DETAILS


Genesis Date: 29th Sep 2019
Consensus Type: Proof of Stake / Proof of Audit
Algorithm: Harpocrates Protocol
Block Time: 1 Minute
Max Supply: 70,000,000,000 DAPS

COMMUNITY


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DAPS coin Introduction

DAPS (Decentralized Anonymous Payment System) is a fully private blockchain with a focus on security, scalability and total privacy. The goal of DAPS protocol was 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.

History

DAPS project originated mid 2018 from a passionate crypto community consisting of Peepcoin supporters and individuals believing that privacy is a must have for finances. After a decision was made by the old team back then to completely break away from Peepcoin, DAPS ERC20 tokens were airdropped to eligible holders making the transition to DAPS in full swing. Full-time research and development kicked off, later on old team members and leaders were removed and the project was taken over by the current leadership you see today and the journey began.

DAPS coin successfully launched a first round closed testnet in February of 2019, with a second testnet being successfully conducted in May. At the end of June, with positive results from both testnet rounds, DAPS project team appointed Red4Sec cyber-security company to carry out a full audit of their code, catching potential exploits and security vulnerabilities before mainnet is released. On 19th of September 2019, Red4Sec completed the security audit and the project was greenlit to launch the mainnet.

On September 30th, the genesis block was mined on the new DAPS coin mainnet, and a swap process was launched through Swaps.Network partnership which lasted 90 days.

Read more about the project history in the Daps blog:
DAPS Update Regarding Swap and Airdrops - posted on June 27, 2018
DAPS Coin Appoints Red4Sec for Code Security Audit - posted on June 26, 2019
DAPS August Updates – Mainnet Soon! - posted on August 28, 2019
DAPS Token to Coin Transition Process - posted on September 1, 2019
DAPS Coin Audit Report by Red4Sec - posted on September 23, 2019

The Blockchain Tech

DAPS codebase was based on the foundations of PIVX by utilizing Proof-of-Stake and Masternodes, and incorporates several properties from Monero such as BulletProofs, RingCT and Ring Signatures, making it the first cryptocurrencies to successfully merge all these technologies together. DAPS has named this combination of protocol implementations as The Harpocrates Protocol. DAPS Codebase is now so unique that it no longer resembles PIVX in almost every way.

One of the large issues tackled by DAPS project is known as the "Trust Issue". In the Masternodes-based blockchain network, the masternodes are responsible for network governance taking care of network inflation, coin supply, and other network parameters. For other privacy blockchain networks using zk-SNARKS, a network-controlling piece of information is exposed to the group, or one person, who deploys this feature to the network. This piece of information can potentially control the network feature. DAPS achieves trustless setup through a Proof-of-Audit, which is described below.

DAPS is a hybrid PoW-PoS-PoA (Proof-of-Audit) blockchain that focuses on the privacy of the users.

  • 500 initial blocks are PoW blocks which are mined by the DAPS foundation to provide the initial supply, which is stated in 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. Each PoA block contains the ID’s of the PoS blocks that it audited. This allows anyone to go and view the blocks that have been audited. A PoA block will not contain any ID’s of other PoA blocks as they are not audited.

DAPS POA Diagram

Masternodes

It is possible to run a Masternode on DAPS, each masternode must have at least 1 million DAPS coins as collateral, a dedicated IP address and a downtime of no less than 1 hour per day. For their participation, they are paid a portion of the mined block as incentivization as picked from the PIVX “See-Saw” model.

Privacy Features in Detail

DAPS 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 blockchain:

  • 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 transacted amount.

RingCT

Ring Confidential Transaction (RingCT) is a way of mixing in a real transaction with a predetermined number of fake transactions. The Ring size determines the number of additional fake transactions that are added. This means the real transactions are hidden within a mixture of fake transactions. Monero’s ring size currently is 11, but DAPS will have a randomly generated ring size within a given range of 6-12.

Bulletproofs

Bulletproofs are short non-interactive zero-knowledge proofs that require no trusted setup. Confidential transactions hide the amount that is transferred in the transaction, DAPS uses Bulletproofs as range proofs to prove that the transaction amounts in the transaction are positive.

Stealth Addresses

In DAPS, if a sender wants to send to a recipient, the recipient's public address will be used to generate a one-time generated public key/address based on a transaction public key. Such private key can only be derived by the owner of the public address, who has both pairs of private keys in DAPS dual-key system.

Dual-Key System

DAPS use a dual key system to provide stealth addresses to obfuscate addresses. A public address is derived from a private view-spend key pair. A public address can contain an optional payment ID, which is usually used by exchanges.

Learn More about the technology behind DAPS:
DAPS Whitepaper
What is PoA (Proof of Audit) and How Does it Work?

Blockchain Specifications

Block verification: PoA/PoS/MN
Proof-Of-Audit algo: Unique
Proof-of-Stake algo: PoSV3
Block time: 1 minute
Block reward: 1050 DAPS
Founder Fee per block: 50 DAPS
Founder fee [block fee] usage: Development fund
Block Reward Split: 900 MN/PoS, 100 reserved for PoA miners
See-saw Masternode/Proof-of-stake: 60%/40% MN/PoS reward split, rebalance up to maximum of 40%/60% MN/PoS
Initial Coin Supply: Maximum 60,000,000,000
Emission Limit: 10,000,000,000
Years of emissions: ~16 years
Approximate annual inflation: 4-12% [Staking; factor of difficulty+luck], or ~550 million DAPS per year until 10b emissions cap is reached.
Masternode Collateral: 1,000,000 DAPS
Confirmations to spend: 4 blocks
Confirmations to stake: 100 blocks

Future Plans

Since launching mainnet in September 2019, DAPS has continued on improving their wallet stability and bringing new features such as multisig and monisig. According to the DAPS Roadmap, they are planning a Developer Program, Hardware Wallet integration, Community Revamp,, Mobile Wallets as well as other improvements to various aspects of the project.

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This publication does not offer investment advice and nothing in here be construed as investment advice. Our publications provide information and education for investors who can make their investment decisions.
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