INTRODUCTION

Be it at home, online, at school or anywhere at all even in your personal lives everyone needs their privacy once in a while. Privacy is a state in which on is not disturbed by other people. We live in a society of constant socializing and communication as its essential in a society but on some certain occasions you may just feel the need to be alone or keep something within youself.
Everyone has their right to their privacy plus its great for a mental growth. Regardless, our topic today will be focused on the cryptocurrency aspect on privacy hence the “Private coins”.

What is a privacy coin? 🤷🏾

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Privacy coins are a unique type of cryptocurrency which is designed with a private and anonymous system. It permits the investor or trader to be annonymous when making Blockchain transactions. With this said, you can deduce that both the identity and origins of the transactions are hidden from every single person except the sender and receiver.
It can ensure the sender and recipient remain hidden with strong privacy protocols. When a Blockchain is private,it creates annonymous transactions, and can keep account balances private. As such youre protected against being tracked by other people and can as well keep your identity safe. Privacy coins can be good in alot of ways but can also be used to carry out illicit activities. This is why I'm going to be talking about its advantages and disadvantages

ADVANTAGES

• Due to its annonymity, transactions cannot be tracked and are only known between the sender and the recipient.
• Account profile is secure hence its user’s identity as well
• it makes use of hidden wallet addresses and balanced detail which are well kept
• the sender has rights to every transaction he or she carries out

Disadvantages

• encourages illicit and criminal tendencies as transactions cannot be tracked; money can as well be laundered or transferred as privacy coins giving it total anonymity
• its not fully accepted by most governments and countries as it poses a threat towards security and increases corruption
• it may be used by hackers to hide coins
• poses a risk as it encourages tax evasions

From the above pros and cons, i hope you can agree with me that with every good comes with its bad and so does privacy itself as well as privacy coins. Further more ill be focusing on one privacy coin of which I've chosen the “DASH COIN”.

DASHCOIN

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DASH coin also known as “Darkcoin” or “xcoin” is basically what we call an alt coin. It was founded in 2014 by Evan Duffield. Its first name was “Xcoin”, and then rebranded as “darkcoin” as some speculations were moved around on it being used on the dark net, finally in 2015 ot was changed once again to dash coin which it has retained till now.
Dash coins is built upon a decentralized system which allowed quick transactions and other activities within the system through masternodes. The masternodes performs most administrative business on the block chain such as validating transactions, sending messages and alot more. Most of these activities are kept confidential and strictly to the user.
The coin was built upon an algorithm “x11” algorithm. This algorithm is what portects a user’s accounts from external threats and protects its confidentiality.
Additionally with a POW “proof of work”structure transactions are secured and users are rewarded for running and maintaining these master nodes. Master nodes run special operations on the DASH network, it can be used to power the following

CoinJoin:

It its decentralized system, it permits users financial privacy within the network.

instant send :

It allows for fast trasactions. With this feature transactions are confirmed within a short period of time

governance and treasury system

With the dash system there are various shareholders with a certain amount of dash. This feature allows these people to donate a percentage of their shares towards the development of the dash system

chain locks

During mining process, the coins are exposed hence chain locks protect these blockchain against these attacks while they’re mined

How to obtain dash coin

• Through mining- from the previous talk above on masternodes you can deduce in some places where i talked about mining. Most crypto currency’s if not all are mined as usual since they all use a Blockchain technology. Hence dash coin as well can be mined. Mining is done with the use of a hardware and as well miners are expected to use the X11 algorithm in order to earn rewards.

• PURCHASED- most exchange wallets can provide you with the dash coin. For example binance,poloniex etc

DASHCOIN ANALYSIS

Before using a particular cryptocurrency or asset you may need certain information to see how well its been fairing or see its values and wheter it had met your quotas . Well🤷🏾 Like every coin, the dash coin has its value, ranks and specific details that makes it up which is what we’ll be analyzing today. Ill be making use of the coingecko website Coingecko to evaluate this digital assets. So lets go

DASH PRICE- The current price of dash moment is $188.91. Its demand has led to its increase at this point with its all time low in the past 7 days at $178.41 and its all time high in the past 24 hours at 200.40.

VOLUME- as the controversial coin grows, it has been used to trade just as its constantly mined. For the past 24hrs the trading volume has amounted to $831,947,752

CIRCULATING SUPPLY- the total circulation on DASH coin has been pretty impressive and has shown a great improvement over the years. Due to the demand on DASH it has a circulating supply of about 10,162,410.

RANK- there are thousands of crypto currency’s all around the world hence each coin is ranked based on their popularity and market status. With DASHs impressive record its made it to the top 100 which is really good and is growing over time. With a market cap rank of #60 you can presume that its been in demand for a while now. Its market dominance is 0.11% and a market cap of 0.4336

ALL TIME HIGH/LOW- it will be reasonable to asune that any coin would have its all time low when it was created i guess😅. Anyways on febuary 14, 2014, DASH coin had its all time low at $0.213899 and at December, 20, 2017, it had its all time high at $1,493,59. Compared with its current price, it has had a decrease of about -87.3%.

Futher principles to look out for during an analytical survey

1.) website

Dash coin currently operates with two websites . The first contains the dash wallet abd explains all you need to know about dash coinand the second is more of an information hun regarding news on dash

2.) chat

The dash ecosystem provides a means communication amongst users. They have spotted platform ms on both telegram and the discord.

3.)Communities

There are communities available on this decentralized network. The bigger the community leads to its increase in popularity hence with this strategy it can lead to an increase in selling price communities are available on platforms like twitter, reddit, bitcoin talk etc

4.) dashcoin whitepaper

The white paper shows the original value and growth of dash from a theoretical and academic aspect. Its basically a historical document of some sort and recorded as a github wiki. Although it doesn’t really receive updates as new innovations have reason up to take its place

From everything listed above you can deduce that DASH is much more sophisticated than the eye may meet. With the use of communities chat groups , websites they are able to promote the coin and increase investors.
These fundamental analysis help investors determine how a particular asset is abd if its worth investing, well with all the detailed explanation above i believe dash coin is worth your time and money.

HOW TO CREATE A DASH COIN WALLET

Creating a dash wallet isnt much of a hard process i must say. Its quite easy and well defined but its security protocols are top notch. With the illustrations below ill give a more descriptive representation on how it works.

Step 1:
You can download the app which is the most used process from your playstore(for android) or App store ( for IOS). For easy identification just search for dash wallet

Step2
After you've searched for it, you then download it onto your phone or pc and open it. It looks more like this on my IOS

Step 3
Next you’ll be required to put a pin to secure your wallet, with a second confirmation to avoid mistakes . If you use an IOS you can also decide to add a finger print to the protocols. I mean itll be easier opening the alp with touch id even more.

Step4
Next a list of phrases will be given to you, this si to help with recovery of accounts and also to protect you from further hacking. With a screenshot you would even be adviced on why you should screenshot it, hence you’d be required to write these phrases somewhere else and list them alphabetically just as it originally was

Step5
Your account is finally opened. You can see some transfer and payment features such as send to address, buy/sell dash, recieve or scan to pay. Above you can see your available balance. This is basically the homepage of the wallet

Step6-you can decide to hide your balance if you wish for it to remain hide with the , hide balance option below your balance and vice versa to reverse it.

Step 7- feel free to explore the settings. You can put on notifications to get alert when you’re away from the app or change your network with it default on main network or rescan a Blockchain for verification. You may as well even want to change the default currency from USD to your countrys currency’s. Simply go to settings and choose currency

WHY DASH COIN

My reasons for choosing the coins are due to the benefits that its users gets. Its security protocols and systematic approach towards protecting transactions and annonymity of its users are impressive. Of on that is the private send feature which u like, with this all transactions are kept transparent in a ledger and it makes it impossible for someone to track transactions of figure out its origin.
Its built on decentralized system through the use of master nodes and this makes the network more secure, giving it strong protection and reducing risks of exposure of the network. Of all its benefits the one i love the most is its scalability. Dash was designed to scale up blocks with sizes as high as 400mb and this gives it a head in the competition against other cryptocurrencies even bitcoin as dash could give 400times the number of transactions per block

ADVANTAGES AND DISADVANTAGES OF DASH COIN 🪙

ADVANTAGES

It has a very secure cryptography

Using the x11 algorithm, it has become one of the most sophisticated algorithm in the cryptoverse along with top coins like bitcoin . This makes the dash ecosystem very secure and nearly impossible to bridge

Enables fast transactions

Using the feature called instant send, dash coin can be transferred from one user to the other. Like the name suggests “instant” its speed is unfathomable. A transaction from one wallet to another takes as little as 1-3seconds to complete.

All information are decentralized

since dash operates on a distributed database, its information becomes decentralized. All the nodes thats are part of the blockchain are constantly replicated meaning if one node is destroyed it still wont stop everyone from receiving the same information

operates with a private end system

The private end system enables users to make transactions without it being inputted within the blockchain system. This helps maintain complete annonymity

DISADVANTAGES

Used for criminal activities

Due to the annonymity and security that the dash coin system provides. Some people may want to take advantage of the opportunity to perpetuate criminal acts like fraud, tax evasion, and many others( they can be really crafty)

Uniqueness

Dash has lost its uniqueness in the eyes of many due to the fact that there are many cryptocurrencies that can basically do what it can. So it’ll be hard to say that the dash coin is hundred percent 💯unique. Coins such as monero, zcash, verge etc

unaccountability

In the advantages I mentioned that with a private end system transactions can be hidden even from the block chain. This may lead to unaccountability and further more increases its criminal tendencies.

In conclusion

Dash coins were brought out from bitcoin as one of the co owners of bitcoin had designed it hence to make it even better by increasing its transact speed(instant send). Initially known as xcoin and darkcoin before it became dash coin, it has gathered a number of users since and grown in its market status (price, volume, rank) etc. it has been accepted widely and is even used in some financial institutions such as money gram, wellsfargo, Western union etc. I would recommend dash coin you are in need of a privacy coin as it has alot to offer. I hope I've met all your requirements in this exciting assignments and hope to receive any corrections if need be.
Thanks for reading

Cc:
@levycore