Pirate Chain (ARRR) is the most anonymous and private cryptocurrency, as its developers claim. It’s based on an asset chain on the Komodo platform, which is a fork of ZCash — a privacy-focused chain. Pirate Chain was launched by a group of developers from the Komodo network.
Komodo has kept all the privacy features of ZCash, so it makes sense for Pirate Chain to utilize them. However, Pirate Chain developers have built on these features to ensure even higher levels of anonymity. Here’s a short overview of what Pirate Chain can offer its users.
Pirate Chain Features
Zero-knowledge proof (zk-SNARKS)
zk-SNARKS (or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) is a zero-knowledge method of constructing cryptographic proofs. Zero-knowledge proofs allow verifiers to check the truth of a statement sent by another party without knowing the details about the statement.
Zero-knowledge Proof of Knowledge goes one step further, not only allowing to verify the statement itself but also the fact that the sender has the answer. Being succinct and non-interactive means that the verification takes a short time and doesn’t require exchanging information back and forth several times.
zk-SNARKS is a very secure method of anonymizing (shielding) the transactions, as there’s no need to publish the details about the sending and receiving addresses, inputs and outputs. However, the way it’s employed by ZCash which has pioneered it leaves some information unprotected since the shielding on ZCash is optional.
Delayed Proof-of-Work (dPow) is a security mechanism built upon the Proof-of-Work consensus protocol. The Pirate Chain periodically makes block-hashes, which are in essence the snapshots of this chain. Those snapshots are then group-signed and inserted by notary nodes into the main Komodo chain and the Litecoin chain through the process called notarization. This way, if an attacker wants to change some information within the block on Pirate Chain, they have to also rearrange blocks on both Komodo and Litecoin chains, which requires enormous power.
In order to obfuscate not only sender and receiver blockchain addresses, but their IP addresses, Pirate Chain developers choose to support the Tor network. This is a proven tool for people wanting to protect their anonymity.
As it was said above, the shortcoming of most of the anonymous networks is that anonymity is optional, left for the user to decide. This prevents the total fungibility of the tokens on those networks, as some of the transactions still can be traced and the token’s ‘baggage’ can be seen. Pirate Chain avoids this issue by forcing 100% of the transactions to be shielded.
Pirate Chain (ARRR) Pros and Cons
- The obvious argument for Pirate Chain is its anonymity, as there is a lot of users who value their privacy. The devs claim that ARRR crypto is better than other privacy coins — for example, it would win the comparison of Pirate Chain vs Monero;
- The network is secured very well, allowing it to easily withstand the 51% attacks;
- There is a strong community on social networks;
- It’s being actively developed. For example, there is a plan to roll out a wrapped Pirate Chain token (wARRR) on Binance Smart Chain on September 20, 2021, which has got DeFi fans quite excited.
- The network’s privacy, which is its main selling point for its users, is a concern for some other people: for example, there is no way to know how much ARRR is in the hands of the whales.
Where to exchange Pirate Chain (ARRR)
Exchanging or buying ARRR is quite easy. Some of the Pirate Chain exchange options are KuCoin, Gate.io, Bitcoin.com Exchange, Changelly PRO, and CoinEx. One can also use SwapSpace as their Pirate Chain coin (ARRR) exchange, following this step-by-step guide:
- On the SwapSpace homepage, select ARRR in the “You send” section and the cryptocurrency you would like to receive in the “You get” section. Enter the amount of ARRR you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your ARRR coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store Pirate Chain (ARRR)
The best way to store Pirate coin (ARRR) is in the wallet developed by the Pirate chain team. This wallet comes in several variations: Treasure Chest, Skull Island, Pirate Wallet Lite, and Paper Wallet. Among the recommended wallets there is also Verus Desktop.
Pirate Chain crypto is a great way to ensure the anonymity of the transactions, making it invaluable for those users who take their privacy seriously. It combines several different approaches to security in a way designed to protect every user of the ARRR token. This, together with the strong community and active development team, is very exciting for the Pirate Chain’s future.