Finance:Pirate Chain

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Pirate Chain
Pirate Chain black.svg
Ticker symbolARRR
Development
White paperThe Pirate Code
Initial release30 August 2018 (5 years ago) (2018-08-30)
Code repositorygithub.com/PirateNetwork
Development statusActive
Written inC++, Rust, Python, Go
Operating systemLinux, Windows, macOS
Developer(s)The Pirate Chain team
Source modelOpen source
Websitepirate.black
Ledger
Hash functionEquihash
Block reward64 ARRR
Block time60 seconds
Block explorerexplorer.pirate.black/stats
Circulating supply157,355,911 (May 2020) ARRR[1]
Supply limit200,000,000 ARRR[2]
Valuation
Market cap$4,313,673 (May 2020)[3]

Pirate Chain is a decentralised fully private send cryptocurrency. It uses zero-knowledge proof (Zk-SNARKs) protocol that cannot be compromised by other users’ activity on the network in order to shield 100% of the peer to peer transactions on the blockchain and the rule of enforced private-only transactions by Monero, making highly anonymous and private transactions.[4]

While most cryptocurrency transactions are traceable on the blockchain, Pirate Chain is private by default and it utilize a variety of protocols to obscure the addresses of transacting parties.[5][6]

History

Pirate Chain (ARRR) was initially an experiment to observe if forced z-transactions would work. After Discord[7] user jl777, James Lee - a Komodo crypto developer,[8] successfully implemented delayed Proof of work from Komodo[9], making Pirate Chain essentially feature complete, the community realized its potential.

On 30 August 2018, Pirate Chain was launched as an independent blockchain within the Komodo[10] ecosystem.[11]

In September 2018, after a series of tests done on a separate chain with the same parameters as Pirate Chain but called TXSCLPRT, the notarization of the private chain was successful. The chain will fork next day and dPoW is integrated.[12] In the same time, the halving increased 5 times, aggregating the total supply amount of the blockchain to a fixed total of 200 million units’ with a mandatory transaction privacy using the zk-SNARKs protocol.[13]

Pirate Chain is protected from 51% attacks as the blocks are notarized onto both Komodo and Bitcoin blockchains.[14] Attempts to mount a Sybil attack against Pirate would have to overcome the combined hashrates of Bitcoin, Komodo, and Pirate[9]. Which it will represent in an astronomical cost.[5]

The first official logo was published on 9 October 2019, after a contest launched by FishyGuts, the social media influencer of the newly Pirate Chain team.[15]

On 12 February 2020, Draeth - captain of the team,[15] announces that Pirate Chain, Sentinel, Ether-1 and Turtle Network form the Blockchain Privacy, Security & Adoption Alliance (BPSAA).[16] The main objective of the alliance is to:

”unite skilful dedicated teams to create value and new innovative solutions”.[17]

Privacy

Pirate Chain is mined into a transparent address, but from this point it can go only into a shielded address.[18] By solving Zcash’s fungibility issue through the elimination of transaction functionality to transparent addresses in its blockchain, it is considered to be one of the most private blockchains in operation.[6][19]

Acknowledgement

In a reply to a Twitter user, John McAfee mentioned Monero and Pirate Chain as the privacy cryptocurrencies he would recommend.[20][21]

Zcash Foundations recognised the size of Pirate Chain anonymity set in another Twitter reply.[22]

Private and Anonymous Messaging

Pirate Chain developed a possibility to send private and anonymous text messages using the memo field of the Seven Seas exclusive wallet.[23]

Mobile wallet

On 16 September 2019, two members of the Pirate Chain team try the first mobile transaction.[12] MrLynch sends ARRR and a memo to KOSIUS using an app that is running natively on a smartphone. This results in the first ever mobile Pirate Chain transaction.

Community

Pirate Chain is an independent chain that is using the delayed proof-of-work (dPoW).[24] There was no ICO, IEO, presale, premine, no developers reward or fee. The project is community backed.[14][25]

Pirate Chain is present and active on all major media platforms. Nik Patel, writer and advisor in the cryptocurrency space,[26][27] highlighted:

”More impressive is the genuine and palpable excitement the community has for Pirate Chain; if I’m honest, this community (...) seems to be one of the most engaged I have come across.”[28]

See also

References

  1. ↑ Stats
  2. ↑ "Pirate Chain (ARRR) price, charts, market cap, and other metrics". https://coinmarketcap.com/currencies/pirate-chain/. 
  3. ↑ "Pirate Chain (ARRR) price, marketcap, chart, and info" (in en). https://www.coingecko.com/en/coins/pirate-chain. 
  4. ↑ "Pirate Chain (ARRR) Review" (in en-US). https://proofofreview.com/reviews/piratechain/. 
  5. ↑ 5.0 5.1 "Pirate (ARRR) Price, Charts, Market Cap, Markets, Exchanges, ARRR to USD Calculator | $0.027225" (in en). https://coinpaprika.com/coin/arrr-pirate/. 
  6. ↑ 6.0 6.1 "The Best Privacy Coins: Crypto Briefing's Top 10" (in en-US). 2020-04-13. https://cryptobriefing.com/best-privacy-coins-crypto-briefings-top-10/. 
  7. ↑ "Discord — A New Way to Chat with Friends & Communities" (in en-US). https://discord.com/. 
  8. ↑ "About Komodo" (in en-US). https://komodoplatform.com/about-komodo/. 
  9. ↑ 9.0 9.1 "What Should You Expect From A Truly Private Digital Cash? | Hacker Noon". https://hackernoon.com/what-should-you-expect-from-a-truly-private-digital-cash-u0g732gm. 
  10. ↑ "Komodo - An Open, Composable Smart Chain Platform" (in en-US). https://komodoplatform.com/. 
  11. ↑ "PirateChain (ARRR) | Coin Report | An Altcoin Trader's Handbook | Rating: 7/10 | 29th September 2019 - Rating Report - Binance Info" (in en). https://info.binance.com/. 
  12. ↑ 12.0 12.1 "Timeline" (in en-US). https://www.pirate.si/timeline/. 
  13. ↑ "6 projects using Komodo technology [KMD"] (in en-US). 2019-05-08. https://crypto-economy.com/6-projects-using-komodo-technology-kmd/. 
  14. ↑ 14.0 14.1 Bannwarth, Pierre (2020-06-01). "Présentation des meilleurs lowcap 2020/2021" (in fr-FR). https://block-chain-invest.com/presentation-des-meilleurs-lowcap-2019-2020/. 
  15. ↑ 15.0 15.1 "The Pirate Chain ARRR Team | Captains, Crew & Deckhands" (in en-US). https://pirate.black/ja/pirate-fleet/. 
  16. ↑ "Members" (in en-US). https://bpsaa.vision/members. 
  17. ↑ "The Blockchain Privacy, Security & Adoption Alliance" (in en-US). 2020-02-12. https://pirate.black/ca/blockchain-privacy-security-adoption-alliance/. 
  18. ↑ "Pirate Chain" (in en). https://holdex.io/x/pirate-chain. 
  19. ↑ "Pirate Chain Whitepaper". https://pirate.black/wp-content/uploads/2020/02/The_Pirate_Code_V2.0.pdf. 
  20. ↑ McAfee, John (2020-01-05). "Privacy Coins" (in en). https://twitter.com/officialmcafee/status/1213840656826818560?s=20. 
  21. ↑ Shvets, Mariya (2020-01-08). "Monero Kurs: Anstieg um 30% - Das könnten die Gründe sein" (in de-DE). https://decentralbox.com/monero-kurs-anstieg-um-30-das-koennten-die-gruende-sein/. 
  22. ↑ Foundation, Zcash (2019-06-23). "We commend your work in this area, and the size of the PirateChain anonymity set is awesome!" (in en). https://twitter.com/ZcashFoundation/status/1142825729005981696. 
  23. ↑ "Private messaging". https://www.youtube.com/watch?v=FzMSmGLBfbw&feature=emb_logo. 
  24. ↑ "PaperCoins Newsletter: Pirate Chain" (in en-GB). 2020-02-14. https://thedailychain.com/papercoins-newsletter-pirate-chain/. 
  25. ↑ "Pirate Chain (ARRR) - Untraceable, Anonymous and Private" (in en-US). https://www.pirate.si/. 
  26. ↑ "An Altcoin Trader's Handbook". https://www.goodreads.com/book/show/40494504-an-altcoin-trader-s-handbook. 
  27. ↑ "Inside the Mind of a Professional Crypto Trader - Nik Patel" (in en). https://academy.binance.com/economics/inside-the-mind-of-a-professional-crypto-trader-nik-patel. 
  28. ↑ "Coin Report #36: PirateChain" (in en-GB). 2019-10-03. https://www.altcointradershandbook.com/coin-report-piratechain/. 

External links

Official website





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