DAPS (DAPS) Review: A privacy based coin

About

Intro


In another edition of our project reviews, we decided to have a look at DAPS, a privacy-based coin.

So what is the deal with DAPS? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, community, and technical analysis, among other metrics.

If you wish to skip to the summary to see the SWOT analysis, matrix score and rating, please click here.

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Overview

What is DAPS?

DAPS is a privacy 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.

The team state they carefully selected certain tested protocols and by utilising the above features, developed a fully private blockchain network. They claim to offer the most complete anonymity package in any protocol to date, with an on-chain solution to the “Trust Problem”.

Their unique solution to the “Trust Problem” is called Proof-of-Audit, which is the keystone to their protocol. The main goal for DAPS is to anonymize assets and secure infrastructure for the development of further precedent-setting technology.

The team believe privacy is a right, not a privilege.

DAPS boasts a modern blockchain packed full of features, however, there is currently no use case and we award a score of 1 for this section.

Score ✅

What features are there?

The features listed above are taken from the project’s website, and the DAPS project aims to be capable of complete privacy and state they are the first true PoS chain to implement RingCT and stealth addresses with dynamic ring size.

We score a mark of two here. To see full marks we would like to see these features implemented for real-world use cases and utility.

Score ✅✅

How is development progressing according to the Roadmap?

The Roadmap is highly detailed, with objectives clearly outlined and achieved milestones listed. The development is consistent, and we award a score of 2 for the milestones achieved over the last 2 years, along with the detailed Roadmap on the website. To score an extra mark, we can recommend the team update the progress of each outstanding milestone on the roadmap.

Score ✅✅

What is the adoption of the project?

All technology and listed features are working at the time of review and the wallet is available on all platforms, including a mobile solution that is available through using SWFT blockchain. The DAPS team understand that explaining the benefits of their tech is complex, and are working currently to release easy to understand infographics, interviews, and publications to increase the adoption of its project.

There is no information available around the number of wallet holders, so we will assess the adoption later in the review among its community. The team state the website received 63,420 Users and 319,242 pageviews in the last 12 months, however, our team has not verified this.

There is also a strong community involvement in the development of DAPS open source project, with around 37 community developers and testers currently involved in development.

We award a score of 1 in this section and recommend the team continue building their brand awareness to increase adoption.

Score ✅

What competition is there?

There are numerous competitors in the privacy coin sector, with Dash and Monero as the clear market leaders. Other emerging projects like PirateChain and Zero are also growing and innovating new technology.

Although we can see that DAPS are innovating in many ways in relation to their competitors, we see room for improvement in the utility of the DAPS coin and award a score of 1 mark here. To utilise any advantages in technology, we highly recommend the team implement more use cases for the coin, which in turn will increase adoption.

Score ✅

Tokenomics

Token info
SYMBOL DAPS
GENESIS BLOCK 29TH SEP 2019
BLOCK EXPLORER EXPLORER
CONSENSUS PoA/MN
CIRCULATING SUPPLY 60,000,000,000 DAPS
MAX TOKEN SUPPLY 70,000,000,000 DAPS
% MAX SUPPLY MINTED 85%

What is the coin distribution for DAPS?

60 billion DAPS were issued as a swap, which accounts for 85% of the total supply. The remaining supply will be distributed via Masternode emissions, staking and PoA mining.

We score a mark of one for this section due to the issues with the swap from PCN coin to DAPS back in 2018.

Score ✅

Is there a block explorer for the project?

There are several block explorers listed on the project website. However, there is no rich list due to DAPS privacy features, so we are unable to analyse the circulating supply from the explorer but you can find it through the API info found here:

https://explorer.dapscoin.com/api/getinfo

The block explorer is developed from scratch so we award a bonus point for this and score two marks for this section. To receive full marks we need to see a rich list or track coin holdings, which is not possible for a privacy-based coin.

Score ✅✅

What are the emissions?

As mentioned earlier, 85% of the total DAPS max supply has already been distributed to the public. The high coin supply is a concern for us and we award one mark on this metric.

It also must be noted that the team is running a development fund consisting of DAPS coins for exchange listings, marketing, legal and development as they don’t have VC funding nor ICO funds available. The percentage is not disclosed yet at the time of writing.

Score ✅

Financials

The quality of the financial data for DAPS was referenced from Nomics.

MARKET CAP $2,500,000
VOLUME (24HR) $20,935
PRICE $0.00004135
VOL TO NETWORK 0.08%
AVG PRICE 30 DAY $0.00004721
TRADING PAIRS BTC, ETH, USDT

Is there any utility for DAPS?

The only current utility for the DAPS coin is to secure the network, with the team stating that they plan to research the ability to implement smart contracts, giving the DAPS coin further utility.

We award a score of 1 for this section and will update it once more utility features are introduced.

Score ✅

How can someone obtain DAPS?

DAPS scores one mark in our entry section, as the team airdropped DAPS tokens to eligible claimants in 2018. However, we recall the transition announcement over from PCN coin to DAPS in 2018 had some issues that were caused by old team members so we are unable to score any further marks here.

We should note that the swap from the DAPS token to DAPS coin, aka launch of mainnet and the actual airdrops of DAPS tokens in 2018 had no issues.

The team mention that DAPS bounties will be up for grabs soon via their developer program and of course you can obtain DAPS by purchase on exchanges. The team also runs regular giveaways where you can win some DAPS coins.

Score ✅

Team

Experience

The DAPS team are listed transparently on their website along with the LinkedIn information for several team members, including the co-founder and leader of DAPS. DAPS has a global team of about 15 people with leadership based in Australia. DAPS is a community-driven project and they are aiming to establish a foundation in 2020 according to their roadmap.

We are highly impressed with the transparency of the team/project and award two marks for this section. For full marks, we would like to see the company information visible on the website.

Score ✅✅

What is the experience in the team?

The founder of the project, Adel De Meyer, is a very successful entrepreneur, listed as an influencer in the NFT side of blockchain technology https://www.nft.kred/blog/whos-influencing-nfts. She previously ran her own marketing consultancy for 5 years achieving global marketing influencer and expert status 3 years in a row working with multiple top brands globally.

We award full marks on this section based on the founder’s exceptional business experience and achievements. It is clear to see her previous marketing experience has been utilised well in the development of DAPS.

Score ✅✅✅

What is development like for the project?

As mentioned earlier, development based on the roadmap milestones is consistent since the launch of the project. The team’s research and development before the launch of their mainnet was for 12 months as a closed source project, highlighting the commitment of the team to push this through. At launch, the project was made open source and this signalled growth in the development team for the project.

We award full marks on this section we like the closed to open source model deployed by the DAPS team. It allows them to function as a centralised team with Intellectual Property (IP), and open any developments up to the community once launched.

Score ✅✅✅

Are there any listed advisors or partnerships?

DAPS has an impressive range of partnerships which includes:

  • SecuX
  • Swaps.Network
  • Blockchain games on Enjin Network
  • SWFT blockchain and Red4Sec 

Score ✅✅✅

What are the financials for the project?

The DAPS project is fully community funded, with the development fund used to pay for necessary costs like servers and software tools etc. The team publish a yearly report of budget spent and reports are usually done annually published through their newsletter. The DAPS team are also conscious of utilising their following to donate funds to charity via the DAPScares initiative. 

We award full marks to the DAPS team here for their transparency.

Score  ✅✅✅

Code

Audit

There is an external code audit for the DAPS project, which was conducted by Red4sec.

CodeBase

The DAPS blockchain is built on the framework of the PIVX project but has been adapted, with the team stating their codebase is around 80% original and unique.

Activity

The total dev and testers group for the project consists of about 37 people.

Overview

We take a look at the codebase and activity for the project. Due to time constraints, we undertook a very basic assessment for the DAPS project during this review.

 

Community

Followers

Analysis of the projects social media channels shows the following community members:

  • Discord: 6,457 members
  • Twitter: 10,900 followers
  • Telegram: 6,750 members
  • Facebook: 8,638 followers

Overall they seem to maintain a consistent following on Twitter, and with an impressive 6,000+ members in both the Discord and Telegram channel, we award full marks for this section.

Score ✅✅✅

How does the project communicate?

DAPS is one of the most impressive projects we have reviewed when it comes to communicating with its community. They use a range of mediums and the CEO is always available to contact on Telegram and Twitter.

Score ✅✅✅

What is the engagement like with the community?

According to RivalIQ, the average Twitter engagement total per tweet is 117 per tweet, which is 1.07% of its total 10,000+ follower audience.

At a rate of 117 engagement total per tweet, this around 15 times higher than the average engagement rate across all industries [ref]. More impressively, at an engagement rate of 1.06% per Tweet, DAPS has over 22 times more than the average engagement rate.

Score ✅✅✅

Is there any governance mechanism?

The team advise that they plan to introduce a governance mechanism for the project sometime in the future once the DAPS foundation is formed.

Currently, community members are given occasional public votes asking their opinions and feedback on topics, exchanges, budget spent and so forth, but there is currently no formal governance mechanism.

Score ✅

DAPS Website

The website for DAPS is easy to navigate and contains detailed information around the project, with working links at the time of review. 

There is a valid SSL certificate, but the site does not follow GDPR compliance. There is also no multilingual option, and we highly recommend the team adopt this to increase their appeal among global users.

Score ✅✅

Technical analysis

Chart


Chart Analysis

For chart analysis, we are using CoinTrader and analysing the DAPS/USD pair.

Price has been flat and range-bound since December of last year with price currently sitting at all-time lows.

Areas of interest to the upside, would be a breakout above 0.0001c and then any further breakout above the 0.0003c level. On the downside, there is more room as there is no clear bottom in place or to refer back to.

Score ✅

Where can users obtain price data for DAPS?

DAPS is listed at all the main data sites such as Nomics, CoinPaprika, Coingecko and CoinMarketCap. Charting data is also available on a lot of platforms such as Cointrader or TradingView.

Score ✅✅✅

Which exchanges is DAPS listed at?

DAPS is currently listed at several exchanges shown below and scores two marks for its listings. To score full marks we would like to see it listed on a decentralised exchange.

Score ✅✅

DAPS Pairings

DAPS currently has the following trading pairs across the various exchanges it is listed at. The project receives two marks for this section for its range of pairings including the USDT stablecoin option. To receive full marks we would like to see a fiat option.

  • Hotbit (No KYC ) Trading pairs: DAPS-ETH
  • BitMart (KYC required) Trading pairs: DAPS-BTC / DAPS-ETH
  • Stex (KYC required) Trading pairs: DAPS-ETH / DAPS-USDT
  • Txbit (KYC required) Trading pairs: DAPS-BTC / DAPS-ETH / DAPS-XLR
  • DigiFinex (KYC required) Trading pairs: DAPS-USDTExchange / mobile wallets:SWFT (No KYC below 3BTC/day) Swap directly between more than 136 different coins for DAPSExchange / Staking:StakeCube (No KYC) Trading pairs: DAPS-BTC / DAPS-SCC / DAPS-LTC / DAPS-DASH

    Pool stake possibility

     

Score ✅✅

DAPS Liquidity

Liquidity for DAPS is limited with an average of $25-40k of trading volume per day over the last 30 days. Upon closer inspection, we can see that the largest trading market seems to be the Stex Exchange in terms of volume.

It must be noted that Bitmart is an exchange known to fake its volumes so we are pleased to see the main market for liquidity is Stex, which is more reliable overall. It is, therefore, possible that real trading volumes are lower than reported.

There is no rich list and so we are unable to analyse the DAPS Supply held on exchanges.

Overall liquidity for trading is weak, and we award the basic score of 1 for DAPS here.

Score ✅

Summary

Conclusion

In summary, we award a score of 65/100 for DAPS, giving it a B rating overall.

There are several areas for improvement as highlighted below, giving DAPS the opportunity to grow into a heavyweight in the privacy coin sector.

ABOUT USE CASE
ADOPTION
COMPETITION
FEATURES
✅✅
ROADMAP
✅✅
TEAM PUBLIC
✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
CODE AUDIT
✅✅✅
CODEBASE
✅✅✅
ACTIVITY
✅✅
DOCUMENTATION
ENGAGEMENT
✅✅
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
ENGAGEMENT
✅✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
EXPLORER
✅✅
EMISSIONS
UTILITY
ENTRY
PRICE EXCHANGES
✅✅
LIQUIDITY
PAIRINGS
✅✅
DATA
✅✅✅
T.A
MISC LEGAL
✅✅
HYPE
WALLET
✅✅✅

 

Breakdown

Disclaimer
  • This is a community voted review
  • This review is intended for educational purposes only and SHOULD NOT be considered as financial advice. 
  • Before investing in any project we recommend you do your own research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in April 2020.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 3 which includes a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project.
  • Our rating and grading framework is available here.