Mix the egg whites and water together. Set aside.
Mix the shredded coconut and the panko breadcrumbs together in a flat pan or bowl. Set aside.
Dip the shrimp into the cornstarch, then into the egg white mixture, and finally into the coconut mixture.
Place the Copper Chef on medium-high heat. Fill halfway with canola oil. Heat the oil to 365º F.
Place the fry basket into the Copper Chef. Carefully drop the shrimp into the basket and cook until golden, about 4-5 minutes.
In a bowl, mix all the dipping sauce ingredients together. Serve.