Unchain your Wealth: Spotlight on Pirate Chain

None of this is should be construed as financial advice, obviously… but enjoy the content nonetheless!

This is the second in a series where I highlight a single cryptocurrency with the properties of money. Think of it as a companion to fundamental analysis so you can easily make your own decisions about it but without all the technical jargon that makes you fall asleep the moment you read it.

I’ll be updating this page as the ecosystem grows to ensure you have the latest on Pirate Chain’s exciting growth.

Set Sail for Financial Freedom

Pirate (Ticker: $ARRR) is a decentralized, private-by-default cryptocurrency; nearly all information about transactions are private between sender and receiver, including the amounts- just like physical cash or gold transactions.

Pirate Chain’s technology enables secure and private financial transactions backed by some of the most secure blockchains out there. There’s some cool, verifiably secure tech under-the-hood and we’ll mention that below.

Pirate Chain has all the properties of money but has an absolutely scarce supply…

Durable	✅
Portable	✅
Divisible	✅
Fungible	✅
Unit of Account	✅
Medium of Exchange	✅
Store of Value	✅
Decentralized	✅
Private	✅
Scalable	✅***

*** As with Zano, it’s scalability technology is limited and, due to its smaller adoption rate, it can perform transactions relatively fast for the moment. As adoption increases we might begin to see congestion and slowdown. If this occurs, we’ll revisit this and update our assessment accordingly.

This means it may not be a form of money in the long run due to it’s absolutely scarce supply of 200 million coins. We discuss the reasoning behind this in detail here but suffice it to say, an absolutely scarce supply means it’ll only ever experience deflationary pressures if it ever reaches mainstream adoption making it not an ideal form of money. Pirate Chain is absolutely a powerful currency that will protect your transactions by preserving your financial privacy rights. I think this doesn’t necessarily exclude it from being a money, but we’ll just have to see this scenario play out to know for sure.

Tokenomics

Tokenomics refers to economics of the coin itself. The Pirate Chain token ($ARRR) has a maximum supply of 200 million coins. And it’s emission rate trends toward zero making it deflationary as adoption grows.

From their website (as of the time of this published post):

As you can see, it has a relatively fast confirmation time of about a minute making it easier to perform transactions.

Merchant Adoption

The Pirate Chain community created an easy-to-use directory called ARRRmada for you to find places to use your ARRR for goods and services. Additionally, if you’re a merchant there are a number of payment gateways you can add to your business website that will allow you to receive $ARRR as a form of payment.

Community

Pirate Chain has a very welcoming and active community on several platforms.

Check them out. They’re liberty minded and fun.

To give you an idea of how fun the fans are of this coin, they made a catchy tune.

Mining

Mining $ARRR is easy. You can visit their official site to get information about how to participate here. The page has a bunch of good information to get you started if you’ve never mined before as well as information for the more technically inclined among us.

Designed to be a Currency

Pirate Chain doesn’t have a way to create tokens or confidential assets. It doesn’t have smart contracts or other kinds of programmability other chains typically offer. And that’s okay!

As I’ve highlighted in different articles, the base use case is the most important aspect of a money- to be used. If it can’t be easy to use, doesn’t have the properties of money, then it’s not money.

Pirate Chain is one of a few coins including Monero and Zano take the idea of sound money seriously.

How Get Pirate Chain

Check out the Pirate Chain wallet download page and get yourself a wallet. It’s supported on multiple platforms.

Getting $ARRR is fairly easy. You can check out the official Pirate Chain exchanges page to find out where you can get it. If you don’t want to use an exchange, you can always sell things for $ARRR as well. And as we showed above, you can mine it and earn $ARRR for securing the network.

For the Nerds

Security

tldr;

Ok… so the following has a bunch of jargon that may or may not make any sense to you. Here’s the gist: Pirate chain uses other blockchains to protect itself. The way the tech works is pretty advanced but it works. Suffice it to say, it makes Pirate Chain resilient.

Here’s the slightly more comprehensive explanation.

Pirate Chain’s security model is built on a robust foundation of advanced technologies, including zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) and the Komodo Delayed Proof-of-Work (dPoW) consensus algorithm.

The zk-SNARKs protocol enables Pirate Chain to verify the validity of transactions without revealing any sensitive information, ensuring that all transactions remain private and confidential. This zero-knowledge proof technology provides a secure and trustless way to validate transactions, eliminating the need for intermediaries and reducing the risk of data breaches.

The Komodo dPoW consensus algorithm provides an additional layer of security by leveraging the hash power of the Bitcoin network to secure Pirate Chain’s blockchain. This innovative approach ensures that Pirate Chain’s network is protected by the massive computational power of the Bitcoin network, making it highly resistant to 51% attacks and other types of malicious activity.

Together, these technologies provide a robust security model that protects Pirate Chain’s network from a wide range of threats, ensuring the integrity and confidentiality of all transactions. By leveraging the latest advancements in cryptography and blockchain technology, Pirate Chain’s security model provides a secure and trustless environment for users to store and transfer value.

Scalability

Pirate Chain’s scalability is designed to handle a high volume of transactions with fast processing times. The Komodo dPoW consensus algorithm allows for quick and secure transaction processing, with block times averaging around 60 seconds. The blockchain also supports a large number of transactions per block, with a maximum block size of 2 MB.

While Pirate Chain’s scalability is robust, it’s not designed to match the same level as some newer proof-of-stake or proof-of-capacity based networks. That said, the architecture is also modular and adaptable, allowing for easy integration with other scaling solutions. This flexibility ensures that Pirate Chain’s scalability can continue to evolve and improve over time.

Pirate Chain

Pirate Chain is definitely in my personal money pantheon as a rights preserving currency. It’s easy to think a coin named “Pirate” would be a scam or a joke. But the truth here is that Pirate is no joke. It’s standing up against the legacy financial system, thumbing its nose at the banker class knowing it can’t be shut down while protecting your right to transact. It’s a powerful symbol as it is a monetary tool.

The ethos of Pirate Chain starts and ends with liberty and stands as a testament to the spirit of it’s preservation. In my humble opinion, the world needs more people willing to stand up against these institutions who threaten your very way of life.

Definitely, do you your own research and make up your own mind. These are just my opinions.

Lastly, the folks over at The Crypto Vigilante made a fantastic write up that was turned into a video about Pirate Chain. You can watch it below. It’s pretty lengthy but extremely informative so get some popcorn and relax.

If you liked this post, please considering supporting my work by donating here: