Steemit Crypto Academy Season 2: Privacy Coins for @levycore

Hello everyone, I am much excited to take part in professor @levycore crypto homework task for the week. I want to thank the professor for this wonderful topic chosen. it has really widened my archives and therefore I have learned a lot from this lecture. Thank you so much.

This week's crypto homework task is based on Privacy Coin, I will be doing justice to this topic by making my submissions based on the questions being asked by the professor. before I dive into this subject matter, I would like to explain what the Privacy coin is.

I will say that Privacy Coins are versions of cryptocurrencies that are used in powering private and as well anonymous blockchain transactions that obscure the origin of these blockchains as well as the destination. Here, in Privacy coins, the techniques that are actually used is that the wallet balance of a user is being hidden and his address as well and thereby mixing up multiple transactions in other to escape from the chain analysis.
Having explained what Privacy Coins are, I will like to mention some privacy coins we have in the systems. there are a lot of them but I will be mentioning some. These are Beam, Horizen, Verge, Dash. etc Now after giving you a little about what this topic entails, I will dive into the subject matter.

Question One: Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.

After mentioning a few Privacy Coins, I would like to give specifications as to the coin I would like to talk about. The Coin I have chosen and will be giving you a detailed summary of my report is the Beam.

BEAM

Beam is said to be launched in the year March of 2018 and the purpose of this cryptocurrency is centered on security. That is the main agenda of the creation of this coin. The transactions that are made are meant to be private and by default and also, there are no traces of addresses of other private information stored in the blockchain.

During the early days of 2020, December 24, The Beam tokens traded at a rate of $0.28 and a total market value of $21,900,000 making it the most valuable cryptocurrency. This token also works by utilizing the PoW consensus algorithm in other to store data. Beam was created in other to make sure that, transactions were not made traceable. In the initial stages of BTC, users realized there were traces that could be made on the transactions that were made. Since this was a major issue, Beam was created in other to hide the addresses, so users who made transactions could not be tranced thereby making them anonymous as well as their wallet balances.

Beam has a team that is working tirelessly for its progress, so I will be mentioning the team and their executive positions each. Amir Aaronson who is the Chief Operating Officer, Alexander Zaidelsonwho is the Chief Executive Officer, and also Alex Romanov who is the Chief Technology Officer.

In this regard, there was now a safe, and secured way of storing user data and their addresses.

Beam Analysis on the Coin marketcap

This screenshot below shows all the necessary details of the Beam on the Coin Market Cap, the Beam Price (BEAM), The Rank, the Market Cap, the Volume, the Volume / Market Cap, Max Supply, and Total Supply. All this information can be found in the chart below.

Here in this chart, you can also find the Markets, Historical Analysis, News, Socials, Ratings, Analysis, and Price Estimates. By clicking on them will display the necessary information needed.

The current prices of the Beam in the chart below.

Beam has been listed on several exchanges in the coin market cap, these are in the chart below and also some listed.

Binance, Houbi, Pionex, Gate.io, CoinDCX, BigONE XT.COM, CoinEx, BitForex. There are more still listed but these are just a few mentioned.

here are the trading pairs of Beam. You can trade with either BTC, USDT, ETH, and SXC pairs.

Beam Mining

This privacy token uses the PoW consensus algorithm and as such, users can mine these tokens in their wallets using GPUs or CPUs. Other sources have stated that there are other ways this can be done and some mine using the software. But this process is termed the Bminer

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

In this chapter, I will tell you the steps involved in creating a privacy coin wallet for Beam.

1. Visit the website on https://beam.mw/

1. After visiting the site, you will have to download a version that helps suit your system. We have the desktop version, the Node version phone version, and so on. I will be needing the desktop version since I'm using a desktop machine.

Download in process

After downloading, you will have to install

Once it's installed, click on run wallet

You proceed by creating a wallet in order to proceed

Proceed by generating a seed phrase

You are given some words you will have to safe for paring in the next setup process

From your safe see phrase given, you will be given a random world shuffle to complete to proceed.

Set your passwrd

Select the run integrated mode option and then click on start using the wallet.

You will have to wait for the wallet to configure and then load, it takes some time to connect.

My wallet is successfully been created and you can see it from the screenshot below.

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

As I mentioned earlier, The Beam privacy coin uses the PoW, and by so doing the users who are involved get the opportunity to be rewarded upon mining the coin.

Moreso, looking at the Beam Coin, it works by protecting the security of the users involved by making presentations of a very unique opinion since it posses a decentralized digital currency with some features I listed earlier. This are, making a very confidential transactions as a default setup. Also, living no traces of addresses of other private information which are stored on the blockchain.

Advantages and Disadvantages of the Beam Privacy Coin

Advantages

1. The first advantage is, Beam mining is very simple and not complicated, you can do it simply at your wallet.

2. Issuesrelated to privacy, this has given out a solution to curb it by making provisions for anonymity for users.

3. Transactions made in the blockchain do not live traces of stored data.

4. Users have the sole authority over their privacy. They decide who should have access to their data.

5. Here in the Beam mining, less energy is needed since it does not need complicated sotfwares to mine.

Disadvantages

1. Since is not a decentralized system, is not suitable for crypto blockchains since they emphasis on transparency

2. Its not also suitable to all exchange platforms.

3. This privacy coin is still building, it has no popularity yet and ranked 402 on the coin market cap

4. It is less in terms of transaction speed. processing 3.5 transactions in a second.

Conclusion

In a nut shell, this was a great choice of topic, It has really widened my archives. Privacy Coins play a major role in the crypto world but for the fact that some of them are still building and has not gotten the popularity, it makes it difficult for people to actually have so much trust in it.

Talking about how the wallet is created and the processes involved was a great one, I have really learnt something new today.

I will like to thank you professor @ levycore for this wonderful choice of topic.I am really grateful to be part of this week's crypto homework task.

Thank you for reading my post