.
4. Monero is one of the most strong privacy coin which is the reasons for it's success.
5. Monero can be interchanged/exchanged with other coins and can also be replaced.

DISADVANTAGES OF MONERO

1. It is used for criminal transactions since it's transaction details are private.
2. The disadvantage of anonymity in monero is that the receiver wouldn't know where the money is coming from.
3. Users of monero are few because it's not yet widely received.
4. Some nations/ government are against monero because of it's private nature, it is believed to be prone to fraudulents.

CONCLUSION

Monero (XMR) privacy coin is an appreciating private coin ranking 26th. In my thoughts, Monero (XMR) will be vastly accepted and used in time to come following it's market trend. The anonymity and privacy of monero coin is what makes it special.
I see more invertors trooping into monero in future due to it's private features considering the fact that most persons love privacy alot and would rather want their transactions to be kept private than being transparen not actually because of illegal transactions but for the purpose of securing their space.

Best regards:
@levycore