Pirate. A zk-SNARKs privacy coin secured using bitcoin network, is a privacy oriented coin that focuses on helping users maintain their financial privacy. ARRR, the platform’s native coin, is a “100% private send cryptocurrency.”
Notably, the Pirate platform uses a privacy protocol that “cannot be compromised by other users’ activity on [its] network.” While most privacy coins offer “optional privacy” or privacy by default, the developers of Pirate claim that this may potentially create vulnerabilities on their network.
Pirate uses ZK-snarks technology to “shield 100%” of the peer-to-peer (P2P) transactions on its blockchain, thus ensuring “highly anonymous” and private transactions.
“Most Secure”, “Most Private” Coin
The developers of the new privacy coin state that their privacy coin is arguably the “most private” and the “most secure” digital currency that has so far been created. Pirate’s decentralized crypto network is based on the Zcash platform, which is a product of the efforts of those involved in the Zerocoin project.
As most crypto enthusiasts would know, the Zerocoin project was initially launched in order to enhance the privacy of bitcoin (BTC) transactions. Since then, however, there have been a number of a different privacy-oriented cryptocurrencies that have entered the crypto market.
According to Zcash’s developers, the “best use of the protocol is a chain that requires private sends only.” Moreover, Komodo’s delayed Proof of Work (dPoW) helps to protect Pirate’s blockchain from being susceptible to double spends (when a user attempts to spend the same funds twice) and 51% attacks. This is achieved by “attaching a backup of the ARRR chain to the Bitcoin Blockchain.”
As explained on the platform’s official website:
“In order to 51% attack Pirate, you would have to first 51% attack Bitcoin. This makes security against double spends and hostile takeovers nearly impossible if not impossibe altogether.”
Below are some key features of this new privacy coin:
- – “Independent assetchain launched on Komodo secured by dPoW”,
- – “Private send transactions only. No Public sends make it the largest shielded funds pool of any project using ZK-snarks”,
- – “TOR network supported”,
- – “Fundamentals complete. Main net launch was August 30, 2018,”
- – “Sapling upgrade planned for Q1 2019 to provide lite wallets, mobile wallets and Point of Sale functionality”
Demand For Privacy Coins Will Likely Increase
The need for privacy-oriented cryptocurrencies may only increase in the foreseeable future. As CryptoCoreMedia reported, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) took action against two Iranian citizens for allegedly facilitating illicit bitcoin (BTC) transactions.
The OFAC has identified two crypto addresses that are linked to them, as they were used for thousands of BTC transactions, worth “millions of US dollars.” While it’s always best to stay on the right side of the law, it should be obvious that there is a legitimate use case for privacy coins.
However, let’s use our personal assets responsibly.
SOURCE: Crypto Core Media