Full description of Pirate Chain
Pirate Chain
Token (?) or ARRR is a
Cryptocurrency (?) that was released by the Pirate Chain platform in 2018. The main goal of the facility was to create a private and secure digital asset. For this reason, the main priority was the security and the privacy of the user when the protocol was designed. Pirate Chain has accumulated the best security practices in the industry combining the features of ZK-SNARK, ZCash, and Monero’s privacy enforcement.
The aims targeted by the Pirate Chain project
The founders of the platform pursued the goal of providing transparency and security simultaneously thus providing financial freedom to the members of the community.
Pirate Chain technologyю The official website of the platform assures that it managed to create the strongest privacy protocol in the industry that contributes to the quality of the strategy chosen by the company.
The platform uses the
Consensus (?) algorithm Equihash proof-of-work taken from Zcash but the team added the security layer to it taken from Komodo that provides an enhanced level of security to Pirate Chain's protocol. Though security features are common for different cryptocurrencies nowadays, they are often optional. In contrast to them, ARRR implements an obligatory, private-only usage of zk-SNARKS technology, which is based on a zero-knowledge proof protocol that enables proof to the other party that the statement is true without disclosing the information beyond the validity of the statement.
As the proofs are succinct, there is a possibility of their almost instant verification. Using the most secure privacy protocol, the cryptocurrency differs from other assets. The private information of its users is never revealed. It refers to such personal data as the
Address (?) of the sender, the amount of transaction, the address of the receiver, and transaction ID. Only two parties of the transaction are aware of these details. The customers are still entitled to opt-out of privacy if they wish. Thus, the platform returns the control to users who can decide upon the security issues on their own.
The
Blockchain (?) originates from the Komodo ecosystem. The platform has managed to solve the fungibility problem encountered by Zcash. In the opinion of the developers, disabling the ability to send to transparent addresses can be a solution to this problem.
The team employs the dApp zMigrate, which is a standalone program interacting with the daemon “Komodod” for the conversion of the user’s funds in Sprout addresses into a Sapling address. Technical enhancement of Sapling allowed adding the point-of-sale integration, webshop plugins, hardware wallets, and mobile wallets via the capability of zSPV (Simple Payment Verification).
Pirate Chain platform
The platform started its work after the public launch in August 2018. There was no pre-mining of coins, and no developers’ fees were charged. Also, no
ICO (Initial Coin Offering) (?) or IEO was organized before the launch of the platform, so the growth of the project is absolutely organic. The project of the platform is self-financing through the KMD Notary Nodes and the community.
Being a fully
Decentralized (?) blockchain, it is not controlled by a third party so the person is in charge of his funds at any time. The code takes care of the validity of transactions. It means that the third party is not required for that.
Using dPOW (delayed Proof-of-Work) consensus, the protocol is more difficult to hack, while the fees are affordable for vendors and customers. The code makes fraudulent chargebacks impossible. The confirmation of transactions takes several minutes. The transaction fee is 0.0001 ARRR.
The blockchain is secured by Komodo’s 64 elected Notary Nodes, which notarize transactions embedding them into Bitcoin’s network in a delayed manner. The platform also contributed to the creation of ARRRmada, which is a network of stores that accept ARRR payments. This is an attempt to promote the cryptocurrency of the platform and make it a more widespread payment method.
It is possible to run Piratechain over the TOR Network that is done with the goal to obfuscate the user’s IP address. Only concealing a number linked to geographical location, the person can feel secure. Customers only need a TOR browser and the Komodo binaries to run PirateChain. It is possible to find detailed guidance on the site of the platform telling users how to do it.
The cryptocurrency is traded on such platforms as Tradeogre, Turtle DEX, Changelly, CoinEx, Polarity, BTDEX, SafeTrade, Bilaxy, and others.
Pirate Chain team
Many leading developers of the Komodo project are involved in the development of the Pirate Chain project. For instance, such names are mentioned on the Medium channel of the community as James Lee, the lead developer of Komodo, Grewalsatinder, Komodo developer, Jane Mercer, a developer for ZCash, Duke Leto, a developer for Hush, and so on. The platform uses the labor of more than 100 contributors who worked a lot to grow and develop the system from the first days of its existence.
- Exchange symbol (?): ARRR
- Cryptocurrency type (?): Token (?)
Pirate Chain for developers
Pirate Chain social sites
Source: NOMICS
