Place the potatoes in a large pot and fill with water.
Bring to a boil on medium-high heat and cook until the potatoes are fork-tender, 20-25 minutes.
Drain the potatoes into a colander and pour back into the pot.
Pour the cream and butter over the potatoes and mash with a potato masher until smooth (Add more cream 1 tablespoon at a time, if needed).
Fold in the caramelized onions and chives until fully incorporated. Season with salt and pepper and stir.
Spread the mixture onto a sheet pan, about ½ inch thick and place in the refrigerator until the mixture has cooled down and hardened, 4-6 hours.
While the potato mixture cools place both flours, garlic powder, onion powder and smoked paprika into a shallow dish and stir together until fully combined. Set aside.
When the potato mixture has cooled, remove from the refrigerator and using 1-1 ½ inch circle cutters, cut out as many circles as possible (usually makes about 32-40).
Using a ½ inch circle cutter, cut out a ½ inch circle from every 1-1½ circle, creating a small donut shape.
Dip the potato rings into the flour mixture followed by the egg mixture and finally again in the flour mixture (make sure the rings are completely coated).
Place the coated rings onto a clean sheet pan, lined with parchment paper and place in the freezer and allow the rings to freeze completely, 4-6 hours.
Once the potato rings are frozen, preheat the oil, in a large pot, to 375°F.
While the oil heats up, place the ingredients for the dipping sauce into a mixing bowl and whisk together. Season with salt and pepper.
When the oil is hot, carefully drop a few of the rings into the oil and fry for 4-6 minutes or until golden brown.
Drain onto a large plate lined with paper towels and season with salt with pepper.
Repeat with the remaining potato rings and serve immediately with the dipping sauce.