DAPS Coin – Dare To Be Different!
“Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say.” ― Edward Snowden
When it became clear that Bitcoin is not actually anonymous and has its limitations, privacy and anonymity-oriented coins have become widespread and contentious. Today, you can find hundreds of privacy coins that focus on secure and anonymous transactions, but a coin self-advertising as “private” does not necessarily mean that it actually is. While the best privacy coins rely on real innovations in cryptography, the worst ones claim to be “private” but are functionally vaporware.
Recently, we came across DAPS Coin, which we believe has the potential to be the standard of privacy coins thanks to its unique technology and privacy features.
In early 2018, DAPS took the spotlight as the next big privacy coin, catching the crypto world’s eyes, especially the privacy-oriented enthusiasts. Labeled as the next XVG, which saw impressive gains in 2017, the project grew strong day after day, backed by an ever-growing community. Everything was great until the day PCN/DAPS came to a halt; in February 2018, the current DAPS core members discovered that PCN developers were dumping their coins and lying their investors. To maintain integrity and transparency, both the community and DAPS developers felt the need to fork off from PCN and its developers.
Despite the rough times the team has been through, DAPS managed to stand up for their beliefs, quickly re-gained the deserved spotlight, and grew even further. Today, the team saw impressive growth, especially in the community, which I believe is one of the most important pillars in a project. So, let us discover the DAPS team’s amazing work and highlight the coin’s most important features.
What Is DAPS Coin?
DAPS (Decentralized Anonymous Payment System) is a revolutionary cryptocurrency blockchain-based project focused on security, scalability, and true anonymity.
A recent comparison between the most sought after privacy coins and DAPS revealed that, while the technology behind those projects is good and all have strong privacy features, they all lack the 100% true anonymity. Therefore, one way or another is still possible to trace certain transactional metadata or the sender and receiver. DAPS Coin development team made a smart move by selecting the most established privacy protocols from PIVX and Monero and embedding them into their own custom solution to offer us a truly-private cryptocurrency.
Even more surprisingly, to not compromise any security and privacy aspects, the team adopted the PoSv3 (Proof of Stake v3) with Masternodes integrated protocol backed by their own developed unique subchain protocol PoA (Proof of Audit), called Harpocrates. This will give the DAPS network resistances against most known attacks and ensure the chain is secure, anonymous while allowing it to be publicly scrutinized.
Without further ado, let’s cast light on DAPS Coin features:
Blockchain Privacy (Obfuscated addresses/balances)
Blockchain privacy refers to capabilities that make obscure the blockchain data (addresses and balances). This is one of the most important parts to provide privacy without which users are identified relatively easily. The DAPS team implemented a mandatory stealth address/public address system and Ring CT to hide both addresses and balances from addressing these concerns.
Network Privacy (Obfuscated IPs)
Network Privacy is nothing more than being able to navigate anonymously on a network without worrying that your activity is or could be traced; I believe we all heard about TOR and I2P networks that do this job pretty well. In this regard, the DAPS team has implemented mandatory TOR/OBFS4 relays for all nodes that hide all node/Masternode IP addresses, which can be used as attack vectors. Moreover, if TOR traffic is blocked, OBFS4 will activate and mask the TOR layer, allowing normal function. This allows the DAPS wallet to run anywhere, anytime. One trade-off of this technology is slower wallet synchronization times on launch but is still acceptable for wholly obfuscated and protected nodes.
Privacy By Default
Different privacy-focused projects, such as Zcash or Zclassic, etc., offer optional privacy capabilities. Still, I would ask myself, why are they trying to be a privacy advocate since I can choose? I remembered one of Marlon Brandon’s quotes: “Privacy is not something that I’m merely entitled to. It’s an absolute prerequisite.” If privacy is not the default option, then individuals are exposed. DAPS has solved this problem by making all transactions private by default.
While obfuscated transactions are excellent, you sometimes need to prove to someone that the transaction was sent. In this regard, DAPS is equipped with a block explorer. The person who holds the wallet and initiates the transaction will get a key. With that key, the person (and everyone who owns it) can view the transaction on the blockchain explorer, but it’s still up to you if you want to disclose it or not.
Blockchain Messages Removed
Unlike Bitcoin and many other projects with capabilities of sending messages on the blockchain, DAPS has decided not to store data-holding strings, preventing users from using them and making all transactions smaller.
Proof of Audit
To better understand the use case of PoA Protocol developed by the DAPS team, it is important to learn first about the “trust” and “trustless” concepts in a network:
“Trustless” is the concept that an individual does not need to “trust” any network operator to confirm or verify his usage as legitimate or illegitimate. A trusted network has a central authority that determines the fate of the entire network. A real-life example is SWIFT; the payment protocol almost every bank relies on. Just imagine that you are sending money to your friend through a bank or financial institution; you have no way to verify whether the money has been transferred over to him without confirming it with the bank or financial institution through which you have sent it. Therefore, you have to trust a central authority, in this case, SWIFT, that will send the money to your friend.
Contrarily, Bitcoin is a trustless network. If you send your friend Bitcoin, you can personally go ahead and check through the block explorer, the transaction status, and even if he already spent it. In this case, as an end-user of the Bitcoin Network, you don’t have to “trust” anyone with your Bitcoin. You send it and, at the same time, check the transaction status.
In privacy coins, Trust is hard to maintain while also approaching full obfuscation. There is no way to verify, for instance, the supply of a fully private chain (to give you an idea, check Monero infinite supply on Google to see how many debates are on this topic). Moreover, nodes colluding off-chain to enact changes can exploit a fully private Masternode chain. In current implementations of zero-knowledge proof, this issue appears as well, as there is no way to ensure that node operators and minters act honestly.
This is where the unique Proof-Of-Audit protocol comes into play. With proof of audit, masternodes, and staking securing the DAPS network, it will be resistant to most hacks on private networks and solve Ring CT implementation’s trust issue. The only tracking in DAPS will be the total supply and block height via the Proof-Of-Audit block.
DAPS reward system
DAPS Project also features one of the coolest reward systems designed to incentivize the network participants. Besides the PoS rewards, you can also run your own Masternode to strengthen the network and therefore get more rewards for validating block transactions. DAPS Masternodes will require 1MN coins, roughly 100$, at the time of writing. Furthermore, to spare you the time and effort of running a Masternode on your own, DAPS is supported on multiple staking and masternode platforms.
Another way to earn passive income with DAPS Coin is by becoming a PoA miner. Once PoA protocol is fully active, you can earn even more DAPS coins through their unique PoA mining system. PoA miners are now exclusive to DAPS and will not work on any other PoW blockchain. For more information on DAPS Reward System, click here.
DAPS development is progressing steadily. The team recently announced that closed beta testing is scheduled to launch early this year, and after bug fixing is completed, they will be launching DAPS mainnet in Q2, likely ahead of schedule. Seeing all these awesome features embedded in a single project quickly, I believe DAPS can help us stand up for our right to privacy. Even more encouragingly, DAPS Coin is already ahead of privacy competition with its technology and unique features. They are continuing to build great momentum and generate traction, especially now that their PoA (Proof of Audit) protocol is no longer just a concept but fully functional and automatic and a uniquely hybrid PoW, PoS, and PoA blockchain.