DAPSCOIN - The Best Attempt Yet at a Privacy Coin? PART 1
This is the first in a series on the DAPSCoin taken from the DAPS Whitepaper, with minimal alteration, simply because I could not state it any better.
“Privacy is a right, not a privilege!”
WHAT IS DAPS?
DAPS is a privacy blockchain with a focus on security, scalability and total privacy. The goal of DAPS protocol is to create a fully anonymous staking coin and payment system with a trustless governance structure, based upon the latest technologies derived from both Monero and PIVX. This is a first in crypto-currencies. DAPS chain verification and consensus models are based upon PoS nodes (staking and Masternodes) and PoA miners.
DAPS was the first coin to successfully implement a Staking and Masternode hybrid (PoW - PoS - PoA) full privacy chain that fully incorporates RingCT and Bulletproofs.
DAPS OVERVIEW
DAPS is a hybrid PoW-PoS-PoA (Proof-of-Audit) blockchain system that focuses on the privacy of the users. DAPS offers the following unique features:
A privacy-focused blockchain system that ensures every user transaction in the network is kept private. It means that even though all user transactions are fully published to the blockchain, no third-parties (except the sender and the receiver of the transaction) can reveal the detailed information within the transaction. Specifically, the following information is kept private in DAPS system:
Transaction sender: the sender of the transaction is totally obfuscated
Transaction receiver: besides one time-generated public keys as the receiver in the transaction, no third-party can reveal the identity of the transaction receiver and the relationships between the receiver public key and the identity of the receiver.
Transaction amount is encoded so that no third-party can reveal the transaction amount within the transaction.
A hybrid blockchain system that is composed of different block types in the same blockchain:
500 initial blocks are PoW blocks which are mined by the DAPS foundation to provide the initial supply, which is stated in the DAPS whitepaper.
From the 501st block, DAPS blockchain becomes a hybrid of PoS and PoA blocks. PoS blocks are continuously minted by staking nodes to verify transactions from users of the DAPS blockchain. A PoS block is created every minute.
PoA blocks have a 1-hour block-time. The PoA blocks are mined by external actors in order to audit that the system has been functioning correctly to the specified rules. A PoA block must re-audit at least 59 PoS blocks for its correctness. For this work, PoA block miners are also rewarded to continue auditing the system.
WHAT MAKES DAPS DIFFERENT FROM OTHER PRIVACY COINS?
According to DAPS, the Proof-Of-Audit idea and DAPS Protocol implementation is called the HARPOCRATES Protocol and will set out to be a new industry standard.
Utilizing the following key technologies:
Ring CT
Bulletproofs
Stealth Addresses
Stealth Transactions
Proof of Audit
DAPS achieve complete obfuscation of all users and transactions. This mix of features, featuring Proof-of-Audit- which they refer to as "The Harpocrates Protocol" - creates a completely trustless anonymous blockchain network.
This concludes the first in a series on the DAPSCoin taken from the DAPS Whitepaper, with minimal alteration.
Look out for the next post in this series.
Thank you for taking the time to read this.
PLEASE DO YOUR OWN DUE DILIGENCE AND RESEARCH BEFORE INVESTING!
DAPS Website: https://officialdapscoin.com/
DAPSCOIN Whitepaper: https://officialdapscoin.com/whitepaper.pdf
DAPSCOIN is available on: