What is Blockchain?
Blockchain is a technology that uses a chain of blocks, but not in the traditional sense of those words. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) stored in a public database (the “chain”).
“Blocks” on the blockchain are made up of digital pieces of information. Specifically, they have three parts:
- Blocks store information about transactions like the date, time, and dollar amount of your most recent purchases, transfer of funds to another person, etc.
- Blocks store information about who is participating in transactions. A block for a purchase would record your name along with who you sent it to. Instead of using your actual name, your purchase is recorded without any identifying information using a unique “digital signature,” sort of like a username.
- Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a “hash” that allows us to tell it apart from every other block. Let’s say you send a friend $100, and an hour later, you send them another $100. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.
What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
What is Pirate Chain
Pirate Chain is a digital privacy currency created in August 29th 2018. The goal was simple: to create a completely anonymous cryptocurrency that is secure, untraceable and keep the identity of those who transact with it anonymous. Developers of various cryptocurrencies came together to create Pirate Chain to show the world that it’s not only possible, but also necessary. It has been proven by government agencies and chain analysts that Bitcoin, as well as all of the other “privacy” cryptocurrencies, can be traced and data can be taken from them in order to find out who uses these currencies, how much they spend and who they transact with. Pirate Chain, on the other hand, has none of these issues, as it uses military grade encryption and delayed proof of work to make it the most secure and anonymous cryptocurrency in the world!
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