DAPS (Decentralized Anonymous Payment System) is a new project focused on the solution of the trust problem. This is anonymous system with new protocol.
The history of the project starts with the Peepcoin (PCN). Peepcoin was launched in June 2016 and turned out to be scam. Its original developer promised project’s investors and the community more than he could give them. But Peepcoin community didn’t want to accept this situation and came up with the idea of own revolutionary cryptocurrency creation. In 2018 the rebirth of Peepcoin began. The participants had a plan to swap Peepcoin and invited a project coordinator with the nickname СaptainDaper who had a lot of experience including the Bitbean project recovery. As a result, the project began to expand its ideas and developments and increase its community inspired by the creation of unique and anonymous payment system.
But the major Peepcoin wallet with few billion tokens belonged to Coinexchange. This exchange cooperated with the first Peepcoin’s developer who ruined the project few years before. This developer started to sell his tokens at lower price in order to destroy the project and new project coordinator CaptainDaper decided to give up on the idea of swap to save the project and new token was created.
DAPS is working on their own protocol called HARPOCRATES. The protocol basis is taken from Zerocoin (libzerocoin) that is used for lots of other coins. The team is improving this protocol using the main advantages of anonymous blockchains. They also use Proof-of-Audit (PoA) system. This system is used for private blockchains based on masternodes. The masternodes are empowered to control the inflation, different specifications and act as a central administration. Here we face the “trust issue” because we should trust the nodes or administrators group that has the total control over the network. And PoA helps in this situation providing the needed trust. It allows to implement the private blockchains using available tools. Proof-of-Audit is a structure over the DAPS network, just like Bitcoin Lightning Network sidechain that works in parallel checking the work of the main network. The nodes will be equipped with the TOR Hidden Service with .onion addresses in order to avoid the attacks on the masternodes operators. But Tor is blocked in some regions, so OBFS4 will be also implemented to provide the safe use of the DAPS wallet for users around the world.
The tokens are created on the Ethereum blockchain (ERC-20 tokens) and mining will be available after the main network’s launch. There will be PoS mining and masternodes. The nodes will run with the help of the main wallet. Also, multinodes (up to five nodes on one server/device) will be available. The main requirements for users to run the node are: 1 000 000 DAPS tokens on deposit, provided IP-address and the opportunity to maintain its work 24 hours a day with the maximum disconnection time of one hour. One block will have 1050 DAPS tokens and it will take 60 seconds to mine it. This amount includes 50 DAPS tokens as a “Founders’ Commission” that will be allocated to DAPS Development Fund and will be used for further project development and maintenance. As a result, masternodes, PoS miners and PoA miners will receive 1000 DAPS tokens per block: 900 to masternodes and PoS miners and 100 to PoA miners.
DAPS has the following advantages and features:
-Block time - 1 minute;
-A new version of PoS;
-Time Warp Attack - impossible;
-Planned Atomic Swaps;
and so on.
DAPS is a project managed by its community and as in most similar cases, the development team is mostly anonymous. All the team members are checked by a strict KYD (Know Your Developer) process to identify them before applying for the project participation. The team is proud of project’s transparency and community integrity that is very refreshing in such environment.
The main power of DAPS project is high level of confidentiality that can compete with all other projects. DAPS has loyal and dedicated community that can be a predictor of the project’s success. DAPS token has the opportunity to get great cryptocurrency market share thanks to its level of confidentiality. The integration of the payment system can raise the value of the project significantly.
Existing cryptocurrencies are always under the threat of high regulation and some countries are considering to ban them. The aspect of confidentiality of DAPS project is focused on reduction of this threat. Also, there is always a risk of 51% attack, but this token has some features that make it hardly possible.
The token weaknesses are common for all the cryptocurrencies. They are the market volatility and ability of large holders to manipulate and control the market situation. But the situation can be changed soon as a lot of new investors come to the market.