Steemit Crypto Academy Season 2: Privacy Coins submitted to Professor: @levycore

Hello dear friends on steem,
Am happy to be part of this class by our able professor; @levycore.
Bellow are my aproaches to the questions asked.

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1. Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.

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

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

4. Conclusion.

Answers;

What is a Privacy coin?
Privacy coins are a class of cryptocurrencies that tend to promote anonymous blockchain. It's main objective is to hide it's users addresses. wallet balances and transaction history for more security unlike Bitcoin and other non-private blockchains.

Bellow is a creen-shot of the various Privacy coins we have, for the purposes of this class, I will dwell on Dash coin.

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Dash Coin
is a ​digital cryptocurrency that is used to make or receive payments.
Bellow is my fundamental analysis on Dash Coin.

Background of Dash coin

Dash Coin was forked from LiteCoin.
The CEO of Dash pay is Ryan Taylor.
It was established on January 18th, 2014 by Evan Duffield.
When it was established, if was called Xcoin, it was later changed to Dark Coin and then on 25th March 2015 it was named; Dash Coin.

Popularity
Dash Coin is actually ranked 5th amongst other cryptocurrencies. It became very popular because it has better privacy and higher transaction speed than Bitcoin. This is possible because it makes use of Masternodes. It also operates on self governing and self funding model.
Another factor that made Dash very popular was the profit margin of 14,000% it provides its early investors.

Masternodes
Just like we have miners in Bitcoin blockchain who verify transactions and in return get rewarded for their work, so also do we have miners in Dash Coin. But in Dash Coin, these miners are divided into two parts Miners and Masternodes.
To own a Masternode, a user must make a deposit of 1000 Dash to become a Masternodes.
Share of rewards from mining:- Masternodes receive 45% of the rewards received from mining, 45% goes to the miners and 10% to the Dash cryptocurrency for it's improvements. There are about 4,943 servers hosted world over to monitor transactions

Self Governing and Self Funding
Unlike in Bitcoin where all the rewards goes to miners, in Dash Coin, 10% goes back to Dash Coin to help it's improvements and development. This is possible when all miners vote to determine which proposal to fund.

How To Own or Save Dash Coin
To own a Dash Coin, you either have to mine nor buy.
To purchase or save Dash Coin is very easy.
https://www.coinbase.com/
simply register on Coinbase with the link shown above, with a valid means of identification you will be verified.
You can purchase through any method of choice.
To save, you can save on Ledger with link below;
https://www.bitdegree.org/crypto/goon/ledger-nano-s
Or
Razor: https://trezor.io/?offer_id=12&aff_id=5237&aff_sub=60b587317278c9.27535173&aff_click_id=6363693

Steps To creating a Dash Coin wallet

The following steps are steps to follow to create a Dash wallet .

Step 1
Open the Google play store app and search for Dash Coin.

Step 2
Select Dash wallet and sellect install.

Step 3
When it opens, it will bring you to this page, swipe twice to the left then click continue.

Step 4
It will bring you to this page where you will be required to create new wallet. Click on it to create a new wallet.

Stem 5
In the next page, it will prompt you to set your pin. Here you are required to enter any four digits numbers you can remember easily as your pin.

Step 6
This page will demand you to confirm your pin.
You are hereby required to re-enter the four digits you entered previously.

Step 7
It will bring you to this page where you will be required to secure your wallet.
Click on secure wallet

Step 8
It will bring you to this page where you are required to click on "show recovery phrase" click on it.

Step 9
It will bring you here, where you are required to either memorize the order of arrangement of the words or copy it down so as to sellect them accordingly in the next page.

Step 10
Your wallet is ready

The reason I prefer dash over other privacy coins is because of Masternodes and its Independence to finance and government.
Bellow are the advantages and disadvantages of Dash Coin.

Advantages

• It is a private cryptocurrency and as such, transactions and details of users are untraceable.
• It has Fast transaction speed unlike Bitcoin. The turnaround time for Bitcoin transactions is about 10minutes while Dash is 2.5 minutes. Though Dash has another improved method that is faster, but attracts additional charges. This other method processes transactions in seconds but it attracts additional charges.
• It uses Masternodes to ensure transaction anonimity.
• High end security.

Disadvantages

• Since it's annonimous and untraceable, it can be used in some illegal activities. Some dark market sites like Alphabey have already started accepting it as a means of payment.
• Dash can be said not to be completely decentralized because; since the Masternodes performs most if the transactions, if a person owns most of the Masternodes, he is capable of controlling the Dash market.

Conclusion
In conclusion, Dash Coin is a Privacy cryptocurrency which has better security and processing speed than Bitcoin.
With Dash, you can select the option; "Not Declare" which makes it difficult for International Reporting Standards (IRS)to trace your transactions.
Dash have done well over the years and at the moment, it is ranked 5th amongst cryptocurrency, and with it's self financing and governing qualities, it has potentials to do even better in future