A privacy DAG comes to Market
The excitement which attended to Raiblocks (later Nano) at the beginning of the year and saw the once unknown crypto go from under a dollar to up to $32 at its peak naturally saw incredible interest develop in the technology behind the coin. Never mind that the DAG structure had been around with IOTA for some years and that IOTA itself had gone on its own bull run earlier in 2017, it took the overwhelming interest Nano generated to nudge inquisitive minds in the direction of DAG currencies. However, it did not take long for observers to take their search a step further by seeking private versions of Nano that offer the same level of fungibility Monero does.
Nano, by its very design, did not look like the answer to this search. As it then meant that a radical approach was needed if privacy was to be incorporated into DAG architecture, the doors opened to several scam projects promising to have found the ultimate solution. And were there a ton of them! Prominent amongst these was Stone, which collected more than half a million dollars from excited donors who believed that the “developer” could lay zk-SNARKs over Nano’s architecture and thereby render it private. Ultimately, this failed, not only because it was a scam project all along, but also because DAG currencies can’t work with zk-SNARKs while maintaining one of their prominent features: speed of transaction.
Sneak pre-announced in the midst of this and has reasonably demonstrated itself to be different among potential privacy DAG currencies. Led by Matthew Hellyer and Jensen Chung, Sneak took off sometime in late February, though it had been in planning much earlier. The project did not just win the heart of the community by introducing a community fund for those who have been hurt by the many privacy scam projects which pervaded the space; it also earnestly began introducing its series of Alpha releases each of which presents some of the core features of Sneak. Sneak wants to be the privacy crypto the DAG community has been waiting for and may as well be on the way there. Presently, it’s probably the only privacy DAG which has shown some level of working product as contained in its Alpha and on the commits visible on its discord #development channel.
So far, Alpha v0.3 is available for testing and has implemented stealth addresses, wallet generation, token generation and block retrieval. More Alpha releases are scheduled for Q2 and the roadmap shows interesting developments to come in both Q2 and Q3. Presently, you are able to obtain some Sneak at 0.01$ per $SNK by contributing to the addresses in the announcement, benefiting from the community fund and getting some at 0.02$ per $SNK, or by joining the Alpha testing on the discord and identifying bugs in the code.