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Greetings friends of the academy today we are going to carry out the task assigned by the teacher @levycore
<h1>1. Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.</h1>
**MONERO**
It is a blockchain project with a market capitalization of $ 5,251,473,617, Monero explores and expands the concept of privacy, many users agree with this as large investors have complained that they may be victims of hackers, scammers or authoritarian governments due to the public networks in which anyone has access to information, money transactions and where the money goes, Monero offers the privacy service.
Monero was born in 2014 offering as a service the fact that all transactions are private, it is impossible to know from which account a certain transaction was made because it uses ring signatures, it is a protocol that does not make public neither the issuing account nor the account recipient, or the amount that is sent, which makes it impossible to determine which member of the ring made the transaction, even if it is known from which ring the transaction came, you will not know which member made it. One of the characteristics of moneros is that it has no token mining limit.
The ring confidential transaction system hides the amount of the shipment, this system instead of transmitting the actual amount of the shipment, transmits a code that seems random, but it is understood in its own coding, that is, the system understands it and that serves for the check.
The stealth address system hides the address of the person where only those who made and received the information know the amount, for that it uses a secret provisional address that is used only once, so that no one can know the balance of the users.
On funginility, many people fear that their bitcoin and cryptocurrencies in the past have been part of criminal processes, it must be remembered that a cryptocurrency can be traced to the beginning, instead with money, it does not happen that each bill is the same as another, In Monero this feature is presented on the XMR because not being able to track all the money it is clean money.
Monero used CryptoNight PoW but now uses RandomX an update that pretends that mining is not controlled by a few and does not need expensive hardware equipment, the most important thing is that this offers a block time of 2 minutes.
<h1>2. Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshot required)</h1>
* The first thing is to enter the official website of monero https://www.getmonero.org/ once there we select download.
* Once in the download section, we click on walltet.
* Once there I go down to the end of the page and select 64-bit windows.
* Once I downloaded the file on my pc, I open it and start the installation process.
* We must accept the terms and go to the next step.
* We finally finished the installation.
* We selected the language, I chose Spanish.
* We start with the configuration of the wallet, we are going to choose the simple mode.
* After a brief explanation about the way we are going to use, we accept the conditions.
* Here we click on the option to create a new wallet.
* Here I choose the name of my purse and they give me the phrases seeds, which I must keep apart.
* Then we choose the password using the security parameters that the wallet requires.
* All the configuration is in order so we proceed to accept.
* Now we proceed to enter the password to access.
* We can finally enjoy our monero wallet.
<h1>3. Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)</h1>
**Advantage**
* It does not have a limit on the size of its block, so it will allow good scalability.
* It offers its users anonymity, privacy, which most blockchain networks do not offer because they are public.
* Operations cannot be traced, increasing user safety.
* The system is easily auditable, you just have to give your private key to perform an audit.
* It has a good development team, from the beginning it has not suffered problems thanks to the technical team.
**Disadvantages**
* It has no mining limit so it could cause a loss of value in the future.
* Updates are difficult, due to the complexity of its processes and protocols that maintain people's privacy.
* Although the idea was to avoid the centralization of mining, the same happens and a small group controls half of the mining in monero.
* Specialists assure that monero cryptography can be easily decrypted, and that one of its competitors Zcash has better encryption algorithms, to ensure the privacy of customers.
<h1>4. Conclusion.</h1>
Privacy networks present a service that many people need and consider a necessity, many governments attack this type of network because they consider that a lot of criminal money goes through this type of network, but the reality is that privacy is a right and a necessity , there are people who look for these networks because they feel more comfortable, they know that hackers and authoritarian governments will not be able to steal their assets easily, so monero is presented as an option for private currencies, it is understood that it is not perfect and that it has disadvantages, but if you want to feel safe and do not want anyone to have access to your transaction data and amounts, monero is for you.
Cc: -
@steemitblog
@steemcurator01
@steemcurator02
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