Pirate Chain (ARRR)
<title source="title1"> <default>Pirate Chain (ARRR)</default> </title> <label>Website</label> <label>Launch</label> <label>Total Supply</label> <label>Type</label> <label>Consensus mechanism</label>
- Based in:
- Started in / Announced on:
- Testnet release:
- Mainnet release: 30-8-2018
- From CMC (10-2019):
"PIRATE (ARRR) is an independent blockchain built using the Komodo Platform's asset chains. Pirate aims to combine the best of Zcash (ZEC) and Monero (XMR) and is secured by Komodo’s (KMD) Delayed-Proof-of-Work (dPoW). It is a private transaction only blockchain, designed with the goal of completely anonymous transactions. Pirate is mined into a transparent address for auditing, but can only go into a shielded address from there. PIRATE claims to be feature complete for its goal: complete financial anonymity."
- Built on: Komodo
- Programming language used:
How it works
- Uses (10-2019) the Equihash mining algorithm.
- Block time: Approximately 60 seconds
- Block reward (10-2019): 128 PirateChain (ARRR)
- Block reward halves: every 388885 blocks (every 270 days)
- From their own blog update (12-11-2019):
"The Pirate Chain team is bringing you an entirely privacy focused operating system with a preloaded Pirate Chain wallet, all on a usb stick. Pirate OS encrypts and innately protects your connection via Tor and VPN. So, not only is the transaction private, but your IP address and connection is entirely private too.
Beginning with the standard model, GhostShip will offer Pirate OS and Pirate Chain wallets. This is ready to launch within the month.
- Claims (10-2019) to be 100% private by using ZK-Snarks and the Tor Network. Did get praise from both Monero and ZCash (7-2019).
On securities and being Howey compliant
- From their own website (14-9-2019)
"Securities, currencies, Howey compliant projects, de-listings, and the SEC have all been hot topics since mid-2017 when governments had finally set their sights on regulating the cryptocurrency market. Since then possible regulation has changed how exchanges & projects have worked together and have become a very important aspect to consider when working on a new project. Fortunately, the contributors(team) to Piratechain had considered these new crypto-currency rites of passage and have already progressed in ‘maturity’ milestones to meet some regulatory standards. As of now, we have the 1st of 3 possible “Coin Opinion Letters” needed to list on exchanges and give confidence to holders of $ARRR that the project is well in line with current standards.
There are several coin opinion letters to be obtained but the Big three are for the United States, Hong-Kong/China, and The United Kingdom. The US letter is by far the most important and versatile one to have, it is the letter they ask for in other countries as the US is perceived to be the country “leading” regulation at the moment. An example of the respected use globally is that securities laws in New Zealand are similar so the US letter is accepted there currently.
We have now acquired our USA letter."
Their Other Projects
- Also called ARRRtomicDEX.
- From the same blog update:
"To briefly explain, all of AtomicDEX’s swaps are on the public blockchain, but ARRRtomicDEX brings in a layer of privacy. Due to Pirate Chain’s superior privacy features, where all addresses and all transactions are by default private. Imagine 2 scenarios, (1) an anonymization feature, such as “colored CoinA” -> ARRR -> CoinA, or (2) a truly private swap, such as CoinA -> ARRR -> CoinB. $ARRR enables any cryptocurrency to be anonymized via ARRRtomicDEX. Consequently, this provides an invaluable usecase for $ARRR while serving an imperative role for the cryptocurrency industry."
- Did upgrade Sapling (an upgrade from ZCash): "Sapling upgrade implemented and opens the path to lite wallets, mobile wallets and Point of Sale functionality"
- Roadmap can be found here. Most notable future plans are:
- "ARRRtomic | Ztx DEX Integration
- Snarkz = private chat and file sharing platform (in discussion)"
- Bug bounty program can be found [insert here].
Projects that use or built on it
Pros and Cons
Team, Funding, Partnerships, etc.
- Full team can be found [here].
- Most of the team work under pseudonyms.
"The Pirate Chain team has recently announced a partnership to form the Blockchain Privacy, Security & Adoption Alliance (BPSAA). In addition to Pirate Chain, current members of the BPSAA include Turtle Network, Sentinel and Ether-1. The alliance aims to lead by example on innovation and cooperation and become a vocal champion for the blockchain industry."