A new privacy coin is set to be unveiled at the Consensus event in New York. The token called DAPS stands for “decentralized anonymous payment system” and is set to shake up the privacy coin space.
The coin was born by an airdrop from another coin called Peepcoin, rather than an ICO. DAPS enters a market that has seen a surge in privacy-based coins and seeks to take the best elements from each to create the perfect token. The token uses the bulletproof protocol, similar to that of Monero, and helps reduce its company’s costs. DAPS also uses other Dash and Monero features and integrates them into a singular blockchain using proof-of-stake.
However, despite using features from other privacy coins, for DAPS Coin CTO Andrew Huntley, the token is the first of its kind. In his interview with CCN, he set out why they were not copycats but “direct competitors to those well-established [privacy coin] brands.” Huntley went on to explain the similarities and differences, concluding:
“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 best parts of Monero, which is the ring confidential transactions, which some people said was impossible to do on a staking chain.”
According to reports, the DAPS Coin hasn’t entered mainnet yet, but, their token has traded on numerous exchanges. When they launch the blockchain mainnet, DAPS holders will be able to exchange their ERC-20 tokens for DAPS.
So who might use this new and exciting coin? According to DAPS Coin CEO, Adel de Meyer, the DAPS Coin project will “appeal to large companies who would like to use crypto but need a higher degree of privacy.”
With this new challenger added into the mix, it has made an attractive choice for those who are looking for privacy coins. From Monero to Grin on the Mimblewimble project, the privacy coins are on the rise, and many believe they will be the stars of the bull run. Perhaps DAPS will shine the brightest.