Crypto Academy season 2 Week 8 - Homework Post by @preye2 for Professor @levycore
Hello Everyone, so far we have really learnt alot from our respected professor @levycore, who has taught us fundamentally on "Privacy Coin." The fact that the crypto World has a particular class of Currencies that can hide the origin and destination of a transaction is really an amazing and exciting Discovery.
Private Coin as I have been made to understand by my professor, is a class of cryptocurrencies, with the system that can hide the origin and destination of a transaction, with the aim of promoting Security, Respect, and Attraction of Investors.
The various techniques and ways some Privacy Coin operates includes:
- Mixing different transactions together with the aim of escaping blockchain analysis.
- Hiding the real wallet address or balance of a user, and so on.
It is believed to be more respected and protected.
Having learnt and understood your lecture Sir, permit me to proceed with my homework task for Season 2: week 8, which is on "Privacy Coin".
Question 1
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
Answer
Some coins are more private than the others, that is why I want to choose a coin that is among the best Privacy Coin (Dash).
Dash is an online or digital currency that can equally be used to make transactions (buying and selling) or used to make payment online.
Two software developers (Evan Duffield and Kyle Hagan) discovered the Dash coin in the year 2014. Dash is really a popular cryptocurrency that was launched on the 18th of January 2014, and since then it has gain alot of popularity and market cap.
It is also interesting to note that the name "DASH" was gotten from ""Digital Cash"". Dash was first called "Xcoin" in 2014, which was later changed to "Darkcoin" before it finally got it's current name on the 25th of March 2015.
Dash coins are now created through a proof-of-work mining algorithm, and the current percentage of coins awarded to miners is 40% while masternodes is 60%.
Dash is currently at #52 in the crypto market ranking, and the current price of Dash as of today 31st of May 2021, is ₦77,420.04, with a price increase of 1.83% and a trading volume of $514,940,706.61 in the last 24 hours (24hrs).
The current market cap of Dash is $1,906,547,796.46, with a Circulating Supply of 10,160,287 DASH, and a Maximum supply of 18,900,000 DASH coins.
Dash can be paired to some other coins, especially to USDT. To buy Dash, I will recommend the Binance and ZG.com exchange wallets. In Binance as of today, the market price for DASH/USDT pair is $185.55 with a volume of $32,705,849, and a high liquidity of 543.
Question 2
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)
Answer
Since I am talking about the Dash Privacy Coin, I will be creating a Dash wallet. Here are the following steps I took:
The first thing I did was to go to my "Google play store" and Install the Dash Wallet,
I will wait for sometime to let the installation process be completed, and shows Open,
After opening it, I Will click on Get Started,
Am about to create a new wallet, so I will click on the "Create a New Wallet" tab,
I will then be required to insert a 4 digit PIN which would help me unlock my app every time I would want to log in,
After inserting the PIN, I will be required to confirm that same PIN by inserting it again,
Now to get my account secured, I will be required to get my recovery phrase,
To backup my wallet I will click on "Show Recovery Phrase",
When shown to me, I will be required to write it down somewhere,
After which I would verify the phrase,
Then the wallet will begin to synchronize,
And finally your Dash wallet is set and ready for transactions.
Question 3
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
Dash is not only one of the best but it is equally one of the most popular Privacy Coin I know. It's main aim is to be the best user-friendly cryptocurrency in the world, which gave rise to a network of masternodes that provides secure and advance services.
Dash is really unique in its way, because according to a good number of people, Dash has solved Bitcoins greatest problem which is privacy and slow transaction speed.
With this, let me proceed with the Advantages and Disadvantages of the DASH Privacy Coin.
| Advantages and Disadvantages of the DASH Privacy Coin Includes: | |
|---|---|
| Advantages | Disadvantages |
| Dash is one of the fastest cryptocurrencies when it comes to transactions | So many people are regarding Dash as being a Centralized system because of the way payments are done |
| The masternodes provides great security | Because it's not all that Decentralized, problems had been encountered upon release |
| The fee charges for making transactions are low compared to so many other cryptocurrencies including Bitcoin | There are possibilities for illegal activities in the system |
CONCLUSION
The Dash token was created to be an alternative to Bitcoin, and so far it is unique especially when it comes to speed in transactions by using InstantSend. And with my observations so far Dash is really a great coin to invest in.
I have really learnt alot from your lecture respected professor @levycore.