A new coin is hoping to provide stiff competition to rivals such as Monero and Zcash by delivering “the first fully private hybrid chain with staking.”
DAPS, which stands for Decentralized Anonymous Payment System, says it has developed ground-breaking technology that properly addresses the issues seen in other privacy coins, resulting in a truly trustless setup.
A trustless setup occurs when a user can create a wallet or node without any exchange of information with another user or node. Some privacy coins require you to “trust” the setup information given to you — and trust that the giver of that information is not a bad actor. With DAPS, the setup requires no exchange of any information in order to get up and running, the team notes.
Its blockchain is a hybrid between proof-of-work (PoW), proof-of-stake (PoS) and proof-of-audit (PoA) — which it calls “the Harpocrates protocol.”
Although all user transactions are fully published to the DAPS blockchain, third parties are unable to reveal detailed information such as the identities of the sender or recipient, nor how much the transaction was worth.
Key technologies such as ring confidential transactions, ring signatures, stealth addresses and bulletproofs have also been implemented, and DAPS believes its protocol has the potential to become the standard for the industry.
The team says that one major difference between DAPS and Monero is how RingCT — short for ring confidential transactions — is used. This technology mixes authentic transactions with a predetermined number of fake ones to make them less traceable. Whereas Monero has implemented a fixed ring size for each transaction, DAPS randomly generates ring sizes to boost security and prevent traceability from being created through habit.
“Privacy is a right, not a privilege”
Aside from the extra privacy, DAPS says it offers a compelling alternative to established rivals because of how transactions incur extremely low fees.
According to Adel de Meyer, the co-founder and CEO of DAPS Coin, a secure wallet with two-factor authentication is provided, and a full security audit on the platform has been performed by the cybersecurity company Red4Sec. The project adds it has already attracted an active community on social media, and crypto advocates such as John McAfee have endorsed the project.
DAPS also notes that since its mainnet was launched at the end of September 2019, there have been zero attacks or chain breaches.
One of the latest partnerships unveiled by DAPS is with SecuX, an all-in-one retail payment solution for cryptocurrencies that offers a blockchain-based hardware wallet. This company enables brick-and-mortar stores to accept transactions of a plethora of digital coins and tokens, made via an array of wallets, in a single device.
The tie-up is in addition to DAPS’s collaboration with four multiverse blockchain games running on the Enjin network.
DAPS says it has come a long way since the project was born in July 2018 — not to mention from when the first testnet made its debut in February 2019. According to the team, just some of its achievements last year include hitting 2,800 masternodes in the first two weeks, launching of DAPS Forum and striking a mobile wallet partnership with the SWFT blockchain.
Looking ahead, the company has bold plans in its roadmap. One of the main focuses is making improvements to the wallets and introducing brand-new features. DAPS, an open-source project since its mainnet was launched, also intends to launch a community developer program “to attract global talent to keep improving our ecosystem,” and deliver native mobile wallets for iOS and Android devices. Launches on additional reputable crypto exchanges are in the pipeline, and DAPS is aiming to tap into the ATM offerings of third parties — beginning with integration in Latin America.
As 2020 gets into full swing, DAPS is confident that adoption in the crypto community will grow especially among users who take privacy rights seriously.
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