Crypto Academy Week 16 - Homework Post for Professor @levycore – Privacy Coins.

Good day everyone on steemit crypto academy I'm glad to be here to present my assignment for Professor @Levycore.

choose a privacy coin and perform a fundamental analysis of coin in details.

Source

Dash is an peer-to-peer cryptocurrency with a strong focus on the payments industry. Dash offers a form of money that is portable, inexpensive, divisible and fast.
It was created by Evan Duffield in January of 2014. It was originally known as Darkcoin but later rebranded as Dash in March of 2015. It can be spent securely both online and in person with only minimal transaction fees. It is design to offer financial freedom for everyone.
It is also a decentralized autonomous organization (DAO) run by a subset of its users, which are called "masternodes".

Denominations

Plural	Dash
Ticker symbol	DASH
Previous names	Xcoin, Darkcoin
Subunits
1⁄100000000	duff

Development

Original author(s)	Evan Duffield
White paper	Whitepaper
Initial release	18 January 2014 (7 years ago)
Latest release	0.16.1.1 / 17 November 2020 (6 months ago)
Code repository	github.com/dashpay
Written in	C++
Website	dash.org

Ledger

Timestamping scheme	Proof-of-work
Hash function	X11
Issuance schedule	Decentralized, block reward
Block reward	2.88 DASH (as of 5 June 2020)
Block time	2.5 minutes
Block explorer	insight.dash.org
Circulating supply	9.509.532 DASH (May 2020)[1]

Wikipedia

QUESTION 2

Describe the steps in creating a wallet for privacy coin of your choice (screenshot required)

Step one
Go to your browser search "Dash coin"click on the first link.

Step Two
In this stage you will choose the device you want to use to download the wallet you want. I choose mobile phone because I'm using my mobile phone.

Step three
At this point you are to download the mobile app you are ready to go with I choose Dash android and clicked on google download for installation.

Step four
After downloading click open.

Step five
After clicking open the mobile app will open and click create wallet account.

Step six
Set up a pin in terms of security reasons or privacy and confirm the pin the second time.

Step seven
Click on secure now to get your recovery phase because when you lose your device you won't lose your funds the phases helps in terms of recovery.

Step eight
Click on show recovery phase

Step nine
Write down the phases which was shown to you and cilck i wrote it down.

Step ten
Click in the phase according the way you wrote it down for verification.

My Dash coin account is ready for transactions.

QUESTION 3

Explain the reason you chose the privacy coin(state advantages and disadvantages)

Advantages

The information is decentralized.
i. Dash cryptography is very secure in terms of security services and keeping your secured.

ii. DAO as a differentiating element.

iii. Commissions are lower than those of other cryptocurrencies.

Disadvantages

I. The privacy feature works in a process called MIXING. Several users of DASH and crypto enthusiasts have opined that the process is nothing more than a coin tumble. As per the comments being passed out on several Dash forums, the MIXING process could be reversed or traced if someone controls the masternodes that the transaction passes through.

II. DASH has the primary purpose of serving as a transactional digital currency. It does not run smart contracts under decentralized lending, insurance, exchange, or yield aggregation. Pioneers of cryptocurrency such as Bitcoin (BTC) and Litecoin (LTC) also play the same role.

III. DASH along with other cryptocurrencies is known to be decentralized. This means that there is no single individual or a group of people who makes key decisions for the digital asset in terms of validation or verification. While cryptocurrencies such as Bitcoin are extremely decentralized, DASH has several loopholes in its decentralized status.
Source

CONCLUSION

Using Dash wallet account is secured and safe for coins and it gives privacy.
All thanks to professor @Levycore for the good and understandable lectures he gave.