Steemit CryptoAcademy week 16 homework post for @levycore-Privacy Coins

Good day steemians, again here is another amazing episode from the crypto academy community .Making up to submit my homework post for @levycore for the lecture on privacy coins really make me feel good . Gradually as time went on, the crypto academy community has become more useful and educative as well. I would acknowledge the crypto Academy community and the professors for giving us such a big opportunity to educate us more and share with us knowledge about the cryptocurrencys. Having used too much time on my research already , Not wasting too much time here I will begin my homework.

Here is my home work presentation.

1.Choose a Privacy Coin and do a detailed fundamental analysis of the coin.

To begin with, I will like to throw more light on terms privacy, coin and privacy coin as a whole.
Let’s consider one after the other the terms here.

• Privacy: fundamentally means to be in peace, to be in relaxation with a serene mind.
• Coin: here refers to the crypto currency being it steem , Bitcoin, dash etc. it is a Coinage which help us in trading.
• Privacy coin: are classes of crypto currency’s that enables traders to make blockchain transactions which can’t be seen by third party’s, it’s limited to only who’s involved. It’s offers security to transactions made, however no different person can know what transactions were made just like the conventional financial system although they are decentralized cryptocurrencies. With the privacy coin transactions are certainly private and are not seen by other unlike the other coins such as the Bitcoin which give third party’s the free will to know what transactions were made.

Dash is the privacy coin which I choose to make my presentation on.

Dash coin is an altcoins diverged from the concept of Bitcoin protocols. Dash coin is one of the most popular altcoin that comes with a special privacy feature. Dash is both a peer to peer payment network and a currency as well. It is accepted everywhere by all kinds of businesses making Dash global and well known. Dash offers an instant transaction time with a low fee rate. This enhances its use. Dash I known for its high scalability and privacy keeping. It helps traders make thier transactions concealed.

Dash was founded about 7years ago by Evan Duffield the original author. He was an American, a software developer and cryptocurrency enthusiast. Dash at its beginning was originally called XCoin, changing its name to Darkcoin two weeks later before rebranding again to Dash in March 2015 about pass a year of launching.

Current Dash Chart

The current dash price is $195.58 from the chart of the CoinMarketCap. Over the years dash has risen by over 29,000% from start. Currently the dash in circulation exceeds 10million and has over 18 million dash max supply. Currently, dash is ranked 52 among the top 100 Altcoins.

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

In these steps I am using an IOS version.

step 1

• Make a search for the DASH WALLET on your App Store.

step 2

• Get the app installed by downloading.

step 3

• tap on OPEN to launch your dash wallet

step 4

• tap on GET STARTED to continue

step 5

• tap on CREATE NEW WALLET and set your pin

step 6

• confirm the PIN set

step 7

• secure your wallet by tapping on SECURE NOW.

step 8

• tap on SHOW RECOVERY PHRASE.

step 9

• you backup all the words given ,as said below “please write it down”. Tap on I WROTE IT DOWN and then continue.

step 10

• show of verification successful. Tap CONTINUE

YOUR DASH WALLET CREATED

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

The reason behind choosing the dash coin is due to its special features which are Masternodes,PrivateSend, and InstantSend.

• Masternodes are servers designed to perform scathing functions and to provide advanced services securely on the Dash crypto network. They enhances functions such as InstantSend and PrivateSend on the blockchain. Dash was initially the first crypto currency to implement the Masternodes concept.

• PrivateSend . A major problem regarding a blockchain currency like the Bitcoin is that everything is openly public. One is able to know most details of a transaction made by someone with less restrictions. Unlike the Dash coin with a feature like the PrivateSend which adds privacy to transactions, every details of each transaction are known to only those involved.

• InstantSend. With this feature of Dash coin transactions takes few seconds in order to get confirmed. It makes transactions a lot faster than you can imagine. It comes with a small fee though. You can make an InstantSend by asking Masternodes to clear transactions. Unlike crypto currency like the Bitcoin where transactions could take a long while before getting confirmed.

These features of Dash coin aids a lot to the Dash cryptocurrency network.

Merits of Dash

• Transactions speed is undoubtedly fast. InstantSend is a prove to the fastness of transactions speed and time. It saves people the time they would’ve wasted waiting for the transaction to be confirmed.

• PrivateSend( private transaction). Details of each transaction is known only to who’s involved. Masternodes improve the security of the network and make sure that the transactions are as quick and secure.

• high security. Masternodes improves security making third party’s not welcomed to what ever transaction was made. This reduces the risk of frauds .

Demerits of Dash

• its not fully decentralized. Decentralized systems are one where by the all activities of the crypto currency are being monitored. Here in this case not all activities of the coin can be monitored or tracked.

• illegality. People may try to use the fact that transactions are anonymous to try hacking and committing theft.

Conclusion

Per my opinion I will Dash is a very well known and well established coins in the cryptocurrency market. Dash is without any second thoughts a very trusted coin to invest in without any fear. I would like to thank @levycore for giving us such a wonderful lecture. Thanks to your incredible explanation I have understood undoubtedly very well.