@piratechain is a relatively new cryptocurrency created by $KMD community members with a lofty aim; to be the most anonymous crypto in existence. It used zksnark tech to do this while also relying on $KMD’s delayed proof of work which effectively makes the chain as secure as $BTC’s
From Pirate’s website: PIRATE is the best of Zcash combined with the best of Monero. It’s a forced Shielded-transactions (z-transactions) only blockchain, meant for completely anonymous transactions. PIRATE is mined into a transparent address, but can only go into a shielded address from there. PIRATE is an independent blockchain built using the Komodo Platform asset chains. PIRATE is feature complete for its goal: complete anonymity.
$ARRR is a fork of $KMD, which in turn was a fork of $ZEC, and which was a fork of $BTC. Being forked from so many upstream projects means it will be simple for $ARRR to implement innovations from all upstream projects, allowing a small project like $ARRR to leverage the dev power of much larger projects.
An example of this is the $ZEC sapling update. it was first implemented by $ZEC in October which was then relatively easily implemented into $KMD and soon to be $ARRR.
The main tech implementation that makes $ARRR unique is requiring all transactions to be private by default, using zksnarks tech widely acclaimed at the most secure of crypto privacy protocols (also used by $ZEC). In short zksnarks allow txdata to be validated without revealing any information about the amount and the parties involved
The difference is that private transactions in $ZEC are optional, therefore limiting the privacy mixing set and giving public anchors from which data can be more easily tracked. Since all txs are private, it weakens the hypothetical argument a regulator may make in future that certain funds are tainted due to being used in illicit activities.
Another key piece of tech $ARRR has implemented it delayed proof of work which effectively backs up the $ARRR chain in each $BTC block, significantly reducing the effectiveness and damage of 51% attacks.
ARRR’s current block reward is 256 every minute, halving every 270 days.
$ARRR Coin Metrics as at 14 Jan 2019
Price: $0.021/ 785 sats
Market Cap: $1m (751st)
Circulating Supply: 32,051,138,545
Tps: 50 – 80
Block size: 4mb
Algo: Equihash Proof-of-Work ATH: $0.063
$ARRR’s roadmap is realistic which is refreshing. They don’t have huge features coming down the pipe, mainly because it has already implemented its two pieces of core tech, being 100% z-addresses (from the first block) and dPoW.
With that being said the following is upcoming:
Pirate Foundation Q1 2019
Tortuga (CEX) Q1 2019
Simple Payment Verification (zSPV) Q2 2019
Hardware wallet integrations Q3 2019
In my opinion the most important items is TORtuga which is meant to be the BARTERDEX (the exchange run on $KMD) for privacy coins. It is more important for $ARRR than other projects to have its own exchange due to difficulties incorporating z address (private) deposits and withdrawals, which $ARRR requires. The TORtuga plans to have a working product by the end of Q1.
2 Sapling which is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses
$ARRR faces competition from established remittance companies like Western Union and other crypto start-ups, but no crypto is leveraging the global mobile phone network like $ARRR.
Exchanges: Given it has such strong privacy features, centralised exchanges are unlikely to list it due to regulatory concerns. The mandatory use of Z addresses also makes it more difficult operationally for exchanges. . This should not hold back $ARR long term though due to the predicted rise of decentralised exchanges and also $ARRR’s own exchange, Tortuga, to be released this year.
Competitors: the privacy coin space is one of the most competitive in crypto.
Regulatory: states may outlaw anon cryptos due to criminality concerns, although some think this will make anon cryptos more valuable.
Funding: given $ARRR had no ICO, no pre-mine and no dev fund, the dev team relies on donations from whales and volunteers. While this has been sufficient now (and has been for $BTC and $XMR), the ability to attract devs may be difficult given limited funds will be available to compensate them.
No smart contracts: And incapability of doing smart contracts since Crypto-Conditions required transparent transactions.
$ARRR is a community led coin so it doesn’t have any professional, full time team members. That being said, it’s team is a good mix of devs, marketers, and enthusiastic community members and apparently over 30 individuals have contributed to $ARRR, including JL777 the $KMD lead dev/founder and who is regarded as one of the best devs in crypto. And so far the team has delivered, accomplishing a lot in its first three months, including:
51% protection through delayed PoW
TOR browser support
100% Z-address pay-out mining pools
First Z address only exchange in Crypto
First Z-address Discord Tip bot
ARRR’s development and community engagement has been impressive in the short 3 month period since its launch. As long as $ARRR can continue to attract top dev talent and gets listed on more exchanges, the future is bright.
*If you’re interested in purchasing Pirate Chain you can do so here
$ARRR Further Reading
Discord https://discord.gg/Bd4nY7C go to the PIRATE section
$ARRR Bullish CT accounts
BillyBobBagholder is an extremely passionate and dedicated Cryptocurrency researcher and reviewer. He is immensely popular across social media for his detailed and compelling tweet-storm style coin reviews that he delivers on Twitter.
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