There’s a new Privacy Coin and it has set very high goals for its debut. DAPS Coin will work solely on the issue of privacy which is apparently lacking with some cryptocurrencies. The coin’s philosophy states that “privacy is a right, not a privilege.”
While the philosophy behind the DAPS Coin sounds nice, they are entering a rapidly growing market of privacy coins. In order to be innovative in a rapidly growing market, you really need to stand above the competition.
This is why the developers are taking the best features from other privacy coins like Monero and Dash and integrating them into a single blockchain via proof-of-stake. The new blockchain will use the Bulletproof Protocol which is responsible for the drastic cost reduction in Monero transactions last year.
DAPS Coin has some interesting new ideas of its own
A jack of all trades is however, a master of none. Taking the best from the competition and putting it together doesn’t seem enough. Andrew Huntley, the CTO of DAPS Coin stated that the project is also unique and innovative by being the first of its kind for many reasons:
“We are direct competitors of the well-established privacy coins. I want to underline that our project is completely different from Monero. Unlike the staking coins Dash and Zerocoin, which require a trusted setup, we don’t. Our setup is a completely trustless scenario in which we have implemented PoS at its full capacity.”
He also spoke about the current Masternode implementations and their current level of centralization. Huntley also mentioned that DAPS Coin had to work around a few technical issues which occur with the integration of the Bulletproof Protocol. Nodes are enabled to verify the amount which a masternode can hold but anonymizes the funds if they are removed from the masternode’s collateralization.
According to the CEO of DAPS Coin, Adel de Meyer, the project will be very appealing to many companies. The companies which can make use of the project will probably want to get into crypto, but will require a higher level of privacy.
DAPS Coin was funded via an ICO. The whole process was overseen by a corporate structure and the developers believe this will allow the coin to go further than most privacy coins.
With the recently discovered bug in the Zerocoin protocol, it became apparent that all coins on it are now vulnerable. The bug allows coins to be endlessly created with the same zero-knowledge proof time and time again. The team behind Zcoin is yet to take action and that raised a lot of alarm bells.
This of course creates a power vacuum which new privacy coins will be rushing in to fill. With great hopes for the next bull run, privacy coins can become quite valuable.
The DAPS Coin has so far traded on a few exchanges for short periods of time, but has not entered mainnet yet. DAPS holders can freely exchange ERC-20 tokens for DAPS.
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