Crypto Academy Week 16 - Homework Post for @levycore
I'm excited to be here to part take in this week's crypto academy activities. Our crypto professor @levycore presented a wonderful lecture on the topic privacy coin and i am here to present my homework post.
Monero is one of the decentralized digital currency that is used without any third party, It’s in the top-20 popular cryptocurrency in the world, Monero consist with 3 features which are: Ring Signatures, Confidential Addresses and Ring Confidential Transactions,
Monero ( XMR ) is an open open source peivacy cryptocurrency. It can be used by anyone to male transactions ( buy and sell ) and payment of goods and services that take place privately and with anonymity. It was originally developed by 7 authors, 5 out of the 7 continue to remain anonymous. On the 18th april 2014, Nicolas van Suberhagen released MXR. It is also rumoured that satoshi nagamato was one of the original authors of XMR. The name monero literally means coins in Esperanto. In 2016 , XMR experienced a fast growing market capacity and volume of transactions greater than any other privacy coin in that particular year.
The aim monero is to create the greatest level of decentralization possible making users have power over their transactions hereby there won't be the need to trust anyone else on the network.
It is an online asset which uses cryptography to secure transactions are safely done, Monero is the 13th largest on the crypto market which operates in a secure, untraceable and private system.
The current price of monero is $313.87 with a total market cap of $5.60Bn and a total supply of $17.92m . Currently has a 24 hour volume of $398.20.
1 . Open your web browser and search monero. It lands you on their official homepage.
2 . Scroll down a little bit and select downloads. On the downloads page you see a list of certified mobile wallets. Select one of them and download from playstore.
I will download MyMonero app on playstore. To do that you need to follow these steps:
1 . Open playstore, search and select MyMonero and tap on install. then you wait for it to download and install.
2 . Go back to you app menu and open the app.
3 . Create a new wallet.
4 . Enter wallet name and pick a colour. then tap the next button at the top right corner
5 . Read the instructions and tick the box then tap next.
6 . You are given a mnemonic code which you are asked to confirm. Confirm it and tap on confirm. I would advice that you back up this code and do not sharw it with anyone.
7 . Create a new pin or password and confirm it.
8 . Your monero account will be created successful.
The monero was created to give the best privacy and anonymity to it's users. Transactions are secure and known only by the sender and receiver, the is no need for both parties to put their trust in any one.
Here are some advantages and disadvantages of it.
Monero is one of the most private cryptocurrencies availablein the market for trading, Transactions are made in such a way that it is impossible to link to a person who made the transaction, Transactions are impossible to trace, The blockchain doesn’t have a limit to a trade, The dynamic scalability of it means that fees should not end up at a huge price even because it is being used by a lot traders, It’s possible to choose who can see your transactions. Monero is a perfect cryptocurrency which mixes public keys makes it almost impossible to find destination of an address, Resistance to ASIC mining, Unlike Bitcoin, Monero can be profitably mined by usinf CPU’s and GPUs, cryptocurrencies like Bitcoin have their limits, Sometimes you have to wait until it will be possible to make a transaction.
With monero there is no problem of that sort, It is limitless and absolutely decentralized, Nobody can stop or detect your transaction, No one or organisation can allow or not allow users to do what they want, This feature really moved cryptocurrency market.
Monero have some minor flaws, it does not many wallets that have been developed , Monero is not based on Bitcoin, it is difficult to develop applications that co-exist with its blockchain, you don’t know where your money came from, You can’t find out if it was involved in illegal deals, It is an effect of anonymity.
Being ASIC resistant, there is still a huge degree of centralization of miners on Monero market, Roughly
about 43% of the hash rate is controlled by just 3 pools, You won’t be able to find support for Monero on a hardware wallets or multi-crypto solutions like Jaxx, To store Monero in a secure environment is much tougher than most other cryptocurrencies, because it is not widely adopted by the community.
Monero allows people to transact instantly across the world without the need of permission from the authorities or any othe organisation, Countries that have oppressive governments, this could be used as a powerful tool in the search for freedom.
Monero can be mined on a very low budget computers using CPUs, so, many hackers have always hacked unsuspecting website visitor’s computers with malware
which made to use their CPU to mine.
Monero has been used by some government organisation to escape sanctions on international grounds, therefore, there is a high possibility that Monero could be attacked by governments who are keen on the idea of complete privacy of the payment used by anyone for illegal activities.
Monero (XMR) is unique and 1 of the first privacy coins on the planet. This unique crypto asset uses multiple technologies to accomplish this critical task.currently, privacy is more important than any other factor when regarding trading of crypto assets. Monero is one of the popular cryptocurrencies in the world. Monero takes fungibility to a differentlevel. Fiat contains forms of identifying markings like the serial numbers. This allows governments and other organisations to trace the history of a certain bill in of their importance. As long as the government takes notes of the serial number before and after a transaction, they can confirm that the notes are the exact ones at a later day.
With Monero, fungibility is taken the next level. There is no way to find out what Monero was sent or received in what transaction. There are no serial numbers and all transactions undergo anonymization hereby providing the planet with a new and much improved level of privacy previously unimaginable.
Thank you.
Hi @qudus0, Thank you for taking my class in the 8th week.
This is the detailed assessment that you get from the results of writing the homework that you have created:
Review dan Feedback:
Your fundamental analysis is good, but it could be improved by digging up more information and adding some supporting pictures from your explanation.
You followed the rules and guidelines well, good job!
Explanation of wallet creation is complete.
Re-learn the "Markdown Style Guide" to improve your writing skills.
Thank you!