Pirate Chain claims that privacy coins fall into a trap of optional privacy and are “riddled with holes”. The asset chain argues that its solution for a privacy-focused network solves this, with shielded addresses being mandatory. While it saw a successful 2021, the native ARRR privacy coin has seemed to have walked the plank and avoided all the crypto whales.
This article will show you about how does a pirate chain work. Is Pirate chain a good investment? Read on and you'll find the answer.
What is Pirate Chain (ARR)?
Pirate Chain is another privacy coin hoping to make waves in the industry. It has the same goal as most of those in this category of cryptocurrency, to be the most private and secure. It was launched in 2018 with a mission to provide users with an option of having all their transaction data private.
The private coin boasts that it has employed “the strongest and most acclaimed privacy protocol in the industry”. Pirate Chain blocks all transaction data, which includes addresses, ID and amounts. Only the sender and the receiver have access to this.
How does a Pirate Chain work?
While many cryptocurrencies give users a choice to stay private, Pirate Chain makes it mandatory. It has a proof protocol under the name “Zero Knoweledge Succint Non-interactive Argument of Knowledge” or zk-Snarks. This lets a party prove a statement or transaction is true without revealing any of the personal data.
Addresses that utilise its pirate-themed native cryptocurrency, ARRR, are shielded, meaning no one can see the balance of a wallet or previous transactions. The data is only visible to owners of the wallet.
The “asset chain” is secure through a delayed proof-of-work algorithm. It indexes the network onto the Komodo and Litecoin blockchains. For a hacker to gain access to Pirate Chain, it has to attack these blockchains first.
ARRR cryptocurrency
ARRR is the private cryptocurrency that puts Pirate Chain’s vision into practice. The coin is described as “invisible”, as no metadata is transmitted about any transaction.
Aside from its main privacy utility, a growing number of merchants have chosen to accept ARRR as payment. ARRRmada.com has emerged as a directory to keep track of those accepting the private coin. From tattoo designs to cosmetic surgery to food and drink, this platform is proving ARRR has flourishing utility.
However, the cryptocurrency’s performance has not been so lucky in recent months.
ARRR’s price history
CoinMarketCap first listed ARRR on 22 May 2019, and it opened at $0.09. It was a tough next two years for Pirate Chain’s cryptocurrency as it stayed around that mark until the bullish market in 2021.
The coin then rocketed to an all time-high in early April 2021. There was a number of potential drivers behind this. The trading platform Changelly listed ARRR and allowed investors to purchase it with any of its previously listed cryptocurrencies.
Kryptomoney also noted that the privacy coin Monero was rallying during that period as well, which could have been another cause for the surge. Then on 23 April, Pirate Chain saw a surge in demand on its website and hit its current price record of $16.90.
Over the following months, the cryptocurrency eventually lost most of this value. It dropped below $5 at the end of June and to around the $2 mark in July.
ARRR saw a slight rally in August on the lead-up to its fourth halving. The mining rewards were reduced from 32 ARRR to 16 ARRR per block. These halvings take place roughly every nine months, in an attempt to improve the value of the privacy coin. ARRR saw a peak of $4.61 on 21 August.
The bearish crypto market was not kind to the cryptocurrency, however, and By the end of the year, it was trading under $2. Its value fell below $1 in the new year.
Pirate Chain did manage to benefit from the rallying privacy coins in March 2022. Ther US president, Joe Biden, made a regulation announcement about cryptocurrencies that seemed to play in favour of these coins.
ARRR peaked at $2.39 on 28 March. It has since fallen and at the time of writing, on 9 May, it is hovering around $1.30.
How many Pirate Chains are there?
There is a circulating supply of 192m ARRR and a maximum cap of 200m ARRR.
Is Pirate Chain a good investment?
It might be. Pirate Chain is ensuring users can trade cryptocurrencies without their data being exposed. However, the value of ARRR has been depreciating since August 2021. Cryptocurrencies are volatile by nature, so investors should never invest more than they can afford to lose.
How does a pirate chain work and is Pirate chain a good investment? Hope you can get a further understanding about this topic after reading this article.
