Repost - Crypto Academy Week 16 - Homework Post for @levycore || Privacy coin

Hello Everyone,

I deem it a great honour participating in this week homework post for prof @levycore. The detailed lesson on private coins was very comprehensive.
Before I start with this week task I will first give brief explanation of private coin.

The private coin is a digital currency like all other cryptocurrencies but as the name implies, the system of operation is private. This means any transaction made between users is remained anonymous and can’t be traced. Transaction details is not transparent for everybody accept the Sender and the Receiver.

Users identities are kept anonymous when it comes to private coin and also the user's wallet balance and address are kept covered up and blended with other numerous transactions to destruct information investigation of the accounts. This prevents hackers to trace the real identity of users involved in transaction. Some examples of privacy coins are,

• Dash
• Monero
• Zcash
• Beam
• Grim

Disadvantages and Advantages of Coin Privacy

---

Advantages

• Privacy coins give security to their holders, this makes them not effortlessly hacked.

• Your balance details, transaction details, additionally your wallet address are exceptionally well protected.

• The user has the full authority to decide when and how transactions should be carried out.

• Transaction details are only known by the sender and receiver.

Disadvantages

• Hackers and fraudsters take advantage of the anonymity nature as the means of payment of illegal materials.

• Privacy coins need a lot of resources for transactions and also have a slower transaction rate and high transaction fees.

• Investor fail to trust private coins since founders identifies are not clear.

Of the above listed private coins, I will be writing on the Monero(XMR) private coin.

MONERO PRIVATE COIN

source

---

Monero is a digital coin which is regarded as a cryptocurrency in the crypto world, its symbol is represented as XMR and complies to all the operations of a private coin. Users wallet and transaction details are kept anonymous through the use of advanced cryptography.

Monero was launch in 2014 with a simple aim of private transaction and anonymity to all users irrespective of their technological competent, in all, monero points to permit instalments to be made rapidly and cheaply without fear of censorship. Seven individuals founded the monero coin of which five of them identities remain anonymous but some still believed it was created by Satoshi Nakamoto. This coin, monero can be traced back to Bytecoin which was created two years before the monero coin and was privately focused on decentralization.

How To Get Monero (XMR)

There are two ways to get monero coin and there are as follows;

• Monero Mining:it operates to bring new monero coins using the Prof of work consensus algorithm just like its origin coin Bitcoin, the only different is that Monero usage permits indeed specialist miners with a conventional CPU to induce a slice of the pie. Transactions are being verified on the monero blockchain platform to earn rewards in the form XMR.

• Buy Monero From Exchange Platforms
  We can spot trade monero on most of the Exchange platforms either with BTC, ETH or USD. Some of the Exchange platforms are as follows; Binance, kraken, Huobi Global etc.

coin marketcap

Fundamental Analysis on Monero Coin

All the information given below were taken during the time of my homework post

• Monero Coin Ranking
  The Monero coin has a rating of 27, which simply means that the Monero coin is already in great demand by traders in the world.

• Monero Coin Price
  Due to the great ranking of the Monero coin, it makes it a great selling point among Privacy coins with a selling $260.69
  per unit of Monero coin.

• Market Capitalization
  For market capitalists on Monero coins as a private coin it has a market cap of $7,456,995,240 and a diluted market cap of $4,701,369,879.

• Volume
  The volume that occurred on the Monero coin during the last 24 hours was so high, with a total amount of $502,474,033.

• Circulating Supply
  The circulating supply on Monero Coin during the last 24 hours was 17,922,338.84 XMR.

coin marketcap

Monero all time chart graph with support and resistance level.

tradingview

Monero Historical data for the last thirteen days. This shows the price fluctuation of monero coin within the last thirteen days. Highest and lowest price attained in each day for the passed two weeks.

coin marketcap

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

There are several wallets available to store your Monero coins, but here I will try to explain the steps to create a wallet on the Monero site itself, here are the steps:

• Visit the official website of Monero and click on the Download tab.

• Choose your preferred wallet type. With this homework task I am choosing GUI wallet type.

• Select the download option available based on the windows you are using. I am using 64-bit Microsoft windows hence I will select that.

• Follow the installation instructions to install your Monero app on your Computer.
  

• Choose the language you want, then click on the Continue button.

• Select the mode that best suits you. I will select the simple mode for easy navigation and interaction on the app.

• Read the Terms and Conditions and mark the "Agree" button if you agree with their conditions and click on "Next"

• Choose the top option "create a new wallet".

• You will be given a sentence that will become your Mnemonic seed wallet and a numeric code which is your wallet restore height, don't forget to save both codes in a safe place. When finished saving in a safe place, select the Next button.

• Select a strong secure password for your wallet, and confirm the password in the text box.

• This page contains the summary information of your wallet, click on "Create wallet"

• After that, you will be asked to enter the password that you created earlier and click on OK.

• You have successfully created your own Monero wallet and can immediately make transactions in your wallet.

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

The reason I chose Coin Monero as the topic of discussion in my assignment is because Monero coins are coin privacy that is included in the privacy ranks of coins that are very much in demand by world investors. With coin market rank, Monero is listed 27th all coins in general and that shows how it is in great demand by traders.

Also, a normal household CPU can be used to mine it and also works on most operating systems unlike other private coin which require complex machines.

Lastly, Monero includes a devoted and solid advancement and research group with amazing goals. The Monero project contains an extraordinary group of developers and more than 180 donors making it one of the foremost trusted coins.

Advantages

• Monero encompasses a prevalent mining algorithm as compared to most cryptocurrencies. Unlike most coins that require exceedingly modified computer equipment to run it, but Monero has made it simple to mine it employing a common computer CPU.

• The Monero blockchain does not acknowledge intemperate decentralization. Subsequently, it has taken a few safety measures in this respect. They are measures for huge mining companies to take over the network platform.

• The Monero blockchain has high reliability and most trustworthy due to the consensus algorithm it uses.

• Has a very fast transaction system.

Disadvantages

• Monero coin has an anonymity feature, which allows criminals to make transactions without being noticed.

• The reality that it is privacy-oriented is really against the soul of cryptocurrencies. Cryptocurrencies gain incredible bolster due to their decentralization and transparency nature.

• Monero does not have a lot of DApps, which makes it fewer interactives.

• It is supported by very few wallets.

• Transactions that are not recorded on the blockchain system are also an opportunity for criminals.

CONCLUSION

Cryptocurrencies have a unique feature of decentralization and transparency but private coins in general have gone against these features which make them a little centralized and as time goes on, I hope the developers of these coins will work to provide verifications to its users so as to be accounted for when the need arise.

Monero is one of the private coins in circulation this is due to deliberately built with anonymity, which means that transactions that occur will not be able to be tracked by other people. Also the founders of this coin identities are kept unknown which makes it difficult for investors to study the coin fundamental analysis of the coin.