ValteMon, Oct 25, 2021 5:15 PM
Defying Gravity: Pirate Chain Crypto — a Fully Anonymous Network
Welcome to the next chapter of our DeFying Gravity series, where we find the most unique and exciting tokens among numerous new and often not quite clear crypto projects. Today we talk about Pirate Chain — the project trying to be a ninja among the ninjas and aiming to provide a 100% secure blockchain. We will look at their concepts to see what the team has to do with the network, data from where it can not be compromised.
What is Pirate Chain Crypto?
Pirate Chain is a blockchain platform claiming to be the most anonymous in the whole crypto space. It was launched in 2018 by a few developers from the Komodo community with a noble goal to protect the privacy of each and every user in the world.
The team of over 100 contributors started with the fair launch without ICO, premine and any developers fees. To pursue this idea the project’s team created its own privacy protocol and followed up with the steady and irrefutable steps towards full anonymity through implementing mandatory private only usage of the Zk-Snark privacy mechanism that’s widely accepted and considered to be the strongest existing privacy protocol, simply because its privacy almost impossible to compromise.
Zk- SNARKS (Zero Knowledge-Succinct Non-interactive Argument of Knowledge) — is a zero knowledge proof protocol allowing one side to get confirmation of information to be true from the other party without revealing any information beyond the validity of statement. Pirate Chain also combines it with Delayed Proof-of-Work from Komodo and the rule of enforced private-only transactions from Monero.
Network Where Privacy Comes First
Pirate Chain crypto is protected from 51% of attacks by using Komodo’s dPoW and its blocks notarized by both Bitcoin and Komodo networks. To attack the network intruders have to overcome the combined hashrates of Bitcoin, Komodo and Pirate networks.
To protect the chain from double spends the backup of ARRR attached to Litecoin Blockchain, so to perform 51% Pirate attack, it is necessary first to 51% attack Litecoin. The project also embodies a fully anonymous Tor network to protect users’ data.
Public transactions are not allowed on the network that makes it the biggest shielded funds pool of any other projects using Zk-SNARKS. Unlike other cryptos using Zk-SNARKS, which will shield the transactions on demand, Pirate Chain ensures privacy by default.
All the transactions are shielded and only visible to the sender and receiver unless any of them decides to reveal the data an publishes the transaction ID
Recently Pirate Chain Crypto announced adding a wrapped version of ARRR native token (wARRR) to Binance Smart Chain, which happened on September 20.
That was made to offer a privacy exit option on the BSC network and at the same time to broaden the usage of ARRR that now can be held in any BSC wallet. The developers have also released a new improved version of Treasure Chest - a full node cryptocurrency wallet.
Furthermore, native ARRR tokens are compatible with Point-of-Sale systems, hardware wallets, Simple Payment Verification powered mobile wallets. The coin is already listed on a few leading exchanges (Changelly Exchange, DigiFinex, Safe Trade) and some big companies are already accepting it as a measure of payment.
ARRR token was launched without pre-mining or ICO and has a maximum supply of 200 million with 187 million tokens circulating at the moment. The market capitalization at the moment of publishing is $416 million and the Pirate Chain Crypto price is $2.20. It is ranked #232 according to CoinMarketCap and its price
Interestingly, to get a Pirate Chain contract address users need to fill in the form on the official website. The miners get a reward of 16 ARRR for verifying blocks, but the rewards halve every 270 days till the moment when its amount will be just 1 ARRR. According to the estimation this is going to happen in 2044.
Over 2 years after the launch the project has undergone many stages of the development including technical updates, exchange listings, companion integrations, partnerships (including the collaboration with TurtleNetwork), website updates, etc.
At the moment Pirate Chain team works on helding a project’s sponsor week on Canarian islands and creating Ztx DEX integration as well as ZSPV
Pirate Chain Price Prediction
Pirate Chain token price was following both bearish and bullish trends and reached all-time-high of $12.21 in April 2021, but has been losing its value since then. Despite this fact, most of the analysts expect the price to go up in the future, mainly thanks to the continuous technical upgrades.
With the recent updates Pirate Cain Crypto gets more and more recognition. It also has a wide social media presence, having channels and profiles on most of the platforms. Even though the price is not experiencing the best times, the project has many reasons to grow and evolve.