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 started to become a widespread and often contentious topic. 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 just 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 eyes of the crypto world, especially the privacy-oriented enthusiasts. Labelled 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. In order to maintain integrity and transparency, both the community and DAPS developers felt the need to fork off from PCN and its developers. I believe this move was necessary for DAPS Project survival, as any relation to scam artists would have harmed their work.
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 terms of community, which I believe is one of the most important pillars in a project. So, let us discover the amazing work of DAPS team 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 of them 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 in to their own custom solution to offer us a truly-private cryptocurrency.
Even more surprisingly, in order not to compromise any aspects of security and privacy, 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 part to provide privacy without which users are identified relatively easily. In order to address this concerns, DAPS team implemented mandatory stealth address/public address system and Ring CT to hide both addresses and balances.
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, DAPS team has implemented mandatory TOR/OBFS4 relays for all nodes that hides 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 allow 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, but 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 simply solved this problem by making all transactions private by default.
While obfuscated transactions are excellent, sometimes you need to be able 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 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 allow storing of data-holding strings, preventing users to use 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 operator of the network 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 rely 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 status of the transaction 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 simply 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 node operators and minters are acting in an honest manner.
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 the trust issue of Ring CT implementation. The only tracking in DAPS will be the total supply and block height via the Proof-Of-Audit block. Check out below video to see Proof-of-Audit at work:
DAPS reward system
DAPS Project also features one of the coolest reward systems, designed to incentivize the participants to the network. Besides the PoS rewards, for validating block transactions, you can also run your own Masternode to strengthen even more the network and therefore get more rewards. 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.
Where to Buy DAPS Token
Currently, DAPS is an Ethereum based ERC-20 token. At the time of writing, DAPS Token is traded at $0.000096 per token at 6 Exchanges including big names, such as Cryptopia, Mercatox and IDEX. Its circulating supply is 52,168,045,747 DAPS while the maximum supply is 60,000,000,000 DAPS. Full information on DAPS price charts or markets at CoinMarketCap.
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 in such a short time, I believe DAPS can help us to stand up for our right to privacy. Even more encouragingly DAPS Coin is already ahead of privacy competition with their technology and unique features and 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.