Pirate Chain Privacy Coin

Privacy by Default in Cryptocurrency | The Most Anonymous Coin

You would think we should have privacy by default, but online privacy and anonymity are dying. It has been for years now leading to the rise of blockchain privacy concerns. This neglect for people privacy spawned our modern-day blockchain pirates developing for everyone’s freedom.

Many believe that the golden age of the internet has ended and that governments and companies are taking control. Ironically, our technological development led to the lack of online privacy instead of enhancing it, which has reflected on the cryptocurrency space as well.

At first, Bitcoin was believed to be fully anonymous and untrackable. Cybercriminals were among its initial users, which is likely one of the reasons that led to the development of blockchain explorers and trackers. Bitcoin’s transparency seen as a good thing, but it did not serve it well in terms of transaction anonymity.

As soon as the young crypto community had realized this, the developers started working on a solution — a new type of coin that would address the situation, which is how privacy coins were born.

The rise of privacy coins

Privacy coins started offering an alternative way of using cryptocurrencies — one that would allow their users to remain anonymous truly. One such coin — Zcash (ZEC) even emerged from Bitcoin itself, after its blockchain forked. That way, Zcash kept some of Bitcoin’s technology, but it made it more private and more anonymous.

In years that followed, it was hinted that even these technologies are not as anonymous as everyone believed. No privacy coin is perfect, and that includes Zcash itself, as well as Monero, Dash, PivX, Verge, and others.

After the governments started taking cryptocurrencies seriously — at least as far as their underlying technology goes — they began investing millions into blockchain trackers, thus putting privacy coins’ users at risk and leading to the creation of a genuinely private blockchain — PirateChain (ARRR).

The Birth of PirateChain 

According to an interview with the PirateChain’s team, the idea was born in the CHIPS poker channel, of all places, where a discussion about privacy was being led. Participants were mostly members of the Komodo ecosystem.

Komodo itself is a fork of Zcash, just like Zcash is a fork of Bitcoin. This is important because Komodo people decided to look at Zcash and its technology first, in order to get inspiration. They deduced that zk-snarks are an excellent place to start, as this technology has been in development for decades, and it was considered innovative enough to be granted multiple awards.

The conversation about a new, one hundred percent private blockchain which would require zk-snarks on all sends, as well as potential limitations to that idea,  took over the entire channel. After that, it moved to the KMD ecosystem setup, and the team started testing blockchains.

The developers set up an entire test Komodo ecosystem, adding test notary nodes, and tested the new setup against 51% attacks, double spending, transaction spamming, fee manipulation methods, and more. What they ended up with was a privacy protocol so secure that it was immediately apparent that it will be a real contender in the privacy coin market.

Why is PirateChain better than other privacy coin projects?

PirateChain is a 100% private send cryptocurrency. Other network users can not compromise its privacy protocol, and all of its P2P transactions are 100% shielded by zk-snarks, whereas most other privacy coins have only optional privacy.

In addition, its transactions cannot be investigated on the blockchain, and any potential search via the block explorers will come back empty. 

Zk-snarks and making all transactions protected and a private by default is the key feature of PirateChain, as zk-snarks allows tx data to be validated without having to reveal information about the parties involved, the amount that is being sent/received, and alike.

Another critical feature of PirateChain is the use of delayed Proof-of-Work (dPoW), which backs up the ARRR chain in every BTC block. In other words, anyone who might want to conduct a 51% attack against PirateChain would first have to execute a successful 51% attack on Bitcoin. Taking over this blockchain is pretty much impossible.

Piratechain is not particularly old — it was only launched in August 2018. However, it is feature complete and ready to be further developed by the community. It uses independent technology, started as a standalone asset chain on Komodo, and it is secured by dPoW. All transactions are protected by zk-snarks, and every single one of them is entirely private. On top of that, it is a TOR network supported. {Komodo Asset Chains are not dependant on a mother chain like most token platforms today}

As of July, it can even be used for sending encrypted, private messages via its memo field. Further, it allows merchants to adopt it and generate a QR code that can be used for billing specific payment requests. Anonymously serving as a significant step forward and is expected to make PirateChain quite popular among merchants.

What else should you know about PirateChain?

First of all, note that the name ‘PirateChain’ can be misleading, as this project has nothing to do with online piracy. Its sole intent is to bring real privacy and anonymity to those among cryptocurrency users who require it. It is fully decentralized, and all transactions are confirmed in a trustless manner within the blockchain. The transactions are secure, quick, and available across the world for customers and vendors alike. Not only that, but its fees are meager, which allows participants to make payments and not spend a lot of money doing it.

PirateChain’s coin, ARRR, is currently performing exceptionally well. The currency was seeing a rise, which led to its all-time high in the second half of June when the crypto prices suddenly crashed. Even Bitcoin itself dropped from almost $14,000 to around $9,000 as a consequence, which makes ARRR’s drop not particularly surprising. However, in the last day or so, the coin has finally started seeing recovery, and it is currently surging by over 33%.

Its current price sits at $0.043862, according to CoinMarketCap, and it’s market cap is a bit over $5 million. Keep in mind that this is a very young coin and a very young project. It is more than likely that this project will take the spotlight in months to come, and its development should be followed closely by anyone interested in getting a real privacy solution.

PirateChain Website: https://pirate.black

Join the real blockchain Pirates here. http://pirate.gives/privacy