what is privacy coin explained by @drmustafa7 10% beneficiary to businessactivity
Whenever we hear the word Privacy, the first and the most repeating thing in our minds is the word security or something which is done secretly without the involvement of the nearby people. Privacy means to do something under the sole control of the worker and the public around this worker is not awarded about the accomplishment of the work. The same is the case in the world of cryptocurrencies. There are such coins developed in the crypto world that are known and often called the Privacy Coins. As we all know that the first cryptocurrency was Bitcoin which was developed in the year 2009. The system of Bitcoin is decentralized means that the users that are working in this system have their own hold on the funds and the transactions made by their assets. All the transactions made on the decentralized system are transparent and are seen to everyone using the respective decentralized system. There is a great problem with privacy in this case. To overcome this problem the privacy coins are developed later on that proved to be very useful in all the aspects of the cryptos.
Privacy Coins are digital assets that more secure and private than other cryptocurrencies. The security system of the Privacy Coins is very complex and the transaction that is made in the Privacy Coins are not transparent are not visible to all the users of the system. Only the sender and the receiver of the coins are awarded for the transfer of the coins and no third person is involved in this system. Some of the most common examples of the Privacy Coins are as follow;
- ZCash
- Dash
- Monero (XMR)
- Grin
- Verge
- Beam
(01)
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
As the brief introduction of the Privacy Coins is explained in the above segment. Now, I am going to discuss an example of the Privacy Coin. The coin which I am going to discuss in this post is the DASH coin which is actually a privacy coin.
What is Dash?
Dash is such an open-source platform which is Altcoin in nature. This Altcoin was forked by the Bitcoin protocol means that it is a part of Bitcoin but it is not actually Bitcoin. DASH coin can be used in the payment and as it is a privacy coin so it can be transacted at any time in any place.
Background and Origin:
The DASH coin is a privacy coin. It was founded and developed in 2014. This coin was named three times after its development. Firstly it was named the Xcoin in the year in which it was founded and developed. After a short span of time, this name was changed and the new name which was set for this coin was the Dark Coin in the same year and actually in the same month just after a few days of its creation. Dash Coin is known as the name DASH in the crypto world and it is a privacy coin that is ranked above in the Privacy Coin menu of the Coinmarketcap. DASH coin can be mined by using different miners. It uses the Proof of Work as the consensus algorithm for its proper working.
Market Analysis and Trends:
If we look at the market rank of the DASH coin we will see that it holds 30th position out of 100 which is really a good position for the Altcoins. The market of the DASH coin improved positively in recent days and new features improved its position in the market. This coin allows us to make such transaction that is untraceable like all the privacy coins but its complete payment method is a little different from other privacy coins.