Pat the shrimp dry with a paper towel. In a small bowl combine cornstarch, salt, pepper, and cayenne. In a separate bowl, whisk the egg whites until foamy. In another bowl, place the coconut. Coat the shrimp with the cornstarch and shake off any excess. Dip into the egg white and then press into the coconut to get full coverage. Try to keep 1 hand dry, this will keep things a little cleaner.
In a large pan, heat the oil to 350 degrees F and gently submerge the shrimp, 6 at a time. Fry for about 3 minutes or until golden brown. Remove them to a rack to drain. Serve with Peanut Sauce.
In a food processor, puree the chicken stock, coconut milk, lime juice, soy sauce, fish sauce, hot sauce, chopped garlic, and ginger. Add the peanut butter and pulse to combine. Fold in the cilantro and keep refrigerated until ready to serve.
Bring sauce to room temperature and serve with coconut shrimp.
Recipe courtesy of Alton Brown