Privacy is a Right, Not a Privilege — DAPS Coin Mainnet Set to Merge Trustless Governance to Fully-Private Chains
DAPS has launched its mainnet and will transition to an open-source project, moving forward. Following the transition to mainnet, users have been asked to swap their DAPS tokens, a process that will be open for 60 days from Sept 30.
The mainnet launch is the project’s first step in building the world’s first Trustless Masternode-powered fully-private blockchain. So far, the team has taken the right steps in demonstrating that they mean business. DAPS recently went through a successful security audit performed by Red4Sec Cybersecurity. The audit which lasted for 2 months proved that the network was secure and stable on the grounds of its source code, network and security protocols, cryptographic components and implementation.
Although traditional blockchains have been touted for their transparency and anonymity, they are not truly anonymous upon closer scrutiny. Bitcoin transactions, for example, are published on a public ledger, verifiable by anyone and from anywhere. While this adds an extra layer of security that prevents double-spending and makes other malicious attacks traceable, the analytics of end-users are compromised and trackable. Third-party players, regulators, government agencies and bad actors can easily track the transactions and balance of any user in such transparent setups. Several privacy-oriented blockchains have risen in an attempt to solve this problem.
Sadly, most privacy currencies are only “partially” anonymous, introducing a level of centralization in their setup. There is an inherent loophole in fully anonymous blockchain and that is the inability of neutral third parties to track the network status and emissions. What this means is that node operators may decide to collude and secretly mine and spend coins infinitely without the knowledge of the general network. This kind of exploit is disastrous to any network.
DAPS is working towards implementing the world’s “first Trustless Masternode-powered fully-private blockchain.”
The What & How
DAPS is a hybrid PoW-PoS-PoA (Proof-of-Audit) blockchain that zeros in on user privacy. The PoA concept and protocol implementation, otherwise known as HARPOCRATES draws from key privacy technologies such as Ring CT, bulletproofs, stealth addresses, Proof-of-Audit, and stealth transactions. By completely obfuscating users and their transactions, the DAPS achieves a fully trustless and anonymous blockchain network.
In addition to having a privacy-oriented network, DAPS features a hybrid blockchain framework that comprises of different block types. 500 of its initial blocks are PoW blocks mined by the DAPS foundation. The network switches to a hybrid of PoS and PoA from block 501. While PoS blocks are created every minute, PoA blocks have a 1-hour block time. PoA blocks are also mined by external auditors to validate the authenticity of the network.
DAPS uses a combination of PoA, Masternodes and PoS to verify its blockchain. This setup ensures that the network is secured at all times. Operating a DAPS masternode requires collateral of 1,000,000 DAPS coins. DAPS coin can be found on 3 exchanges: STEX, Bitmart and Txbit. The wallet is available on the DAPS Coin Website.
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