What Is Pirate Chain?
Pirate (ARRR) is a token used in Pirate Chain – a privacy-focused crypto project boasting full anonymity in all transactions. Pirate was founded in 2018 and went live with a fair launch, with no team tokens, pre-mining, or ICO. Its primary purpose is to act as a privacy coin.
A typical cryptocurrency, insofar as those were initially conceived, features a transparent transaction history on the blockchain. This poses a whole host of potential issues, which can be collectively called a “fungibility problem”. A store accepting fiat currency doesn’t care where it might have been – so, say, any dollar is essentially the same as any other dollar (i.e. fungible), whereas if a crypto token went through some addresses affiliated with the drug market, fraud, etc. – it might be “worse” in the eyes of merchants than a token without such history, even if its current owner is a law-abiding citizen. Some projects solve this problem by obfuscating money trails in some way, including Monero and Zcash.
Pirate Chain combines Monero and Zcash strengths and builds on them, putting shielded zk- proof transactions mandatory at the core of the network. It’s secured with Proof-of-Work consensus protocol and with delayed Proof-of-Work as an additional layer. All these measures protect the identities of token holders in the network and make Sybil and 51% attacks very expensive and unfeasible.
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