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The price of pirate chain (ARRR) cryptocurrency has gained more than 14% since the start of the month, but it remains down by 72% since it reached an all-time high in April.Is the market starting to rebound after the recent cryptocurrency crash?
In this article, we take a look at the main features of the Pirate Chain protocol and predictions for the direction of the ARRR price in the future.Pirate chain focuses on anonymous, private transactions
What is pirate chain? A privacy coin, it was launched in August 2018 by several developers from the Komodo blockchain community on the Discord messaging platform.More than 100 contributors have worked on the development of pirate chain since the launch, providing coding, partnership development, marketing and other skills.
Komodo is a fork or spin-off of the Zcash project, which is itself a hard fork from the Bitcoin blockchain.Komodo’s platform uses a delayed Proof of Work (dPoW) algorithm to provide a security service for blockchains.Pirate Chain brings together dPoW, zero-knowledge proof (zk-SNARKs) transactions from the zcash (ZEC) cryptocurrency and enforced private transactions from the opaque Monero blockchain.
With zk-SNARKs, the transaction data does not need to be viewable on public ledgers.
This makes 100% of the transactions anonymous, unlike other coins in which privacy features are optional.
According to the crypto’s white paper: “All pirate chain transactions are private by default.
This alleviates the fungibility problems that many cryptocurrencies with optional privacy introduce into their protocol.This complete privacy protocol provides users with more assurance that no authorities are able to claim that user’s funds are ‘tainted’ due to previous transactions, now and in the future.”
The cryptocurrency is fully decentralised and shields peer-to-peer transactions.According to the developers, using dPoW protects pirate chain from 51% attacks – which occur when malicious miners take control of more than 50% of a network’s mining hash rate.Each block is recorded on the Komodo and Bitcoin blockchains, and an attack would have to affect the hashrates of Bitcoin, Komodo and Pirate all at the same time.
“This makes security against double spends and hostile takeovers nearly impossible if not impossible altogether,” according to the pirate chain website.“The Komodo security service is performed by notary nodes which are needed to record block-hashes onto the Bitcoin blockchain, referred to as notarisation.The notary nodes pay the Bitcoin transaction fee for notarising the Komodo blockchain.The bitcoin transaction fee costs for notary nodes is compensated for by block rewards and transaction fees of the Komodo blockchain going towards notary nodes.”
User privacy is at the core of web 3.0, the next-generation Internet, which aims to hand control of personal data back to the individual user rather than large corporations, which can make large sums of money from selling that data to third parties.
The ARRR token launched without pre-mining any coins or launching an initial coin offering (ICO).
There are currently 182.6 million coins in circulation, out of a maximum total supply of 200 million.It has a market capitalisation of around $885m, ranking it 213 in the list of cryptocurrencies, according to CoinMarketCap.
Pirate chain miners earn rewards of 32 ARRR for verifying blocks.The block rewards halve every 270 days and the next halving is due around 30 August.The block reward will gradually decline until it reaches 1 ARRR in 23 years.
Pirate chain was added to the Changelly Exchange in April and was listed on DigiFinex Global in late May.
The developers have released an updated version of Treasure Chest, the main full-node wallet for the cryptocurrency, which users must upgrade to by 14 June to avoid incompatibility issues.Pirate chain price analysis: ARRR attempts to rebound from the crypto crash
The ARRR price has moved in line with the broader cryptocurrency markets over the past year.
It started 2020 at $0.02707, traded down to $0.01341 in March, and then trended higher throughout the rest of the year to reach $0.1733.
The price reached $0.33 in early April 2021, then soared to a record intraday high of $16.90 on 23 April.It quickly slumped to $5.36 on 30 April, found strong bullish impetus to move up to $9.19 on 10 May, but was unable to maintain the momentum and slipped back to $2.56 on 23 May.Why Capital.com? .
