Crypto Academy Week 16-Homework Post for Professor @levycore

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Good day professor @levycore this is my homework task for Privacy coins
Before I get down to explaining and explicitly answering the questions I want to establish that in the times we are now privacy of of upmost importance I mean some people pay extra cash for privacy in hotels and even financially you wouldn’t want someone or everyone to know about every transaction that goes in or out of your account or wallet. Crypto currency blockchain is known expressly for its extreme transparency anyone can see your transaction even at a global scale and to some people its invasion of privacy or prying they prefer every bit of their financial status hidden but can’t be achieved with Blockchain cryptocurrency that is where Privacy coins come into place, your transactions details are not broadcasted for everyone to see and your are not associated with one address so people can associate you with one address like a bank account number as each individual is entitled to some specific account number that cannot be changed once assigned
Here is a short list of some of the privacy coins

• Monero
• Dash
• CoinJoin
• Beam
• Zcash
• Grin
• Horizen e.t.c

Question 1
Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.

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Monero
Monero right now is the most popular privacy coin in the crypto market, Monero is known broadly for its ability to

• camouflage transactions details like sender, receiver and amount sent and
• Ring signatures, this enables an individual to disguise his information from others so no one else knows who signed the transaction, it uses individuals keys and mixes it up with others key which helps the sender to remain anonymous

Monero was first launched in the year 2014 April and it is currently ranked on Coinmarketcap.com as number 26 in the rank among crypto currencies with a market value of 286.54 dollars as at 5th of June,it has a total supply of 17,925,059 XMR and a circulating supply of 17,925,059 XMR, it was worth 0.213 USD at Jan 4th 2015 and has its peak value so far at 517 USD on May 7th 2021 I believe it will eventually go higher than that in that the need for privacy coin is on the increase as more and more people are discovering about it.

Question 2
Describe the steps in creating a wallet for the Privacy Coin of your choice.

So the steps might differ It depends on what device you are using, I will be giving a close guide on how to set up a Monero Wallet on an Android device using the exodus crypto wallet, they are literally tens of ways to get a monero wallet set up but this one I find extremely easy and straight forward
Step 1

Go on Google play store and search for Exodus crypto wallet
Step 2

After installing your app. Enter and if you have a wallet already with Exodus you can link it by choosing the I already have a wallet option
Once you have setup you profile by saving your phrase
Click on this profile button

Step 3
They have lots of Assets on Exodus so I would suggest you click on the Search button and type in XRM on the search box

Click on the button to add to your wallet

And it’s that easy its added to your wallet and you are set to transact using XMR you are good to go!

Question 3
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)

Monero is among one of the Oldest Privacy coin and I believe if you have been around for this long it indicates solidarity and trustworthiness, monero takes its time to disguise and correctly perform transaction that is why its slow and even more reason why I trust it despite slow TPS which takes about minutes to successfully carry out a transaction, Monero is super safe cause of its Proof of Work features which makes it almost impossible for hackers to steal
ADVANTAGES OF MONERO

• Secure
• Untraceable
• Provides anonymity for sender and receiver
• Shuffles wallet address

DISADVANTAGES OF MONERO

• Slow transactions
• Untraceable
• It is mostly used by fraudsters for Crypto transactions

CONCLUSION
The need for privacy cannot be overemphasized as the need for anonymity is on the rise there is high tendency for huge potential growth, for those who don’t like their transactions being broadcasted I would recommend Monero XRM its super secure. Special thanks to Professor @levycore for this amazing lecture I learnt quite a lot while researching for this assignment topic