Mixing Privacy and Proof-of-Stake
They’re launching in a growing market of privacy coins, hoping to deliver a superior product that might shake things up. DAPS Coin borrows all of the best ideas from other privacy coins like Dash and Monero and integrates them into one blockchain using proof-of-stake. It sports the Bulletproof Protocol, which drastically reduced the cost of Monero transactions last year.
From a technical standpoint, DAPS Coin is intriguing because of all the things it incorporates. In an exclusive interview recently, DAPS Coin CTO Andrew Huntley told CCN that the project is the first of its kind for several reasons.
We are direct competitors to those well-established [privacy coin] brands. What we’ve done is completely different from Monero. Where Zerocoin and Dash are staking coins – but their setups have to be a trusted setup. We don’t have that. Ours is a completely trustless scenario where we have implemented PoS in its entirety, but we’ve also managed to take the parts of Monero, which is the ring confidential transactions, which some people said was impossible to do on a staking chain.
Huntley went on to explain that current Masternode implementations have some degree of centralization. He said that DAPS Coin manages to integrate the bulletproof protocol by working around certain technical problems presented by proof-of-stake. Namely, it enables nodes to verify the amount that a masternode holds but anonymizing the funds if they are removed from the masternode’s collateralization.
DAPS Coin takes the best aspects of privacy coin giants Dash and Monero to target large corporations interested in crypto and a robust layer of privacy. | Source: Shutterstock; Edited by CCN
DAPS Coin CEO Adel de Meyer told CCN that she thinks the DAPS Coin project will” appeal to large companies who would like to use crypto but need a higher degree of privacy.”