Steemit Crypto Academy Season 2 week 8: | Homework task for @levycore| Privacy Coins
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Hello everyone,
Well, we have one more interesting crypto topic Privacy coin which is well explained by professor @levycore. I went through this lecture and I’ll explain my understanding. Thanks to @levycore for this class. In this post, I’ll talk about the Privacy coin DASH.
Introduction
Privacy is a policy that helps to collect the end-user information and give someone access to use their confidential information. This is very critical, nowadays you may observe when you install an application on your mobile. It will ask for allowing a certain set of rules and when you give the permission that means they are using it for basic information. And in general, it’s kind of contract between you and that 3rd party company. So, it’s up to the user how much information they want to share. Likewise, The Privacy coin is an asset of cryptocurrency where user and recipient and share hide their information on a blockchain. As Bitcoin and other blockchains share each transaction publicly online. However, In Privacy coins like DASH more focused on user privacy their user has a feature to hide their privacy like wallet address and transaction detail. So of course there are pros and cons of the Privacy coin.
Pros and Cons of Coin Privacy
Pros
- User account highly secured.
- Transaction details are kept confidential.
- The wallet is secured from and hidden from the world.
- Safe from hackers.
Cons
- Due to hidden transactions there is a trust issue.
- Illegitimate transactions from criminals.
- Not recommended from the government's point of view.
Q 1. Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
DASH Coin
Dash is one of the most popular Privacy coins which gives users additional features anonymity. DASH mainly focused on payment/ transaction cryptocurrency based on usability that gives cost, speed, and protection. Dash appears as a fork of Bitcoin in 2014. There is a tragedy initially name Xcoin and then Dark Coin and finally, it confirms as DASH in March 2015.
How does DASH works
Like other cryptocurrency DASH also use cryptographic method Proof of Work (PoW) mining. And to search the mathematical problem of the solution by using the X11 hashing algorithm. And this an algorithm developer by Dash founder Evan Duffield. Which intended to reduce the power consumption and ensure the fastest possible distribution of Dash.
There are some cool rewards on Master nodes. Other than PoW rewards of mining. Masternodes that used for the power of Conjoin, Instantsend, and governance and treasury system. And 45% of rewards allocate for the block to pay the Master Nodes network. Master nodes give several features:-
1.CoinJoin: based on financial privacy over the decentralized implementation
2.Instantsend: This feature gives users to handle quick transactions.
3.Chainlocks: Protection against 51% of mining attacks that they mined.
4.Governance and Treasury: Mainly focused on futuristic project development.
How to get DASH coins
1.Mining coin: The one way is to just do mining. As I have already talked about the X11 algorithm. So with the help of hardware as well software, transaction based on the Dash network.
2.By Trading: The other way is to do the trading. There are many exchanges are available which provide the pair of DASH coin-like. Huobi Pro, Binance and Poloniex, and another exchanger.
Fundamental Analysis on DASH coin
Fundamental analysis is the pre-knowledge gather before doing investment on any cryptocurrency so I just landed on coingecko.com site for fundamental analysis. And get the below basic information about DASH coin.
1.DASH Ranking:
In the above screenshot, we can see the current Rank of DASH is 57, Which is a nice rank accounting for the market cap.
2.DASH Price:
As I took this screenshot on June 2nd, 2021 11:35 pm (IST) Which is $205.55 per DASH coin. It’s looking great pump up by 9.8%.
3.Market Cap:
A total of $2,089,709,640 market capital. Which is a quite good number on the private DASH coin value.
4.Volume and Supply:
Currently its’ total trading volume is $917,521992 and circulating supply 10,163,557/18,920,000. It seems great demand in the market.
DASH pair and exchange platform
Based on the market price here is the top exchanger and DASH Pair
- eTorox :DSH/USD
- Bitfinex:DSH/UST and DSH/BTC
- LBank: DSH/USTD
- Binance: DASH/USTD
- Houbi Global: DASH/USTD
In the above, we have seen all the fundamental analysis now in addition to more know about Dash official platform.
DASH Site Overview
The DASH Dash.org and has other developer documents dashplatform and community for newroom On the DASH platform, people can check the video that has freely available for 24X7 and DASH school, How the DASH network works on the decentralized application. They have also provided the whitepaper and theoretical perspective. Future development and ongoing projects.
2. Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshots required)
Like another crypto wallet DASH also has won wallet.
Let see the steps for creating a wallet.
1.Go to DASH.org and from Getting the app options select as you like the app is available for Desktop and mobile (Android and IOS).
I’m using Android mobile just click on download.
2.Install Dash App from Android Playstore
Open the app and ready to create a user account.
Onboarding screens
3.Next click on Get started button.
4.Click on create a new wallet or fro restore for an existing user.
5.Click on secure and recover the phrase that will be required for the next step.
6.Click on continue after verifying the correct prase that we have saved.
Dash wallet created successfully.
3.Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
The reason is chosen Dash coin because it’s an open-source cryptocurrency. Which is decentralizes autonomous organizations that run by master nodes.
Dash is most popular for finance and transaction for individual and business investors also. If I talk about the market value which nice rank by 52 and per DASH price is also decent which is $205,9 per DASH. It also provides governance and treasury system on a decentralized system. These are advantages and disadvantages.
Advantages
- User friendly and can be pay friends and family on fingertips.
- Quick transaction system with instant send within 2 seconds
- Peer-to-peer transfer without showing publicly online.
- Decentralized and treasury system support.
- It supports various pay mode for different vendors like Airfare, utility bills, and subscription
- Microtransaction fee.
Disadvantage
- Due to the anonymity feature, it allows hackers to make transactions without acknowledgment.
- Because of the Privacy policy it hides transaction detail from the world. That may hacker miss-use of this feature.
- Trust issue, the reason is lack of transparency of transaction detail.
Conclusion
Dash is one of privacy coin which gives financial payment services and fast transaction on Instantsend feature. Its works on Peer to Peer network. Where it keeps transaction anonymity which means only sender and receiver can track the transactions. No third parties involved. So, users get more privacy on doing transactions. But at the same time, it is hiding the information on blockchain that may cause criminal transactions. It supports dementalized governance that helps for the future development projects. Once again thanks to @levycore for this amazing lecture.
Thanks,
@sanjeev.kumar
Cc: @levycore
Hi @sanjeev.kumar, 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:
Fundamental analysis and steps to create a wallet that you created are very good.
The conclusion you make is very good.
The way you explain is good and easy to understand.
You followed the rules and guidelines well, good job!
Thank you!
Thank you so much @levycore for your valuable feedback.
Cc: @steemcurator02