CRYPTO ACADEMY WEEK 16 HOMEWORK POST FOR [@LEVYCORE]||PRIVACY COIN

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Good afternoon Steemians and our esteemed professors.Glad to learn again in this new week.I wish to thank professor @levycore for him s lectures.

INTRODUCTION
Everyone including you and I,love and cherish our privacy.We don't like it when people violet our privacy.
Cryptocurrency transactions take place on the blockchain and as such the transaction history is open, transparent and can be traced by everyother person.Since the transactions can be traced or viewed by anybody,it means that there is no privacy.To solve this privacy problem
of lack of privacy in transactions,privacy coins were invented.

PRIVACY COINS
Privacy coins are simply cryptocurrencies that their transactions are made to be unanimous and untraceable on the blockchain.This means that the identity of the sender and reciever
cannot be seen and the transaction cannot be traced too. Examples of Privacy coins are Monero,Dash,Zcash etc.
For the sake of this homework I will talk about Zcash.

ZCASH
Zcash is one of the known Privacy Coins.It was launched in 2016.It uses the Proof-of-Work (PoW) consensus algorithms for its transaction.It is almost like the parent Bitcoin,the difference in just that Zcash offers anonymity to it's users and their transactions on the blockchain.

WHY WAS ZCASH INVENTED👇
We all know that the first cryptocurrency was Bitcoin.Bitcoin transactions and other cryptocurrency transactions are secure,safe and open to everyone to see.

Because of this openess,privacy is not guaranteed and in the quest to have a crypto transaction where the privacy of the transaction is guaranteed,the need to invent Zcash arose.

So it won't be wrong to say that Zcash was invented to solve the problem of no-privacy which is associated with Bitcoin and crypto transactions on the blockchain.

Zcash has a shielded and a transparent address.A user transacting with zCash has the option to disclose the transaction details or to make it private.Its transaction is transparent but can only be auditable when permission is granted by the user.

Like I said in the earlier paragraph,Zcash is privacy oriented and it does it by using a crytographic device called zk-SNARKs which represents Zero-Knowledge Proofs.This transaction tool makes it possible for two users to engage in a transaction without either of them knowing each other's payment address(the sender nor the reciever can't see each others payment address) and so the transaction remains untraceable on the blockchain.

FEATURES OF ZCASH(ZEC)

•It runs on the blockchain and so is safe and secure.

•It has two types of addresses:
👉The shielded address in which the transactions details is not made visible and
👉The transparent address in which transaction details are not made visible.

•It has less transactions fees and so it is cheap to use.

•A lot of exchanges and wallets display and support Zcash-thus shows that it has wide acceptability.

•It is a decentralised.

ANALYSIS OF ZCASH👇

PRICE,SUPPLY,MARKET CAP AND TRADING VOLUME OF ZCASH

PRIVACY COIN	RANKING	PRICE	MARKET CAP	TRADING VOLUME	SUPPLY
Zcash	65	$155.03	$1.73B	$1.2B	11 to 21 million

EXCHANGES THAT TRADE ZCASH
From my research on Coingecko app.There are plenty of Exchanges that allow user to trade Zcadh onntgrur Platform.They iblnclude but not limited to:
•Binance
•Bitfinex
•LBank
•ZGB
•Huobi Global etc

This is a link to Zcash whitepaper

USES OF ZCASH
•It is used for making payments.

•It is used for Peer-to-Peer transfer of money.

•It is used for buying and paying for services.

•It can be used to exchange other Currencies.

HOW TO CREATE A ZCASH WALLET
I am using the Android version of the Zcash wallet.To create the wallet.

•First go to Playstore and install the app.👇

•It is Installing:The installation is still pending until it gets completed.👇

•Now Open the Zcash wallet app and clickimg on OPEN👇

•Click Sign up👇

•Sign up👇

•Create Wallet by entering a valid email and a strong password👇

•Input username👇

•Wallet is Set with @samuel20 as the name👇

•Go to Settings👇

•Confirm Email👇

•Email Confirmation in Progress👇

•Email is Confirmed👇

•Set 2-factor Authentication and Transfer Limit per day👇

Now everything is set.The Zcash wallet is ready👇

The steps above shows how to create a Zcash wallet on Android.

HOW CAN I RECIEVE ZCASH
•Log in to wallet.

•Click on Recieve

•Copy the recieve address and send it to the user that intends to send ZEC to the wallet

•Alternatively,I can decide to generate a new address just like I have done.

HOW TO SEND ZCASH TO ANOTHER USER
•Log on to Zcash wallet

•Click on Send

•Enter the address of the reciever

•Click on Zcash

•There is a service charge of 0.001 ZEC

NB: I couldn't complete the transaction due to paucity of funds in my wallet.

•Alternatively,I can enter the email address of the reciever instead

WHY I CHOSE ZCASH
I chose Zcash because it offers a high degree of privacy,a feature that is not found in bitcoin Transactions.
It also has a high market capitalization,supply and trading volume.This factors shows that Zcash has a future in the cryptocurreny world.

More to the point,Zcash is traded most of the popular cryptocurrency exchange in the world today.

ADVANTAGES OF ZCASH

•It offers a high level of privacy to the users.

•It has a low transaction fee.

•It offers the users the opportunity to decide whether to disclose or not to disclose transaction history.

•It can be used to exchange other Currencies.

•Its mining is relatively easy.

DISADVANTAGES OF ZCASH
•It could be used for illicit and fraudulent activities because of its unanimous feature.

•Its transaction involves a lot of calculation.

CONCLUSION
Privacy coins have solved the problem of identity exposure and openness experience in the cryptocurreny world.
Zcash was derivative not bitcoin but offers users some level of privacy unlike the parent bitcoin whose transactions are open and easily traceable.

REFERENCES
•Reference