- This cryptocurrency uses ZK-Snarks to protect entire peer to peer transactions on the Blockchain, making for highly anonymous and private transactions.
- The developers who created zcash, which Pirate Chain is based on, believe the best use of the protocol is a chain that requires private sends only
- Pirate Chain also announced the launch of a new feature- one-click wallet installation script-which works both for SevenSeas and PirateOcean
If you’re an investor looking strictly for private-only addresses and transactions, Pirate Chain (ARRR) could be your go-to option. The cryptocurrency has created a buzz in the crypto world owing to its claim of being a 100% privacy-focused cryptocurrency which uses a privacy protocol that cannot be compromised by other user activity on the network. This cryptocurrency uses ZK-Snarks to protect entire peer to peer transactions on the Blockchain, making for highly anonymous and private transactions.
The developers behind the creation of zcash, which Pirate Chain is based on, were of the opinion that the best use of the protocol is a chain that requires private sends only. A Delayed Proof of Work system protects Pirate’s Blockchain from damage against double spends and 51% attacks by attaching a backup of the ARRR chain to the Bitcoin Blockchain. The makers claim that in order to 51% attack Pirate, one would have to first 51% attack Bitcoin, which makes security against double spends and hostile takeovers ‘nearly impossible’.
As a report highlights, the cryptocurrency was made available for trading to users of Bitcoin.com Exchange, soon after the team behind it joined the Blockchain Privacy, Security & Adoption Alliance. The developers of the coin stated that they aim to create the most secure and anonymous cryptocurrency, especially as ARRR is secured by Bitcoin and Komodo’s hashrates through a Delayed Proof-of-Work algorithm.
On the occasion, Pirate Chain’s Captain Draeth remarked that it is difficult to find a large exchange that is willing to list privacy coins. Additionally, most leading exchanges demand the support of some company or corporation behind it, which goes against the ethos of Pirate Chain. Being able to list on this exchange shows that there are larger exchanges willing to list coins that represent financial freedom, which is the core philosophy of Pirate Chain, added Draeth.
The report also states that in February 2020, Pirate Chain, Turtle Network, Sentinel and Ether-1 announced a partnership to form the Blockchain Privacy, Security & Adoption Alliance (BPSAA). The collaboration unites different teams, each with their unique technological expertise.
Recently, Pirate Chain also announced the launch of a new feature- one-click wallet installation script-which works both for SevenSeas and PirateOcean. This was added to make it easier for crypto users to operate the Pirate Chain wallets.
At the time of writing this article, Pirate Chain’s market capitalization stands at $11,063,056 with a market rank of 449.