Crypto Academy Week 16 - Homework Post for @levycore || Privacy Coin – ZCASH

2개월 전

Thank you @levycore, for your lecture on privacy coins this week. I am glad to be here and I’m presenting my homework on ZCASH, a privacy coin I found interesting to explore.

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For this homework, I will be looking at the following in details:

All About Zcash
Steps In Creating a Zcash Wallet (Zecwallet Lite)
Why Zcash – Advantages and Disadvantages
Conclusion

All About Zcash
Zcash is an independent privacy coin built on a very strong blockchain geared at providing maximum privacy to users in terms of transactions. This is backed with efficient transaction and low fees for all users.

Although shielded Zcash provides confidential transactions, it also gives room for users to select the option of sharing addresses and transaction information for the purpose of government regulatory compliance and audit.

Zcash has multiple transaction types, which include: Private transactions, Deshielding transactions, Shielding transactions and Public transactions.

It should be noted that a Zcash address is either a private address (z-address) or transparent address (t-address). For quick recognition of these types of addresses, a z-address starts with a z and a transparent address starts with a t. The four transaction types mentioned above falls within this two types of addresses.

On the blockchain, a Z to Z is made to appear to the entire users in order to ascertain that the transaction was completed and fees were paid. Besides, the addresses that sent and received the transaction, amount transferred and memo are encrypted, thus not publicly available. This encryption is made possible through the use of zero-knowledge proofs.

It is important to note that the owner of the Z-addresses can choose to disclose all transaction information to a third party for the purpose of regulation compliance or auditing.

A T to T transaction works just like in Bitcoin transaction. Here, the sender, receiver and transaction amount are publicly available for view by the public. In our research today, we focus more on the Z to Z transactions, as it meets the criteria of this course.

Steps In Creating a Zcash Wallet (Zecwallet Lite)
Here wewill be looking at how to create a Zcash wallet called Zecwallet Lite, starting from installation to creating the wallet, using an android smart phone.

1.Open your Google Play store and type the name Zecwallet Lite. When it pops up, click on the name and it will open a page where you will be asked to install. Click the install icon and it will start installing immediately.

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2.Now your Application is on your phone. Click on it and you will see create new wallet and restore seed. Click on **create new wallet. This will open the seed phrase page.

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3.Write down the seed phrase and store in a save place. This can be used to recover your funds if your device gets damaged or stolen. So keep it save. Then click on I HAVE SAVED THE SEED.

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4.Now your wallet is ready for transactions. You can still get your wallet seed under menu.

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Why Zcash – Advantages and Disadvantages
The choice Zcash for this research work is back by the availability of more advantages than disadvantages.

Advantages of Using Zcash
1.Low Fees Transactions: Zcash supports a low fees transaction of 0.0001Zcash per transaction, coupled with fast speed.
2.It is supported by large number of wallets and top exchanges.
3.Address and transaction privacy: Zcash provides two types of addresses; shielded and transparent. This gives users a wide gap of choices for their transactions.
4.Encripted Memos: This allows a sender to include useful information to the receiver and it is made in such a way that only the receiver gets to see the information, thus promoting more privacy.
5.Viewing of keys: The owner of the wallet have the option of disclosing all information for audit or regulation. This improves transparency.

Disadvantages of Using Zcash
1.Owner’s information is limited to that included in the memo by the sender. Thus, a sender can decide to hide some information from the receiver and that can cause problems when audit and regulatory agents comes in for the information.

2.Zcash supports multisignature transactions. Thus, in this case if one party is not available to approve the transaction, funds cannot be sent.

Conclusion
Zcash is a huge private coin with a robust blockchain to explore. Their services meets both privacy and transparency needs of users. Thus, her offers is a great attraction to the growing need of privacy and transparency of blockchain users around the world.

Thank you for reading.

Reference

Cc:
@levycore
@steemitblog
@steemcurator01
@steemcurator02

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I detected a fraud between @greatness96 and @teamg-nigeria, there are several things that I got, including:

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  • There are several types of writing that are almost the same, such as the use of numbers and types of headers.

@greatness96's post

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@teamg-nigeria's post

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  • Both of these accounts use the same font to put a watermark on their screenshots.

@greatness96's post

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@teamg-nigeria's post

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  • They also use emojis to cover things they don't want to show in their screenshots.

@greatness96's post

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@teamg-nigeria's post

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I indicated that these two accounts are owned by the same person. I request that these two accounts be investigated further.

This is the link from @teamg-nigeria's post:
https://steemit.com/hive-108451/@teamg-nigeria/crypto-academy-week-16-homework-post-for-levycore-beam-a-secured-privacy-coin

cc: @sapwood, @endingplagiarism

·

@levycore, as you can see from the name, the account is a team's account created during the diary game season 2. I decided to use it for the purpose of growing the team and also to support STEEM NIGERIA. it's not owned only by me, as any member of the team can make use of it, although most of them are no more active after the diary game seasons.

@steemcurator01, @steemcurator02 and @steemitblog all know about the account. They encouraged me to create the account.

Only new accounts are those not eligible for the academy.

Thank you.

I don't think this is an excuse for your poor review of my homework.

Hi @greatness96, Thank you for taking my class in the 8th week.

This is the detailed assessment that you get from the results of writing the homework that you have created:

Assessment Aspects
Rating
Privacy Coin Fundamental Analysis
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Creating a Privacy Coin Wallet
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Explanation of The Privacy Coin Selection
-
Conclusion
-
Follow Rules and Guidelines
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Writing
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TOTAL
0

You have been detected cheating on this community, you are under surveillance.

·

Well, thank you for your review. You never mentioned in your rules that conclusion should be a long essay.

The steps to create the wallet were carefully done and understanding it it's not a matter of number of words. Please point out where you didn't understand.

For the reasons I choose Zcash, I started that my reason is found in the advantages and those advantages are my own words, not copied.

Please check again and consider your review, except you didn't read it.

Thank you.

·

@levycore, my homework did not violate any of your rules. You or @steemitblog never mentioned including supported pictures for every statement. So, why bring it up. You made wrong remarks just to justify your poor score.

Please review again.

Thank you.