Is Pirate Chain offering better privacy than Monero?

Monero(XMR) is under concern as the prominent privacy coin is closer to control of more than 51% hashrate by a mining pool, which might raise questions on the coin’s reliability. Pirate chain is one of the most prominent coin in the market alongside with the others. 

What are Privacy coins:

Some crypto commentators believe that cryptocurrencies lack the privacy and security of the transactors. And to eliminate this problem, Privacy coins were introduced, a type of virtual currency that allows private and anonymous transactions without making the source and destination known to others. It hides the user’s real wallet and address. Anonymity and Un-traceability are two factors that make Private coins different. One of the most popular Private cryptocurrencies is Pirate Chain(ARRR).

What is Pirate Chain:

Pirate chain is one of the most prominent Privacy coins founded in 2018 by the lead developer of the Komodo community, contributors from Bitcoin and ZCash, etc. Their goal was to create a completely anonymous cryptocurrency that is secure and untraceable and keep the identity of the transactors anonymous.

How does Pirate Chain work:

Pirate Coin uses a protocol called Zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Agreement of Knowledge) in which the cryptocurrency holders can validate the transactions without disclosing any identifying information like the parties involved and their account balance. Also, they can prove to each other that they have a particular set of information without actually revealing what the information is.

Pirate chain works on the Delayed Proof-of-Work Mechanism, which comes from the Komodo Platform and is a security mechanism that was implemented in addition to ordinary Proof-of-Work consensus rules. It provides frequent data recovery in case of system failure. This system makes the blockchain network much more secure and resistant to the 51% attack; hence, to hack the system, the person first needs to take down the Bitcoin network, which is nearly impossible due to its secure network.

Pirate coins have different types of wallets available, which are simple to use, including mobile wallets, lite wallets, full node wallets, and paper wallets. They can be linked to a VPN service as well.

ALSO READ – AVALANCHE (AVAX): NEXT BIG DEFI BLOCKCHAIN EXPLAINED. CAN AVALANCHE HIT THE MARK OF $150 BY 2022?

Features of the Pirate Chain Network:

• Transactions Privacy: When you go to the block explorer of Pirate Chain, you can see the occurrence of a transaction and the transaction fee but not the sender’s and the receiver’s address and not even the transaction amount.
• Mining: Mining of Pirate Chain coin is private, and how much is mined per address on the block explorer is not disclosed.
• The users of the Pirate chain may feel confident while transacting, mining, or purchasing because no data is compromised, and no one can see how much amount you have stored in your wallet.
• The maximum supply of Pirate Chain coins is 200 million.
• It is the first crypto asset to use the Zn-SNARKs(Zero Knowledge-Succinct Non-Interactive Argument of Knowledge), one of the industry’s most robust privacy protocols.

Pirate Chain(ARRR) Vs. Monero(XMR):

Monero was forked from Bytecoin, whereas Pirate coin originated from the Komodo community. 

Monero uses a Ring signatures protocol called ‘Bulletproof,’ due to which analysis of Monero’s blockchain is difficult. Whereas Pirate coin uses the Zk-SNARKs strategy, which validates transactions without revealing any information about the parties involved, and the amount is also not disclosed.

The factor that makes the Pirate Chain more reliable than Monero is the forced-shielded transactions. And tha Zk-SNARKs is one of the best privacy technologies and is protected by BTC Hashrate.

Recently, the Monero community highlighted a Hashrate control of around 44% by one of the significant mining pools of Monero, MineXMR. Concerns are growing as the mining pool is close to controlling over half of the network’s Hashrate. In contrast, ARRR is protected against the 51% attack through Bitcoin’s hashrate. Taking down the Bitcoin network is nearly impossible due to its secure network and its massively high hashrate. 

Mining Pirate Chain coin(ARRR):

Mining ARRR uses an equihash algorithm based on the Proof-of-Work concept. Equihash is an asymmetric memory-oriented mining algorithm. Though it permits the miners to mine this Equihash-based cryptocurrency with a standard PC but they lack when it comes to increased hash power, and ASIC hardware is highly recommended due to the high level of hash power required. The block time for Pirate Coins is approximately 60 seconds. 

Mining ARRR coin is similar to Bitcoin(BTC), but the difference is privacy. Mining ARRR is private and does not disclose how much was mined per address. 

Various Components of Pirate Chain:

Pirate Coin Games

Pirate has its own game, namely Pirate Coin Games, where you can get an entire pirate experience. Like a Metaverse, you can make and transfer your creations to NFT. And it allows its users to generate their own content, and it can be distributed to a widely accessible Pirate Coin NFT world. Pirate coins are the main currency here, and they can be earned by finding treasures. Each character is meant to be unique and can be sold on the Pirate Coin NFT. The game is fascinating, as there are weapons upgrades, enemies to fight, and much more that provides an adventurous experience.

PiratePay

Pirate Chain also has its payment gateway called PiratePay, which is a decentralized and open-source payment gateway and allows merchants and retailers to accept ARRR on their websites and stores. It is designed to be secure and private, eliminating the need for an intermediary.

ARRRmada

Stores, service providers, and companies who accept the Pirate Chain coin as a mode of payment are collectively known as ARRRmada. Pirate Chain promotes all those merchants who accept ARRR through their official channels.

wARRR

Pirate Chain made its position in the world of DeFi through wARRR or wrapped ARRR. It added the wARRR on the Binance Smart Chain(BSC), and it will provide the feature of exiting the privacy option on the BSC network, facilitating a wide use and reach of the Pirate Chain Coin(ARRR).

How to Buy Pirate Chain:

1. To buy pirate chain, the first step is to buy Monero(through the LocalMonero website) and then exchange it for ARRR on a privacy respecting exchange; let’s take TradeOgre, for instance.
2. Register to a TradeOgre account which is an anonymity-oriented crypto exchange.
3. The next step is to buy Bitcoin with Monero as TradeOgre does not support buying ARRR with XMR directly yet.
4. To buy Pirate Chain, go to the BTC/ARRR pair on TradeOgre, type the amount of BTC you want to sell or the amount of ARRR you want to buy.
5. Confirm the transaction.
6. You can now withdraw the ARRR coins to your personal wallet securely.

Before initiating to buy pirate chain, it is better to thoroughly research the crypto exchanges on which it is available. Some of the exchanges through which you can buy pirate chain are Kucoin, TrageOgre, Polarity, CoinEx, Turtle DEX, Changelly, etc. And the requirements and fees of each exchange should be checked before choosing one. 

Roadmap of Pirate Chain:

According to Pirate Chain’s Roadmap 2022, it is ready for new exchange listings, additional marketing through Tiktok, interviews, etc., and is planning to onboard more stores that use ARRRmada. They might collaborate with privacy-oriented organizations. 

It plans to integrate Atomic DEX and attend more tech, privacy, cryptocurrency, and freedom events. It might even update its whitepaper and a lot more. 

Pirate Chain price predictions:

Currently, the ARRR coin is trading at a value of $1.41. In terms of market capitalization, the coin stands at $267,856,778 at the time of writing. Pirate Chain coin(ARRR) witnessed its All-time high last year in April when it hit $16.90. 

Price Prediction(dot)net predicts the ARRR price to reach around $50 by 2030. Whereas Tech news leaders made a Pirate Chain price prediction of around $43 by 2030.

Although these Piratechain Price Predictions would prove accurate or not will be something to look forward to. Because the coin has to offer users secure and private transactions and a variety of privacy features, it will be interesting to see if these factors help the coin evolve more in the coming years.