- Privacy by default
- Community-supported with no premines or other baked-in concentration of tokens.
Lower ranks are better
Technical Analysis by Kong Trading - 15/10/2020
After a strong upsurge, ARRR, retraced to the previous key-area of resistance, re-confirmed it and is currently continuing the uptrend. A further re-test with a higher low seems very likely here.
The Pirate Chain is an asset chain part of the Komodo platform (which is a Zcash fork) ecosystem. Pirate started on the 29th of August 2018 in a Discord server as an idea of a 100% zk-SNARKs coin. Now the Pirate Chain is a fully private cryptocurrency and shielded blockchain originating from the Komodo ecosystem. Pirate solves Zcash’s “fungibility problem” through the elimination of transaction functionality to transparent addresses in its blockchain, making private usage “fool-proof”. This feature results in a fully shielded user coin base in Pirate Chain. By consistently utilizing zk-SNARKs technology, Pirate leaves no usable metadata of user’s transactions on its blockchain. All outgoing transactions other than mining block rewards and notary transactions are sent into shielded Sapling addresses maximizing the efficiency and speed of its chain.
The Pirate Chain community was initially uncertain about whether centralized cryptocurrency exchanges would list Pirate because of its lack of transaction transparency. However, the use of Z-addresses has gotten them around this.
Pirate Chain builds on the security methods of Zcash and expands upon them. To maintain privacy, Pirate Chain uses zk-snarks, which rely on zero-knowledge-proofs. With Zero-Knowledge-Proofs it’s possible to confirm that a transaction has happened without revealing any other information about it.
All Pirate chain transactions are private by default. This alleviates the problem that many cryptocurrencies with optional privacy introduce into their protocol. These optional private transactions used by the majority of other privacy coins provide anchors for data to be analyzed and thereby weakening the overall privacy protection for users. This complete privacy protocol also provides users with additional assurance that no authorities in the future can come along and claim that users funds are “tainted” or ill gotten due to previous transactions
The Sapling activation was a hard fork that occurred on December 15th, 2018. The migration from the earlier addresses (called Sprout) to Sapling addresses was forced to occur before February 15th, 2019. The Sapling implementation of zk-SNARKS provided technical improvements to lay the foundation for future plans: point-of-sale integration, the introduction of hardware wallets, fast Webshop plugins, and mobile wallets with Simple Payment Verification (zSPV).
TOR Support allows users to obfuscate their IP addresses, which prevents your network address from potentially becoming a means of identification.
The alliance Pirate Chain has formed with Turtle Network, ETHO (Ether-1) and Sentinel provides a wealth of expertise that Pirate Chain can leverage into both its cryptocurrency and its operating system, PirateOS.
Sentinel’s distributed VPN technology will be featured in the OS. Turtle Network is building a peer-to-peer exchange for the trading of Pirate (ARRR) to deliver an extremely secure trading solution. Turtle Network is also developing a POS system for online and brick-and-mortar retailers. Ether-1 will be providing a secure IPFS (Internet Protocol FileSystem) solution for storage and hosting in the next version of PirateOS, known as GalleonOS.
The target audience for Pirate Chain are users who believe that the advantages of using cryptocurrency should not come at the cost of financial privacy. Pirate Chain does this by building on the decentralized anonymous payment scheme Zerocash, which adds a shielded payment scheme to the transparent payment scheme used by cryptocurrencies like Bitcoin. This shielded payment scheme is secured by zk-SNARKS, zero-knowledge succinct non-interactive arguments of knowledge.
Pirate Chain adds additional security on top of this by only accepting shielded transactions. The delayed Proof of Work consensus mechanism also provides privacy and security that compares favorably against existing privacy-focused cryptocurrencies.
Pirate Chain delivers complete privacy and anonymity to its users with its anonymous payment scheme and its delayed Proof of Work (dPoW) consensus mechanism.
The Pirate Chain is a runtime fork of the Komodo smart chain platform. This means that Pirate Chain doesn’t need the Komodo blockchain to operate, only the Komodo Platform.
Only private send transactions are allowed to ensure the ultimate in transaction security.
The Sapling upgrade was activated on December 15th, 2018, and increased the block size from 2MB to 4MB and made Pirate Chain much more efficient.
Since Pirate Chain is a fork of Komodo and Komodo is a source code fork of Zcash, combined with the fact that Zcash is a source code fork of Bitcoin, Pirate Chain has inherited a lot of code to make total anonymity possible. The codebase inherited from Bitcoin is already TOR-compatible. Proxy settings are supported through code inherited from Zcash.
Pirate Chain is also working on a privacy-focused operating system called PirateOS. The next version of this operating system, GalleonOS, will have decentralized VPN nodes developed by its partner Sentinel. Pirate Chain is currently developing its mobile wallet.
The primary use case of Pirate Chain is for projects that deal with purchases where privacy is of paramount importance. This could be because the purchases are of a sensitive nature or that the user simply prefers having all of his or her financial transactions completely hidden from public view. One of Pirate Chain’s partners produces decentralized VPNs, so integrating a completely anonymous payment system with it would make sense.
The Pirate Chain coin is a store of value token and serves only as the basis for highly secure financial transactions on the blockchain. One of Sentinel’s partners is accepting Pirate (ARRR) coins as payment for their dVPN contributions to PirateOS.
When we look at the cryptocurrency projects as a whole, the ones that offer privacy as a default feature shines as direct competitors to Pirate Chain. They all attack the privacy, scalability, and fungibility problems around Bitcoin in different ways.
Pirate Chain started without an ICO or pre mine, and there are no founder or developer fees. The currency is entirely community-supported.
The block time for ARRR is about 60 seconds. The current block reward is 64 ARRR, with the block reward halving every 388,885 blocks or every 270 days. The next halving is due to happen around November 30, 2020.
There is no development fund directly funded by the sales of the coin. The project is community-supported. For example, a 100k ARRR thank you gift was raised for the developer who created the mobile wallet for the project.. Mining pools on the Pirate Mining Pool List have decided to support development for Pirate, with mining pool fees going 1/3 to Pirate Chain marketing, 1/3 to referral programs, and 1/3 to the pool operator.
It is becoming more and clear that Bitcoin and crypto are here to stay. But the same cannot be said about the privacy coins.
Opinions on the market potential for privacy coins are divided into two parts. On the one hand, we have threats from governments who believe that privacy coins are used exclusively for money laundering purposes and should be banned. They are not entirely wrong about this either. According to the MIT Technology Review, in 2019 alone, approximately USD 2.8 billion was laundered.
On the other hand, governments want to control the inhabitants more and more. An example of this is the abolition of cash. This way, the banks/government would immediately know what you bought, when, and where. In some countries, this also affects the right to freedom, which is another issue.
It is currently impossible to say in which direction this market is developing because it is still a grey zone for many.
The biggest following that Pirate Chain has is on Twitter like many of the cryptocurrency projects as the platform is highly favored towards cryptos compared to the others. However its Discord Server is the place where people can come together and share thoughts and discussions regarding the project, making a community.
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