What is DAPS Coin and why does the DAPS cryptocurrency matter?
There currently over 20 different cryptocurrencies –all of them claiming to provide their users with the ability to cover their tracks and make private, secure transactions online.
With the increasing cases of government and corporate censorship, hacks, and other security breaches plaguing the cryptocurrency market, there doesn’t seem to be a slowing down in the number of “privacy coins” being birthed and new and innovative privacy technology being deployed among existing privacy-focused cryptocurrencies.
One such privacy coin looking to make a name for itself is DAPSCOIN (DAPS).
What is DAPSCOIN (DAPS)?
DAPSCOIN (DAPS) is a privacy-focused cryptocurrency project that plans to revolutionize the blockchain industry by merging previously successful, stress-tested privacy coin protocols to create a unique privacy coin that possesses the strength of all and the weakness of none and with the ultimate goal of being used as the global currency for direct, private and secure payment for goods and services.
DAPS –the decentralized anonymous payment system claims to be the world's first project to implement Bulletproofs, Ring Signatures, Stealth Addresses, and RingCT and uses the Proof-of-Audit (PoA) protocol which is said to be solving the “trust problem” which is associated with other cryptocurrencies.
The cryptocurrency is a hybrid PoW-PoS-PoA (Proof-of-Audit) blockchain system that is primarily focused on its users’ privacy.
DAPS token was initially distributed via airdrop in 2018. After over one year of development, the community proudly launched the DAPS mainnet on the 30th of September 2019; and thus the DAPS Coin (DAPS) that we know today was born.
Being a fully private blockchain, DAPS have no known exploits or security breaches and its Proof-of-Audit protocol is a first of its kind, which according to them is what’s solving the ‘trust problem’ that other privacy coins have in common.
The DAPS chain features staking, Masternodes, full obfuscation (RingCt, Stealth addresses, and Stealth transactions), and a unique work algorithm named Proof-Of-Audit.
The project aims to take cryptocurrency to the masses (mass adoption) and to maintain the trustless standard of public blockchains while being able to utilize end-to-end obfuscation.
Obviously, this project is highly ambitious and its plans might be considered only a dream but the team and community look poised to make mass adoption, trustless, secure, and truly private transactions a reality.
The DAPS Coin community and the team strongly believe that financial privacy is not a privilege, but a fundamental human right; and that DAPS is more of a culture than a coin.
Unique Features of the DAPS Coin (DAPS):
- Proof-Of-Audit: The use of the PoA –known as "the Harpocrates Protocol" creates a completely trustless and anonymous blockchain network. Providing complete obfuscation of all users and transactions
- RingCT: Ring Confidential Transaction (RingCT) is a mixing technology that hides real transactions among a predetermined number of fake transactions; thus making it difficult if not impossible to decipher the details of the original transaction.
- Bulletproofs: DAPS uses Bulletproofs to prove that the amounts involved in a confidential transaction is within a predetermined specific range without revealing any other information about the amounts or details of the transaction.
- PoSv3: DAPS uses PoSv3, a fair and more energy-efficient version of the Proof of Stake
- Masternodes: The DAPS Masternode system is modeled after the PIVX Msternode system which makes it highly resistant to a 51% attack unless both the PoS and Masternode layers are simultaneously compromised –a highly unlikely scenario.
- Stealth Addresses: The DAPS Coin has a mandatory stealth address system and all amounts in user transactions are hidden by means of encoding. The transaction amounts are encoded using an asymmetric encryption scheme which uses the Elliptic-Curve Diffie Hellman (ECDH) to encode the transaction amounts, which can only be revealed by the sender and the receiver of the transaction.
How Much is DAPS Coin Worth?
As at the time of writing this line, the DAPS Coin (DAPS) was trading at exactly $0.000123 USD.
This is about 92% down from its recorded all-time high (ATH) value of 0.001563. If you had purchased this cryptocurrency when it was first launched in 2018, by now you would have been down by -36.23% -not such a good return for a 3 years investment
The coin has a maximum supply of 70, 000, 000, 000 (yes, that’s 70 billion); of which 52.6 billion is currently in circulation according to data from CoinMarketCap.
Where Can I Buy DAPS Coin (DAPS)?
DAPS Coin (DAPS) has a relatively limited number of exchanges to buy or trade the coin as the information on CoinMarketCap reveals.
The privacy coin is currently trading on HotBit, BitMart, Txbit, STEX.
Where Can I Store DAPS Coin (DAPS)?
The DAPS Coin currently only has a desktop wallet.
There are also separate Masternode wallets for Windows, Linux, and Mac which are easily accessible via the same link above.
Summary of what is DAPS Coin (DAPS)?
DAPS is a privacy-focused cryptocurrency that’s based on a hybrid PoW-PoS-PoA (Proof-of-Audit) blockchain system that provides total anonymity to its users by ensuring that all transactions on the network are private and secure.
The project aims to provide a wholly anonymous, instant, low-cost, secure payment system that is resistant to censorships.
With a market capitalization of just $483,209 (1 Satoshi per coin) as at the time of writing this post, DAPS is currently an undervalued cryptocurrency and if the team and community can deliver on the superior privacy functionality as promised one can realistically expect to make a reasonable profit in the next major bull market if one buy now.
More so, the low capitalization could also mean a lack of investors’ interest or the project is on its way to the gallows. You can throw in your speculative hat and see what happens a few months or years down the line. You could either win big or lose your investment.
Do you consider DAPS to be a viable investment? Do you HODL some? Share your opinion with us in the comments section below.
