Steemit Crypto Academy Season 2, Week 8 - Homework Post for @levycore | Privacy Coin { ZClassic (ZCL) } |
hello everyone's back again with me @sitimei at Steemit Crypto Academy Season 2 Week 8.
On this occasion I will do the homework given by Professor @levycore , regarding about the Privacy Coin
What Is Privacy Coin
Privacy Coin is a coin that is created with the purpose or anonymity system, which means that when I transact as the sender and you as the recipient it is not by anyone, nothing can be detected if we use this privacy coin, only as the sender and receiver. who can see all the details of the transactions made.
Some of the advantages and disadvantages of coin privacy include the following :
Advantages
- In terms of security it is very high because this coin is private as the name suggests
- In terms of transactions, only the sender and receiver know the details of the transaction
- The owner of the privacy coin has complete control over the coin
- The privacy of the coin is again favored by investors, so its selling value soars
Disadvantages
- People doubt closed systems, which are not known to many people
- This could be a land for Crypto Coin hackers to carry out illegal coin transactions
- Because the system is private and only known by the sender and receiver, it seems to have a bad impression in the eyes of the world.
So now we are getting into the main topic of this week's work, the coin that is my review is the ZClassic (ZCL) coin.
ZClassic (ZCL) coin
So before we discuss the Zclassic, we will first discuss the Fork. What are forks??? Fork is a new branch, where in this new branch they use blockchain coding contained in the previous coin, and from using the coding system it aims to create a new coin project, usually fork is done for a reason, to improve the quality of the previous project or due to a hacker attack on the previous coin network. If you already know what a Fork is, now we go to the next topic about Zclassic (ZCL).
ZClassic is a coin that emerged in the cryptocurrency world from the results of the Zcah Fork, which ZClassic was created with the aim of reducing costs by 20%, which means that this ZClassic fork coin will be more cost effective, because that is the goal of creating a coin project from the results of the previous coin fork, namely to improve the quality of the system contained in the main coin.
Performing Fundamental Analysis of the ZClassic Coin (ZCL)
Fundamental analysis is an analysis carried out to look at factors such as financial turnover, community and factors that make an asset a good selling value for the future.
Conducting fundamental evaluations, usually investors in the cryptocurrency world see in terms of the project being created, see the shortcomings, strengths, whitepapers they make, and see good information about these assets, if the fundamental analysis leads to more on the good side, it can be ascertained in the long term this asset will develop well .
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In carrying out fundamental analysis you must look at several factors, including:
1. Market Capitalization is the total value of assets currently circulating in the trading market. The higher the Market Capitalization, this indicates that the faster an asset will experience good development. The current market capitalization for ZClassic (ZCL) is $ 2.011.540. Meanwhile, the fully diluted market capitalist has a total of $ 2.503.239.
2. Volume is how many trading activities are carried out on ZClassic coins (ZCL) within 24 hours, ZClassic volume (ZCL) at 24 hours currently has a total value of $ 13.063. The higher the trading volume, the better the coin will be for the future.
3. Supply Circulation is a coin circulating on the cryptocurrency trading market, ZClassic coins currently in circulation are 9,211,334.88 ZCL
4. Max Supply is the maximum supply of ZCL coins in the cryptocurrency market, ZCL provides a max circulation limit of 11,462,487 ZCL. So we can see the comparison between ZCL coin circulation and Total Max ZCL, which has 80% of the coins in circulation.
In addition to the above factors there are several other factors that you should look at in the ZClassic coin privacy project, you should look at their Whitepaper, you should try to discuss with the Community, conduct an analysis of the company and also the industry owned by this ZClassic, Here are some things that are positive value for a trusted project, and this is also owned by ZClassic, such as:
- ZClassic Coin Web
If a project has their own official website, then it is certain that this project has the potential to grow, here is the ZClassic Coin web link ZClassic
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Investigator
In this project there are several investigators who are on the ZClassic coin, among others, Zelcore.io, Insight, And TokenViewCommunity
This community also has a good impact on the value of ZClassic, some of the existing communities include, Bitcoin Talk, Telegram, Twitter, and RedditChat
The community also provides Discord chats for anyone to join to join DiscordSource Code
They also provide Source Code that you can access GithubWhitepaper
They also provide a whitepaper on their project, so you can read what the goals in the formation of ZClassit are to their vision and mission going forward Whitepaper
It also includes an aspect that highlights that a coin project is serious about developing their coin over the long term, not just a coin that appears for a moment and then disappears in the trading of the bitcoin market. These aspects make sure investors to invest in this coin, so that this coin will continue to grow in the future
Steps to Create a DASH Coin Wallet
So here I will provide the steps on how to create a ZClassic wallet, here are the steps:
- Visit the official Web provided by ZClassic Coin, you can click this link, and then you will automatically enter the ZClassic Coin web home page as shown below
- Once you are on the ZClassic Koin web homepage, your next step is to scroll down and look for the application download text, as shown below.
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- So because my laptop is windows based, then I choose windows, and then on the next screen I choose to customize Windows 64 Bit again, because I use it on my laptop, it can be seen as shown below
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- After you click the application that matches the specifications of your laptop, an option will appear to save the application, as shown below
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- The next step is that you find where the file was downloaded, then you click on the Apk to install the Apk, as shown below
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- So after you open the Apk for us to install, a display will appear, then you select more info so you can continue the installation, if then you can't install this Apk, it can be seen as shown below
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- After you click on more info in the previous stage, information about the Apk will appear and you can also continue to install it, as shown below
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- after that a display will appear as below, you click yes to continue.
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- The next step is that you can choose where to store your wallet application, after you choose the storage location, click install for the next step
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- After that, the wallet application will be installed automatically, we only need to wait for this installation to complete
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- After the installation process is complete, then you only need to close it, as below
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- In the next step you only need to return to your main screen to open the ZClassic wallet application, as shown below
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- The next step is that you can choose automatically or you want it manually, because I want it to be fast so I choose automatically, and click next to continue
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- The next step you can choose where the wallet is stored, and after that click next to continue the next step
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- In this step you will be given 3 wallet options, you can choose one of them, then you click next to enter the next stage
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- In this step for new users select create a new seed, then click next to continue
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- then just click next to continue
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- At this stage you will be given a seed, you just need to copy it and proceed to the next step
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- At this stage you have to enter the seed given earlier, then continue
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- At this stage you just need to create the password you want, then continue
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- Congratulations your ZClassic wallet has been completed, then you will enter the history view, as shown below
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- Furthermore, there is the send feature, which here as in general there is a place for transactions, there is a pay to, description, amount and fee, as shown below.
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- At receive you are given your ZClassic wallet address, where this address will function to receive ZClassic shipments from other people.
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Reasons to Choose Coin ZClasssic (ZCL)
The reason I chose the ZClassic coin is because this coin is the result of a fork from ZCash, which we can say that ZCash already has a good name and is also a fairly good investor at this time, and I chose this ZClassic because they created this coin with the aim of cut costs by 20%, meaning ZCash's Forked coins will be cheaper. Here are the advantages and disadvantages of ZClassic Coins :
Advantages ZClassic Coin
- Cut transaction fees by 20% and this will be a cheaper coin than the fork
- It's very easy to buy and sell ZClassic coins, you can buy and sell through the exchange HotBit, Stex, and InstaSwap
- And the number of wallets that can be used to store this ZClassic, such as WallecZClassic, Ledger, CoinNomi, Zelcore and SafeCoin
- The privacy regarding your personal profile and also the transactions you make is very safe, because like most other privacy coins, ZClassic also only allows the sender and recipient to know all the details of the transaction.
- High security because your privacy is very well maintained
Disadvantages ZClassic Coin
- all people in the world still doubt the presence of the ZClassic coin from the ZCash Fork
- Can be a nest for a place to make transactions for these coin hackers, because the traces of the sender will not be known, only the recipient knows
- The world community is still low in choosing ZClassic due to many negative issues regarding this ZClassic coin
Conclusion
ZClassic Coin (ZCL) is a coin that is included in the coin privacy category, which ZClassic was created from the ZCash Fork, with the aim that at this ZClassic there will be a 20% fee reduction so that the ZClassic coin will have low transaction fees, and have a system better. But it is very unfortunate that the emergence of ZClassic is also viewed negatively by people in the world, because they assume that the ZClassic that emerged from the ZCash Fork is a strategy of the founders to make a profit, they think that this ZClassic coin is just a Peanut coin. But with various proofs such as they have a ZClassic special website, have a community, have a chat tool, and also they have a whitepaper that has a purpose not only as a peanut coin, this shows that ZClassic also wants to compete in the cryptocurrency trading market.
Closing
That is the description of the tasks that I have completed this time regarding the Privacy Coin {ZClassic (ZCL), hopefully it can help friends to understand about coin privacy. If many of my posts are wrong, please correct them together.
Thank you
@sitimei
Note : The image that has no source is my screenshot, and after that I edited it myself using paint