10 reasons why DAPS is a promising coin: updated in June 22, 2019
At the moment, there are around 2200 cryptocurrencies listed on the Coinmarketcap, including Bitcoin and Ethereum. A great deal of these cryptos are only the clones of Bitcoin and some other top altcoins. As a result, you must consider some factors during picking a coin from different available options. In this article, I want to draw your attention to DAPS project and the reasons why it will be a promising coin.
Every single coin has a whitepaper that explains what they’re aiming to do and how and when plan to execute it. The first thing to look for in every whitepaper is the underlying technology. This is because a great deal of cryptos in the market are only the clones of other top coins with minor changes in their base code. For the technology to be interesting to investors, it needs to be disruptive of the existing order and provide a real solution for the problem that has not been resolved before. The goal of DAPS protocol is to create a fully anonymous staking coin and payment system with a trustless governance structure, based upon latest technologies derived from both Monero and PIVX. We initially forked from PIVX, however the code no longer resembles PIVX. For example, we removed the PIVX’s Zerocoin privacy functionalities which have been replaced with custom functions. We still have about 20% PIVX in there but thanks to RingCT, Ring signatures and Bulletproofs, we no longer bare much resemblance to either PIVX or Monero (20% Pivx, 30% Monero and 50% DAPS code base) . We are the first coin to successfully implement a staking and Masternode hybrid (PoW – PoS – PoA) full privacy chain that fully incorporates RingCT and Bulletproofs. The privacy features list includes RingCT, Bulletproofs, Stealth addresses and Stealth transactions. Block verification is done by MN/PoSv3/PoA. This will create a diverse reward system besides the high resistance against some well-known attacks like 51% and DDOS ones. Proof-of-Audit (PoA) technology (also known as Harpocrates) is our brand-new on-chain solution for “Trust problem” in wholly-private crypto networks. PoA miners, that are different from the traditional PoW miners, will audit the chain and produce PoA blocks. Here I will provide some explanations about PoA that include some first-hand information.
What is PoA?
Proof of Audit is a consensus model whereby the validity of the network is maintained by checking that the maximum supply of the chain has not been altered in any way.
How is this done?
Proof of Stake (PoS) blocks are generated by staking nodes or masternodes on the network. These blocks contain the confirmed transactions that have taken place over a specified period of time. Each vin (transaction in) and vout (transaction out) contains a number of coins. The sum totals of coins moved either in or out must not affect the total number of coins on the network.
What PoA does, is it examines each PoS block since the last PoA block and audits the transactions and the PoS block itself to make sure that the totals still match up and that the total supply has not changed.
How do we mitigate block injection?
Block injection is a common method of attack in PoS chains where a bad actor will attempt to inject a fake PoS block into the chain just before the miner kicks in to validate the chain. If successful, it will give the bad actors node the longest chain and allow them to manipulate the entire chain from there on. PoA mitigates this by having a random time sequence in which the PoA miners kick off the auditing process.
This makes it very difficult for a bad actor to inject a block at the right time and not have the chain rejected and the node banned. Also, the injected block would have to ensure that the total supply is not altered otherwise his chain will be seen as a bad chain and rejected and the node banned.
The interaction between DAPS daemon and PoA miners
PoA miners are responsible for auditing PoS blocks that are created by staking and master nodes. PoA miners can mine PoA blocks at any time but the number of PoS blocks should be around 60 and maybe one PoA block is created around every hour. The interaction between PoA miners and full nodes should be clear. The following explains the protocol between PoA miners and Dapscoin Daemon.
A PoA miner requests the current status of PoA blocks. the response from Daemon should contain information about latest PoA block and the PoS block list for next PoA block to audit. While a PoA miner is mining a PoA block and Daemon receives a newly mined and valid PoA block from another PoA miner, Daemon should send this newly mined PoA block to the mining PoA miner so that the latter can stop the current mining and do mining for the next PoA block.
If a PoA miner successfully mines a block it should quickly broadcast the mined PoA block to all staking and master nodes, and the latter’s daemon should return whether the PoA block is accepted or rejected.
4: High-quality team
One of the important criteria for evaluating in scoring a project by investors is the presence of a team of founders who have enough experience and skill to bring the project to success. There are four groups in DAPS team including Development team, Advisory team, Media team, Community support and International team. Here I would like to give you a short resume of the three senior team members. For more information please refer to https://officialdapscoin.com/team/.
Adel de Meyer, Co-Founder and Head of Operations
Social media marketing specialist, speaker, trainer, and advisor. Co-founder of the Crypto Collectors and DAPS coin. Adel covers public relations for Altcoins and Blockchain products. She is recognized as a leading Instagram and Twitter influencer on social media and business in Australia and the APAC region. She was recognized as a top 100 influencer in report – November 20, 2018 – of Kred influencer measurement tool on Non-fungible tokens. In addition, you can see her name among top 100 digital marketers 2019 analyzed by the internet monitoring platform brand24.com.
Mike Pletman, Business Development Manager and Advisor
He, who used to work for PIVX, has 15 years of experience in finance, marketing and technology.
Andrew Huntley, chief technical officer
He is an experienced IT professional with 19 years of experience in the IT industry.
5-6: Active presence in Social Media / Supportive community
A cryptocurrency is as strong as the community that supports it and the team that serves the community. As a result, active presence of both the team and community on social media have a significant effect on attracting investors. Our support team is online 24/7 on the different social media, including mainly telegram, twitter and discord. To be familiar with DAPS community power in Twitter, it is enough to look at Shilltown’s “Shilled 100 Cryptocurrency Coins” indicator that gives an overview of what is being shilled in the crypto landscape.
7: Open source upon Mainnet release
GitHub activity is an important metric when analyzing the cryptocurrency projects. DAPS and Arcadia Group have been working together for around 10 months. Here you can see our legal certification of the development agreement. The Arcadia Group is a company based in Dallas Texas who focus on blockchain software development especially custom consensus algorithms, mobile apps, and machine learning products. Their portfolio includes projects like PIVX, Zcoin, and AEON. Arcadia Group managed to build the DAPS chain on time for end of Q2. After mainnet release we will switch over to an open-source project but due to our cutting edge technology the decision was to keep our code closed. Github view access can be arranged for exchanges, auditors or any other parties DAPS management agrees to.
Another important factor that you, as a project team, must consider is to have highly experienced advisors by your side. Although the community will have input on decisions regarding important things, business and financial decisions in DAPS get made by our advisors and legal team that has the experience and knowledge on what is best on building a sustainable business. In addition, serious sensitive issues will always be left to legal to decide and we will follow their advice. For example, According to the agreement between DAPS Project and a retained law firm, our token is legally not considered a security in respect to US security laws. Though further details of this agreement remain confidential, we want to continue our transparency with the community in regard to major developments within the project. If any legal entity would like more information in confirmation of our retained counsel, please contact us at email@example.com.
9: Partnerships / Collaborations / Exchanges
Partnerships / Collaborations / Exchanges have a strategic role in providing value to the investor. For this reason, the long-term strategic partnerships are fundamental in our approach to the market. However, if you focus too much on marketing and partnerships without your working product out, you’re shooting yourself in the foot. At the moment, we’re collaborating with the multiverse games to have our tokens playable in the games. Also, you will be able to use our partnership servers such as GIN and SNODE for a DAPS Coin Masternode. Every exchange and partnership we do is a strategic one which has moving parts behind the scenes, connects us with strong people in the industry, or aligns with the goals we have on our roadmap.
The Consensus conference May 13-15, 2019 in New York City was a great success due to having our fully functional desktop wallet and block explorer on display for attendees and drawing the attention of the different parties.
Blockchain Futurist Conference August 12–14, 2019 is the largest and most high-profile blockchain event in Canada. We will have a booth in and you can meet Justin and James there from the DAPS team that will have our tech on display. Toronto is home to another superstar called Vitalik and is full of very enthusiastic blockchain and crypto professionals. We believe the exposure for DAPS will be very beneficial and we can walk away again with tons of business cards to follow up for potential partnerships like we are busy with now from meeting people at Consensus.
10: Testnet and Security Audit
Some projects have recently released without doing Testnet and Security Audit and this is evident in the issues they are experiencing. We are not going to follow that trend. We successfully completed the round 1 and 2 of Testnet in March and May 2019 with 115 beta testers respectively.
Then we need to complete a security audit before Mainnet. In the security audit, a 3rd party organization will be called in to not only assess the code and determine where fixes are necessary, but to also test the chain against all known vulnerabilities.
We will be releasing info on the audit with timelines soon.
Please check our website for the DAPS project details and links to different social media: https://officialdapscoin.com/ .