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!
How Pirate Chain Works
Written in the code of Pirate Chain is a vast treasure chest (pun intended) of cryptocurrency firsts, along with a secure way to prevent hostile attacks on the chain and keep user’s transaction data private. Pirate Chain does not leak any transaction meta data, allowing every transaction to stay private. Proof of this is given on the block explorer (the place where you can see the transactions that occur. All cryptocurrencies have one). When you view the block explorer, you will notice that transactions occur, but the addresses they are sent from are not there, the addresses they are sent to are not there, and the amount transacted is not shown, only the transaction fee. This is one of many proofs that show users that their data is safe and private.
Mining Pirate Chain works very similarly to how Bitcoin mining works (which was talked about in Part II of this series). The key difference between them is that Pirate Chain mining is private, not allowing anyone to see how much was mined per address on the block explorer. This allows users to feel confident that whether they are transacting with others, mining or purchasing things, no data is compromised. Nobody is able to see how much you have in your wallet or trace anything back to you. Simply put, it works exactly how privacy should work, what’s your is yours and not visible to anyone but you.
Who Created Pirate Chain?
Pirate Chain was created and is continuously developed by many people, including the lead developer of the Komodo Platform, Bitcoin contributors, ZCash developers and way more. All of which have contributed to Pirate Chain on their own time without any financial incentive aside from building the world’s most private and secure cryptocurrency. They believe that financial privacy is a human right that should not be infringed on. In fact, this message is so powerful and resonates among so many people, Pirate Chain has various developers of a wide variety of backgrounds (web developers, app developers, writers, store owners, streamers, etc) to help with adoption and bringing it to the mainstream.
Financial privacy has been constantly chipped away over the years, to a point where someone always knows how much money you have, what you spend it on, where you shop and so much more it makes you shudder just thinking about it. Even if you try to transact only in cash, you need a bank account to store it (unless you feel safe carrying all of your money with you, which is most likely not the case). Your right to privacy with these institutions is completely gone and your data is sold to the highest bidder.
Pirate Chain vs Bitcoin
Bitcoin, while used as a store of value, underperforms Pirate Chain in many aspects. First, Bitcoin uses a public ledger. This allows everyone to see who you transact with, how much you sent/received and when the transaction happened. Pirate Chain removes this information and doesn’t allow anyone to see it. Bitcoin is slow and can take hours to confirm, while Pirate takes a very small fraction of that time. Bitcoin has a large barrier of entry if you try to mine it; Pirate has a low bar of entry and you can even earn some if you tweet about them, help develop the ecosystem and take part in the community!
Of course! There are many shops that already accept Pirate Chain as a form of payment, from Art, Services and Gift Cards, to Clothes, Software and more by the day! Various streamers, youtubers, and other social media users/content providers are accepting Pirate Chain as tips, donations and payments! Pirate Chain has laid down a massive foundation for it’s success and adoption, and as time goes on and people start realizing that their own financial privacy is more important than they thought, the more stores/services and people adopt Pirate Chain!