Source:istock
Hello everyone! I'm glad to meet us here again. My special regards us the members of the steemit cryptoacademy. I am happy that I have the opportunity to be part of this week's lesson again. Hope you all will welcome me once again? Not wasting much of your time,I will be tackling my homework task but before then I would make a little emphasy on area of concentration.

PRIVACY COIN

With respect to the lesson taught by professor @levycore in this week's steemit cryptoacademiy lesson, privacy Coins was described, explained and expantiated between its areas of coverage and interest. So therefore,in my own point of view, I would explain a privacy Coin as subsection of a crypto currencies that hides in a blockchain, a user's exact wallet balance as well as other numerous operations carried out by the user in the blockchain.

HOMEWORK TASK

1.Choose a privacy coins and perform a fundamental analysis of the coin in detail.

ANSWER

With respect to the privacy coin, I would choose Zcash as a privacy Coin I will analyze.

BRIEF HISTORY OF ZCASH

Zcash came into existence following the innovation and invention of the founding father known as Zooko Wilcox-O'Hearn in the year 2016 during October. This was triggered by the requirements of internet users who seems for a better open system of financial transactions in the blockchain command, followed with amazing features of privacy system. Users of internet demanded for an anonymous transactions system and the quest was what motivated Zooko to inventing Zcash.

DEFINITION OF ZCASH

Zcash as an anonymous privacy system can be defined as a digital based system with high powered and private cryptocurrency made on a strong science. Zcash transactions are confidential and regulated privately. It uses an enhanced privacy system for its users. In Zcash, transactions can be made openly. The transactions in Zcash are said to be shielded and controlled by zaddr . In Zcash transactions, disclosure is under users control and activities performed on various transactions are auditable. It allows transactors by offering them the options of 'selective disclosure'. Disclosure here means to allow a user to prove a payment received or details for various auditable purposes.

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

ANSWER

While creating a wallet for a Zcash, the following steps should be taken;
-First, on your search engine type www.Zcash wallet.com then wait for it to load.

• Click on Zcash wallet apps on Google play.
  

-Click on install to start downloading zcash wallet and wait while it downloads.

-After installing, click on open and allow it to load and open the Zcash wallet already downloaded.

• On the Zcash wallet app, click on sign up or login via email (particularly sign up).
  

-Enter your email and password to create your wallet.

-Create a PIN code.

-Input an anonymous name and accept all terms then,

-Click on sign up.

-Your wallet is ready to receive and send coins into your Zcash wallet.

1. Explain the reasons you choose the privacy coins ( state the advantages and disadvantages).

ANSWER

The following are the reasons why I chose the Zcash, they are;

1. It performs shielded transactions: which means that in any computation other than normal transactions in zcash, there exist a need to construct a proof for the (ZK- SNARK) which in turn provides information that all transactions both incoming and outgoing are equal to zero (0). Hence, Zcash shielded transactions proves that all digital signatures used are authentic and legit.
2. Another reason is PRIVACY, why I choose a Zcash is because of it's primary use which is privacy. Zcash is prominently known for its privacy-focused method as it hides all amounts and addresses of a particular transaction.

ADVANTAGES OF A ZCASH

-It operates on a privacy technology referred to as ( ZKPs) meaning zero-knowledge proofs.

• It is privacy-focused.
• It encourages the recognition of network effects like liquidity etc.
• It is a fair and open cryptocurrency.
  -It operates easy transactions.
• Transactions in Zcash is charged at a lower rate.

DISADVANTAGES OF ZCASH

-The uniqueness of ZK-SNARK privacy can be manipulated by the implementation of other cryptos for instance ethereum.
-it indirectly operates prospects on a centralised body.
-There is always higher inflation due to founder's reward.

CONCLUSION

The existence of zcash in the crypto world was through the implementation of Zooko in the year 2016. As a result,it was then a major boost for a higher privacy-focused cryptocurrency needed by the internet users. Meanwhile,there are major weaknesses of the Zcash but some outstanding benefits still gives us a good trust that to an extent Zcash performs almost all privacy needed by the internet users.

Thank you professor @Levycore for a good lesson like this.