ARRR You Ready For The Best Privacy Coin Yet?
Welcome to Pirate!
First, a brief history on anonymity
We have all heard a ton about privacy since Satoshi Nakamoto first introduced the world to Bitcoin and cryptocurrency. Starting with how Bitcoin is both private & anonymous, and how it is going to change the world, etc. In reality Bitcoin is somewhat anonymous because identities of people or corporations aren’t recorded anywhere in the bitcoin protocol. But not as anonymous as you may think because every transaction performed with Bitcoin is visible on the distributed public ledger, i.e., the blockchain.
As such, wallet balances which can be linked to identities are also visible to anyone who wishes to look. This makes Bitcoin, for most users, no more anonymous than a bank account. Additionally, since many institutions require KYC or AML documentation, users activities can be linked to their identities by law enforcement agencies if required. Overall, Bitcoin is one of the most transparent payment systems in the world.
Privacy…what is it?
Privacy may be many things to different people. Whether you are a movie star, reclusive billionaire, or just an everyday person wary of the distrustful eyes of government, social media, financial institutions, etc, your privacy is important. But lets just agree that at its core privacy essentially means not being known publicly. More formally, Websters dictionary defines privacy as:
a) the quality or state of being apart from company or observation
b) freedom from unauthorized intrusion
According to this definition, Bitcoin is not private at all.
The fact that Bitcoin was growing in popularity among those in favor of a decentralized revolution, but not private enough for their aspirations, energized developers to innovate. In terms of privacy-centric, from this innovation came coins such Dash (DASH), Monero (XMR), Zcash (ZEC), and the newest and most private of them all Pirate (ARRR).
Although you most likely have heard of the first 3 above which have been around for a while (DASH, XMR, and ZEC) its very likely you haven’t yet heard of ARRR …after all its is only about 2 months old. But don’t mistake its youth for its lack of formidable privacy features. In fact, when I said above that it was the most private of all the privacy coins in existence, I meant it. And here is why.
Pirate was created on the Komodo Platform — an ecosystem which has given “birth” to many dICO’s & ICO’s, 2 DEX’s called Barterdex & Hyperdex, the multi-coin wallet called Agama, as well as a very active community and discord. Pirate was built as a privacy coin on Zcash parameters with an added unique feature in that all transactions are z transactions. Additionally, Pirate was created with its own unique asset chain using zk-snarks (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) for privacy and dPoW (delayed proof of work) for security. The main feature of Pirate is that 100% of the send transactions on the chain are forced z tx, i.e., private transactions. With Pirate there is no option to send a transparent (public) transaction. Ultimately for Pirate, this creates a complete pool of shielded funds. In the simplest terms, with zero knowledge there is no information to be analyzed or found by anyone and therefore privacy is 100%.
In addition to being the most private cryptocurrency on the planet because of Komodo’s dPoW, Pirate is not susceptible to 51% attacks and double spends. In essence, Komodo’s unique security mechanism protects the blockchain by leveraging the hashrate of the Bitcoin network. This is made possible by storing backups of the KMD blockchain onto the Bitcoin ledger. For a more detailed explanation, feel free to read more about Komodo’s dPoW here… https://komodoplatform.com/security-delayed-proof-of-work-dpow/
The limitations and weaknesses of other privacy coins are there for all to see. In short, XMR is constantly reconfiguring and manipulating their code to try for increased privacy and their wallet support is difficult and likely will remain so due to the limited options available. Also, why have privacy features which not everyone uses and therefore compromises the entire blockchain as with ZEC and DASH. Both allow using these privacy features only as an option, not as a necessity. Some critics believe that users choosing not to activate the privacy features may compromise the overall security of the entire network.
Avast me hearties! Head on over to the Komodo discord for some rum and some fun…if you’re fortunate enough to score some Pirate booty in the #otc room you’re lucky to keep it hidden and locked away in your z-addr where it is safe from the prying eyes and fingers of scurvy dogs and government officials alike (is that redundant?). ARRR
If you want to become part of the privacy wave with the most private cryptocurrency available today then join the Komodo discord community, scroll down to where it says Pirate (see snippet above) and check out the activity. Komodo discord invite here https://discord.gg/U4972a
You can also follow Pirate on their official Twitter feed here:
