Steemit Crypto Academy S2Week8 || Privacy Token -A Review on Dash Coin|| submitted to @levycore
Good morning Prof. @levycore
It's a new week in the Steemit Crypto Academy lectures and this week discussions is on Privacy Token.
Introduction
Privacy is a word used by everyone at particular times in our lives, we can say something kept Private is Secret and may not be discovered by anyone. We all have our individual private lives and we fight hard to keep it that way. We also say privacy is the fundamental right of a human being, even though most time our privacy is bridge. During Privacy we build a barrier and boundaries between ourselves and other people in order to protect ourselves form problems that may arise.
Most or every country have privacy rights that governs the affairs of its people of which they must live by.
What is Privacy in Cryptocurrency
Everything about cryptocurrency is privacy, and it can have different meaning on the blockchain, ranging from address etc. Our secret keys are kept privates to secure our wallet from being tampered with. The identity of a user is kept private, thanks to the blockchain technology.
What is a Privacy Coin
Having studied about cryptocurrency, we know that it is operates on an open sourced ledger, which means transactions between two persons or parties can be viewed, this further explains why the cryptocurrency is very transparent. Now with your contract address and other few informations transactions between 2 persons can be visible to all, but their are certain Cryptocurrency which are anonymous and they tend to hide or obscures informations about our transactions from us, giving us more privacy.
So we can therefore define Privacy Coin as those coins which put users in full control of their cryptocurrency in blockchain transactions by protecting or obscuring the identity of users as well as the origin of their transactions.
Privacy Coins empower users both sender and receiver to remain hidden when making and receiving payments.
Some Privacy Coin we have in the Cryptocurrency ecosystem
Monero
ZCash
Dash
Verge
Grin
Beam
Horizen (ZEN)
THE DASH COIN
Bitcoin's popularity had grown and experienced high influx of users, at a time it began to experience setback in its speed of transactions. It could take minutes, sometimes hours in order for Bitcoins transactions to be processed and the transaction become visible in the wallet.
This is the idea behind the creation of Dash Privacy Coin (DASH COIN), it was created from a hard fork of Bitcoin in 2014 by Evan Duffield and Kyle Hagan, was called Xcoin but was changes its name to Dark coin and was formally rebranded to Dash coin in 2015. Above all, it is decentralized project with encryption in mind.
Dash was created using Bitcoin's source codes with the idea of high transaction speed, it features quicker confirmations of transactions which a problem with Bitcoin. There are Alot of Altcoins today which also aim at increasing speed of transactions, etc but Dash also has it privacy properties in order to encrypt transactions to prevent Double Spending (as it is called in cryptocurrency), as an example assuming you use cryptocurrency to buy goods online and the seller does not receive the payment immediately, the same amount can be used to buy another commodity, so what Dash does is that it encrypt the payment making it impossible to use the same funds for another transaction.
Dash is also runned by a set of networks called Masternodes, each of this Masternodes has a total amount of 1000 Dash contained in the systems, this Masternodes are responsible for:
a)Running the digital dash wallets,
b)Locks up transactions
c)it enables decentralized goverance platforms
d)Through private send, cordinate coin mixing
Dash has a Coinjoin (an strategy the protect bitcoin users when they conduct transactions among each other by hiding the source and destinations of BTC utilized in the transaction), called privatend which is responsible for hiding transactions carried out by users. The coin join is responsible for mixing the transactions of multiple parties as one.source.
DASH Vs BITCOIN
It is true that Dash is a fork of Bitcoin but there are different in the way they are minned.
a)According to research, Dash uses a modified Proof of Stake (Pos) alogaritm called the X11 alogarithm, this makes coin mixing possible which inturn makes privacy possible on the blockchain whereas Bitcoin uses the Proof of Work(POW) alogaritm.
b)Bitcoin mining gets harder and difficult, and more resources are put into it to obtain an optimal performance and productivity which could be time consuming and therefore results in slow transactions speed and undoubtedly high transaction fees but Dash operates on a Masternodes which is a subset of its users, this master nodes are what help speed up transactions and validations speed on Dash network.
According to research given in May 2021, there are currently 4512 Masternodes.source
How is Dashed mined
During mining new blocks are created, transactions are verified and new coins are created. Mining in Dash coin is the same as there can be only approximately 2 million Dash coin mined during a 48 hours into its launch. 45% of the new dash is rewarded to miners, 45% to the Masternodes and 10% for future proposals. Once a proposal is approved, the sharing ration become 50%/50%, for both miners and the Masternodes.
How to a wallet for Dash Privacy Coin
For the purpose of this demonstration, I will visit the Dash.org website where I was redirected to download my mobile wallet on goggle play store.
After which I set my 4 digit pin known by me alone for security reasons
You will then need to setup you account, to further strengthen the security quality of your wallet
Account is ready
Advantages and Disadvantages of Dash Privacy Coin
Some reason for choosing Dash as well as its advantages are:
a)Its transaction Speed: As earlier stated we said Dash was created with an impression to solve the problem of scalability, since it Operate on a Masternodes alogarithm, its transaction speed is quite high when compared to that of BTC. So we can say it has successfully solve a problem.
b)The masternodes not only help to speed transactions but also help it keep transactions of users private on both ends (sender and receiver).
c)High level Security: With its privacy capabilities, the security is expected to be almost 100%.
Some Core Disadvantages of Dash
a)Considering its privacy capabilities, we can also conclude that it is not fully decentralized, as some information are not totally revealed.
b)it's activities might be abused and used for illegal purposes. Because the market transactions are untraceable it become a usage point for illegal trading activities and it become easier to evade government and other relevant tax payments.
Dash Coin Acceptability and Awareness
Dash has made partnership with platforms for peer to peer trading which has give it a wide range of acceptability. According to Coin Market Cap (CMC) and at the time of writing this post, Dash is currently trading @ $176. 64 USD, ranked at no. 52 and trading volume of $508,594,529 USD. It has a circulating supply of 10,159,802 DASH coins and a max. supply of 18,900,000 DASH coins.
Conclusion
Am sure you are convinced that Dash is a Privacy Coin by now. Dash is aimed at being a medium of payment, focused a cheap and fast medium of payment and providing stronger Privacy. Dash is being traded in most exchanges like
Binance
OKEx
Houbi global
ZG.com
CoinTiger.
Thank you sir.
More information on:
https://www.allcryptowhitepapers.com/dashcoin-whitepaper/