On Saturday, May 2, we had the pleasure to welcome to our Telegram chat:
Draeth, Captain of Pirate Chain.
DreamTim, First Mate of Pirate Chain.
Some sentences have been slightly edited for readability but the meaning has been conserved.
In this AMA, Draeth, Captain of Pirate Chain, and DreamTim, First Mate of Pirate Chain joined the GAINS community to tell us about their project.
Pirate Chain is the most anonymous cryptocurrency in the market, as well as the most secure. They have 100% shielded z-z P2P transactions.
Thanks to their delayed PoW, to 51% attack Pirate Chain, you would have to 51% attack Komodo and Bitcoin simultaneously.
They have developed an Operating System, are working on an anonymous messaging app and will be coming out with a Point of Sale system.
Pirate Chain’s priority is its community and adoption, to do so it has created an online shop where sellers accept their token, $ARRR, as currency: https://arrrmada.com/
There are talks about $ARRR being used for the anonymization of transactions in other platforms.
Q — Alexandre R from GAINS: Can you tell us what you did before crypto, how you got into crypto, and if you’ve had any other venture in crypto previous to being involved with Pirate Chain?
A — Draeth from Pirate Chain: My name is Draeth and I am an engineer by day, and I’ve also owned several successful small businesses that I ran before I got into crypto. I got into crypto because of my love for technology and learning about 5 years ago, and bitcoin was something that I couldn’t stop reading upon. I eventually started mining Litecoin and got hooked ever since. I got into Pirate Chain a couple of months after its genesis block, mainly because I was speculation mining. After reading up on all the specs, tech, and team, I realized that this is a project I wanted to be a part of, so I did everything I could to help out. Over time, I got promoted over and over until I became a captain that leads the project.
A — DreamTim from Pirate Chain: I am +dreamtim
Been in marketing for 15 years and running my marketing company for 12. I got into crypto by finding out from a friend. I had no other venture into crypto before Pirate Chain apart from some mining.
I work in Marketing, Strategy, and Community Development for the Pirate Chain Project.
Q — Alexandre R from GAINS: Can you tell us what your role is at Pirate Chain and what the project is about in a few simple sentences?
A — Draeth from Pirate Chain: Sure thing. My role in the Pirate Chain is to lead the ship, assist the crew in any of their tasks, reach out to other businesses/projects, and a lot more. Pirate Chain is the most anonymous cryptocurrency in the market, as well as the most secure.
We have developed many things, including an operating system, and later this year we will be coming out with a Point of Sale system. We ARRR truly the digital equivalent of cash.
We have 3 captains in Pirate Chain, 2 are developers, and the other (myself) does just about everything else in regards to steering the ship.
A — DreamTim from Pirate Chain: Pirate Chain is a project about financial freedom. It provides 100% shielded z-z P2P transactions to preserve the privacy and anonymity of the user. It is run by a passionate community of volunteers of which I am one.
As I mentioned I work in Marketing, Strategy, and Community Development for the Pirate Chain Project. Coordinate projects, campaigns, and initiatives to grow the adoption of $ARRR.
Q — Twitter user @eljovan: Can you tell us the motivation and advantage of Pirate Chain for investors in the long term?
Is everyone on the team anonymous? It can be understandable considering the nature of the project but this can also be harder to create trust maybe as you could potentially exit scam or at least be hard to find if things went wrong in some way.
A — DreamTim from Pirate Chain: The long term value of Pirate Chain lies in its ability to anonymize financial transactions as well as other data such as text through private messaging. With the loss of consumer data (financial and other), an ever-increasing problem, and with most blockchains being public, all transactions are also public.
So, in a way we have gone from cash and bank accounts to a fully recorded ledger of all possible transactions with no privacy and no anonymity. This means that anyone that can link you to an address knows exactly how much funds you have and how and where you are spending it. This is not secure nor desirable by most people.
Pirate Chain solves this problem and this will ensure the increase in popularity and usage in the long term. So, when you are investing in Pirate Chain the bet you are placing is that privacy and anonymity will become so important to everyone that this will increase value, adoption, and subsequently the price, following a similar path as Monero has.
A — Draeth from Pirate Chain: Not everyone on the team is anonymous. There are a few of us (myself included) who have chosen to sacrifice our anonymity to help spread awareness to the project by doing interviews, meeting people, etc.
Q — Twitter user @Cyanider000: Can you dig deeper into the “Delayed Proof of Work”(dPOW)? How did you select this consensus algorithm? What are the special features that are not available in other Consensus algorithms?
A — DreamTim from Pirate Chain: Whilst Proof of Work is a great consensus mechanism to verify transactions, blockchains that only utilize PoW with small levels of hashing security can be attacked as the market value of those blockchains increases over time with what is known as a 51% attack (double-spending attack).
dPoW uses BTC as a time sequence server to allow cross-chain atomic swaps and to increase the security of the chain. When the BTC chain is used it is nearly impossible to double-spend the transaction with Bitcoin because of its massive hash rate.
dPoW security can be added as a secondary layer of consensus to an existing consensus mechanism of any UTXO-based blockchain. For instance, whether a blockchain is using Proof-of-Work or Proof-of-Stake, it is possible to add dPoW as a secondary consensus on top of it.
Q — Twitter user @cryptoboy237: There are currently many privacy-based projects. What is the advantage of PirateChain over other similar projects?
Explain what is Pirate OS, for what purpose it was developed, how it works and how is it different from a regular OS?
A — DreamTim from Pirate Chain: Pirate OS is an operating system that was developed by Pirate Chain, and will have 2 versions. The first version, GhostShipOS, is an absolutely secure way to hold your funds. It is USB bootable, includes tons of security features, and runs a lite wallet so that you can have your funds stored on the USB and have it disconnected from everything else when you’re done. Galleon OS, which will be the second version, will be a full Operating System that will include many other features, including technology from the members of the BPSAA and more.
Q — Telegram user kunlefighter: Pirate Chain is always being referred to as the best of Zcash and Monero combined.
What makes this a true statement?
If you don’t mind telling us some of its features that makes it actually better than the combination of the above two?
A — Draeth from Pirate Chain: The reason why this is true is that ZCash does not shield all of their P2P transactions, which ruins fungibility and their privacy.
See our recent video about it here: https://youtu.be/-UQfrFwwFDU?t=439
Monero offers a private chain, but their privacy tech is inferior to ZCash.
Pirate Chain utilizes ZK-SNARKs, a privacy tech stronger than Monero while shielding 99.9% of our chain, unlike ZCash who’s shielded transactions make up only 4% of their chain.
Q — Telegram user Belalang kupu Kupu: Will the use of the technology of PirateChain privacy protocol improves the security of information transfer on the Internet?
A — DreamTim from Pirate Chain: This will depend on the adoption of the technology we created. But we are not waiting for that, this is why we create the OS and our own ecosystem to push for more privacy and security from our side.
Certainly what we say and push, does encourage other projects to make their tech more private, so in this indirect sense yes.
Q — Telegram user Aldi H: What are your plans to solve the “fungibility problem” in transactions?
What are the algorithms used by Pirate Chain for fast and scalable transactions?
A — DreamTim from Pirate Chain: We already solved the fungibility problem by shielding all of our P2P transactions.
We have recently introduced a ‘pruner’ code that helps make the database smaller and transactions faster and lighter.
Q — Telegram user Alejandro Urich: Although a 51% attack is not entirely frequent, it is not something that can be forgotten. How does PirateChain protect itself from these attacks? How can I as a user feel safe in PirateChain?
A — Draeth from Pirate Chain: We utilize dPoW, which notarizes our chain onto Komodo’s blockchain, and Komodo notarizes their chain on to Bitcoin’s blockchain.
For a 51% attack to occur on Pirate, you would need a 51% attack Pirate, Komodo, and Bitcoin simultaneously in order to perform a Sybil attack.
Q — Telegram user Waey Ae: With the appearance of many blockchain projects, especially payment projects which have the newest technology, scalability, efficiency, even no fee on transactions. Does Pirate Chain feel pressure from this on the race of global payment solutions?
A — Draeth from Pirate Chain: Yes and no.
Yes because we want to be able to offer our Point of Sale system that we are developing ahead of everyone else
No, because we know that privacy is something that is becoming a huge issue in the world, and being the most private when we roll out our Point of Sale system, it will be groundbreaking.
Q — Telegram user Sa Pta: Pirate Chain is a unique token name, where did you get the idea from and how did you start naming Pirate Chain? and what is the meaning of Pirate Chain?
A — Draeth from Pirate Chain: Pirate Chain is a coin, and it got its name from the developers at Komodo.
Being a Pirate means you believe in the freedom to be able to keep your data without having any prying eyes on it. Without Privacy, there is no financial freedom.
Q — Telegram user Joxes: Your concept of Pirate reminds me of the extinct PirateBay, is this website inspiration for you? share some vision or philosophy together?
A — DreamTim from Pirate Chain: We are not connected to this website. In general terms we say that Privacy is not Piracy and this is the strongest message I can put across. Supporting everyone’s right to privacy and anonymity is more of a human rights issue.
Q — Telegram user S.A.M. Crypto Trader: What are the benefits of Privacy? Also, Coins like Bitcoin are also private where users don’t know who owns those bitcoins! What’s the difference between Pirate Chain & Bitcoin?
A — Draeth from Pirate Chain: Bitcoin is traceable. You can see exactly where everything goes, giving addresses linkability. If someone sends you bitcoin that came from a nefarious source, and the authorities know about it, you can be linked to that transaction. With Pirate, this cannot happen.
Q — Telegram user Verss: What are the difficulties you’ve faced in carrying out the Pirate Chain Project?
Do you have to be accountable to any institution and comply with any regulation?
A — Draeth from Pirate Chain: The most difficult thing we’ve faced is funding certain initiatives. Since we do not have a dev fee on block rewards and did not have an ICO/IEO or a premine, we have to fundraise through the community. In most cases, the community is extremely generous and we are able to get things done. Sometimes though, it’s difficult, and we don’t like to keep asking for fundraising (which is why we are building our own revenue streams this year). We don’t have to be accountable to anyone.
Q — Telegram user Custódio Florencio: Due to the Pirate coin being a privacy-focused cryptocurrency, illegal activities can be done. Many of the countries’ governments don’t like the private part!
What is your solution towards this?
A — DreamTim from Pirate Chain: As with all privacy technology there can be misused. We cannot stop what governments will do but the same considerations about zCash and Monero have been raised in the past without a significant impact on their operations. Many people initially feared the same for Bitcoin, yet it is still there.
Stopping the digital revolution will be hard because it is global and not confined to specific countries.
This explains what we are all about in just over a minute.
Q — Telegram user Lambada Rain: Please tell us the Pirate’s big goal-related substantially improve the privacy and security features of Monero and Zcash?
A — DreamTim from Pirate Chain: In a way the reason that Pirate Chain exists is that neither Monero or zCash have reached this level of anonymity. This is why $ARRR has a unique use case and reason to exist, which many other coins cannot claim.
Q — Telegram user AngeI: Many Investors only FOCUS on short-term prices and ignore the actual value of the project!
Can you tell me the motivation and benefits for investors for long-term Pirate coin (ARRR)?
Tell us some use-case of ARRR tokens for investors and holders.
A — DreamTim from Pirate Chain: You can purchase several products using ARRR already but the big guns we have coming are very significant for investors. A point of sale system has universal application.
But more than that, there is a talk for ARRR to be used for the anonymization of transactions in other platforms, which push usage to far higher levels.
Q — Telegram user LA LA: What plans are set in motion to add value to Pirate Chain?
A — DreamTim from Pirate Chain: What you can do as an investor is to look at various aspects such as the duration of the project, price, community, etc, and compare it to how other projects moved in the past. You will see that Pirate Chain has stayed very competitive as one of the best Equihash coins to mine.
To add value we are:
A) Growing the community
B) Introducing revenue streams through tech and adoption (Operating System, Point of Sale, Ecommerce plugins)
C) We founded the BPSAA to provide additional resources and widen our reach in the crypto space for more collaborations and sponsorships.
Q — Telegram user Ahmad: Why should any investor invest in ARRR Token and What are the main utilities as well as Real-World use case of ARRR?
Is there any benefit for holders?
A — Draeth from Pirate Chain: Because we have real value. We are making real progress and have done A LOT with as little funding we had. You can check our progress here.
Also, the benefits of holding Pirate is that you can see your value increase, and you will be able to eventually spend it on things you want/need.
Q — Telegram user Tony: How does PirateChain rate the importance of the user community?
How do you plan to show the world that your product is not just a useless blockchain solution to a non-existing problem?
A — DreamTim from Pirate Chain: Compared to most other crypto projects we have our ultimate emphasis on the community and adoption. Having a coin without adoption is meaningless. So we spend a lot of time talking about the importance of privacy and have many initiatives that aim at adoption.
For example, we have a website that has all the vendors accepting $ARRR and constantly growing that list. Later we will be offering a PoS system for retailers so they can accept $ARRR in their stores. See https://arrrmada.com/
Our biggest focus after building this amazing technology is to make it known and used by as many people as possible.
Even more specific, we are contacting retailers and partnering with other organizations that can further adoption and awareness. The BPSAA was partly created to push adoption further by combining the power of multiple projects.
Q — Telegram user Keyko: How deep is the relationship of Pirate Chain With the Komodo Team (KMD)?
A — Draeth from Pirate Chain: The developers at Komodo created Pirate Chain. We have deep ties to them but are an independent chain. Komodo’s devs still develop for Pirate Chain, and we have our own devs on top of that, plus our own marketing team and more.
Q — Twitter user @Fero1453: Do you have any plans to attract non-crypto investors to PirateChain and how? What are the measures to increase awareness of PirateChain in the non-crypto space?
A — Draeth from Pirate Chain: Our plans to attract non-crypto investors include things like the Point of Sale system and the Anonymous messenger that we are developing. Having applications like these that do not require knowledge of crypto will be fundamental to bringing people in because it gives them exposure without the requirement of having to know what crypto is and doing tons of research. The measures to increase awareness mainly involve marketing and developing these products. Making products and services easy to use and requiring 0 knowledge ARRR the best way to get to mass adoption.
Q — Telegram user An Da: What are the biggest obstacles to your project when you implement it to the real world, and what is your plan to overcome these problems?
A — DreamTim from Pirate Chain: z-z technology is not the easiest to implement. so we have built a strong support network for devs to assist them when they want to integrate $ARRR
Privacy is something that some people do not realize they need. In this direction, world events help us reminding people that privacy is critical for now and the future.
Q — Telegram user Medrano jan: Who are the developers behind Pirate? Are they qualified enough to handle and serve millions of customers and developers? Do they have enough experience?
A — DreamTim from Pirate Chain: We have many developers who are actively developing for Pirate or contributing code to the project. As a start most major developments from the Zcash base and Komodo are integrated into Pirate Chain, providing a constant stream of improvements, and you know that these projects have many developers behind them.
So when it comes to Pirate Chain, you have jl777 who is one of the top contributors in blockchain, creator of Supernet, and now a lead dev also in Komodo.
Radix42 was one of the people in Satoshi’s Nakamoto’s mailing list, he looks after some of the wallets and privacy technology integration.
MrLynch has been developing wallets and has many other commits to the Pirate code in Github
These are some of the top 3. Many others are involved, looking after smaller or larger pieces.
Q — Telegram user Kim Hung: Adoption by mainstream enterprises will unquestionably require users not only to understand but willingly support the incorporation of a rather complex tokenization system. For online platforms that already have profitable, efficient revenue models, transitioning to a new system makes little sense. How can Pirate Chain solve that problem?
A — DreamTim from Pirate Chain: By providing technology that is easy to use and adapt to. With our POS, companies do not have to change their main POS system.
With our e-commerce plugins with a simple set-up you can accept $ARRR
We strive to improve our wallets and introducing a mobile one to make it even easier to receive and send $ARRR
So we understand what you said and build stuff that sits on top of other set-ups.
Thank you so much Dream Trim and Draeth for coming in our group today and telling us about zk-snarks and forced shielding on all transactions, which is one of the reasons why Pirate Chain is more anonymous than other privacy coins.
You’re working hard and pushing for adoption with your point of sale system. You’re also launching two private OS and an anonymous messaging app, very cool. Please keep us updated on how things go. And for people who are curious or still have questions, head to their Telegram group.
Alexandre R from GAINS
We want to thank everyone who took part today ❤️ and to remind you that the road to financial freedom might not be easy, but everyone at Pirate Chain is 100% committed to 1) growing the project and 2) providing anonymity and privacy for all.
DreamTim from Pirate Chain
I appreciate everyone asking some amazing and really thought-provoking questions!
Draeth from Pirate Chain
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