STEEMIT CRYPTO ACADEMY SEASON 2 : PRIVACY COIN BY @levycore // Homework done by @xkool24

Hello friends, Hope we are all doing well today? I am happy participating in today's Class on Privacy Coins and homework task by Prof @levycore.

Homework Task
Create an article for this week's homework with content that covers the following:

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

Firstly, I have to briefly tell us what privacy coins are and their emergence in the cryptocurrency world. The cryptocurrency emergence was a complete divergence of the operational status vis-a-vis the conventional financial system which was evident in its transparency level tailored towards its Open source, High security level which leverages on the distributed nodes in the system, less transaction fee charges and so on. But on the contrary a different school of thought had it that, with the continuous open system seen in the decentralized cryptocurrency space, that it is of no difference with the conventional financial system or even regarded its emergence as less because all are let loose or brought to bare without any form of secrecy or privacy in its activities.

Hence the arrival of the PRIVACY COIN which was introduced to solve issues of privacy which was specifically seen in the form of its anonymity and un-traceability. With this the origin and destination of all transaction and wallet accounts are kept in privacy mood void of third party views.

So for the purpose of this homework task, i would be discussing the "DASH PRIVACY COIN". The Dash has witnessed some form of name mutation, that may sound funny but it originated from a Bitcoin fork in 2014 as an anonymous cryptocurrency as XCoin. It was seen to change to DarkCoin and now Dash. We hope this would be the end of its name mutation. It is known for its anonymity behavior which is seen to be active while using the PrivateSend option which uses the CoinJoin strategy in unmasking real transaction data. Due to its origin from a Bitcoin Fork, the Dash is said to be not natively anonymous because it maintained its cryptocurrency development.

Also because of the Bitcoin fork which sees the emergence of the Dash, the transaction details such as addresses and wallet balances are in the public domain except when the PrivateSend option is used. Moreso, on fantastic move about the Dash is that it natively runs on the PoW algorithm and PoS for it Master-nodes. This makes its scalability and speed more Scalable/Faster with little delay in validating transaction.

Lastly, the DASH seen in the coinmarketcap is ranked #52 with a market cap of $1,924,780,838.31 and market Dominance of 0.12%. Its daily trading Volume is seen as $524,479,089 and currently valued at $192.04 as at the time of this post.

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

I will be guiding us on how to create the Dash wallet.

• Since i will be using my Android device, i will be logging into my "PlayStore".
• Click on the "Install" and download the app
• Swipe through the screen which displays "Welcome" & "Pay with Ease" , then click on the "GET STARTED".
• Set a new Pin and also confirm this Pin
• Click on the Secure Now icon to proceed with the option with securing the wallet immediately.
• There are three (3) options available for my selection which are;
  a. Create a New wallet
  b. Restore Wallet from Recovery Phrase
  c. Restore Wallet from File.
  Since this I don't have any existing account, and this happens to be my first Dash wallet account, i would be Click on the "Create a New Wallet"..
• An interface comes up asking that you should "Secure Wallet Now". Click on the "Secure Now Option".
  This would prepare into securing your wallet. Note the following that needed to be done;
  a. The recovery phrase is your access to the funds in the wallet
  b. This recovery phrase would be needed to access funds if device is lost, damaged or uninstalled accidentally.
• Then click on the "show recovery Phrase. (Endeavor to write it down and store in safe place)
• Verify the Recovery phrase by inputting it as requested. This allows you to input the initially created pin to confirm process.
• **Congratulation the Dash Wallet has been created successfully.

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(B)

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(I)

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

My reasons for choosing the DASH Privacy Coin may not be far from its fundamental affiliation with the Bitcoin, haven known that the Dash emergence was as result of a Bitcoin fork in 2014. Though this may not be all, these are some of its peculiarities as listed below; They can also be seen as major player in its continued existence as a privacy Coin in the cryptocurrency space.

• The Dash works natively with the Proof or Work (PoW) algorithm in validating its transactions and also with the Proof of Stake (PoS) for all of its Master-Nodes. This invariably means that, there would be improvements in its scalability and speed of transaction in the blockchain networks.
• It has a friendly interface which is easier to use by its users coupled with its high transaction speed and Lower fees charged. The speed of transaction is also enhanced by the "InstantSend" feature which makes and enables transaction done almost at the speed of light.
• It avails the user the option to decide if transaction done should either be public or in Privacy. With the use of the "PrivateSend" feature, this determines how a user wants its transaction done.

Advantages of the Dash Cryptocurrency

• It is purely decentralized in all of its functionalities despite the added features in it. Information are well distributed to all nodes even when something happens to one of its nodes.
• The Dash is highly secured given to its native root from the Bitcoin which runs on same algorithm and also its additional security measures in place. It is seen to have the X11 cryptography algorithm which makes it most difficulty to break.
• It is seen to reserve 10% of its mining rewards to the DAO which in turn are responsible in upholding and financing projects that are beneficial to the Dash community.
• High power speed in executing transaction. They are spontaneous with the use of the InstantSend feature which sees transaction done as soon as its clicked.
• Just as we've seen transaction speed in the Dash, it is also good to know its transaction charges are lower compared to other cryptocurrencies. This is dual combo and fit for the dash community.

Disadvantages of the Dash Cryptocurrency

• The Dash is seen to have some limitation and loopholes, transaction can be traced when Master-Nodes are accessed which sees its Privacy feature compromised.
• There are still questionable remarks on its decentralized status as the Master-Nodes are believed to be handled by its development team.

In conclusion, Privacy coin will continued to satisfy the a fractional portion of those who believed in the secrecy of their Transaction. Though there are government kickbacks who believed through this means that there would be an increased money Laundering violation and Terrorism funding but research has it that just an infinitesimal value has been traced to Cryptocurrency involvement.

Thank you Prof @levycore, this is my entry for the homework task.

Written by: @xkool24