What Is the Pirate Chain (ARRR)?
ARRR is the native coin of the Pirate Chain created by the Komodo community developers. See the Pirate Chain price chart above if you're curious about the current ARRR price.
The Pirate Chain is a decentralized blockchain that claims to provide users with the safest private crypto asset on the market. Thus, privacy and security are the main focus of the whole network. In fact, the Pirate Chain token is the first asset that mandatorily uses zk-SNARKS in a private-only manner.
Zk-SNARKs is a zero-knowledge proof protocol used by Zcash, which is a payment network that focuses on privacy. Zk-SNARKs enable one party to demonstrate to another the validity of a claim without disclosing any information other than its factual accuracy. The verification process happens in milliseconds.
This means that private information about users is never disclosed except when they want to disclose it.
Since ARRR coins employ Zk-SNARKs from Zcash, every address of the ARRR coins is a shielded z-address, and every transaction is a z-transaction.
Since z-addresses are encrypted, you cannot view the data on the blockchain associated with them. As a result, neither the transactions sent to them nor the number of assets they hold is visible. The z-transactions are impossible to follow since there is no evidence of the transaction outside the user's wallet.
The consensus that Pirate Chain employs is Komodo's delegated Proof-of-Work (DPoW) consensus algorithm. DPoW operates similarly to Proof-of-Stake in that users must stake ARRR coins in order to take part in consensus.
Though the primary distinction is that in a PoS network, staking allows all coin holders to participate directly in validation and voting processes. On DPoS networks, on the other hand, only the elected delegates take part in validation, with the rest of the coin holders participating only in the process of choosing the delegates.
Besides, DPoS indexes the Pirate Chain onto the blockchains of Litecoin and Komodo, securing the network even more. Attackers would need to pass via both of these blockchains in order to reach Pirate Chain, which is both excessively expensive and nearly impossible.
In order to make themselves completely anonymous, users can run the Pirate Chain on the TOR network. If you're not familiar with the concept of TOR, it's a decentralized network that anonymizes user web traffic by encrypting it and sending it through a series of relays before reaching its destination. In essence, it allows users to stay completely anonymous.
The Pirate Chain coin was launched in August 2018. The volatility of the ARRR price was low at first, balancing at around $0.10-$0.15. This price range was maintained for several years after its launch.
ARRR started showing more market activity in 2021. In August that year, the Pirate Chain price peaked at $4.61. The asset has generally been prone to following the broader crypto market trends.
ARRR Coins
ARRR is a Privacy coin. This is a relatively new class of crypto assets. To protect the privacy of its users and their activity, privacy coins disguise their transactions. Participants in a transaction are aware of the parties and the amount involved. However, any outside observer is not. Since the perception of privacy coins can sometimes be negative, it may impact the Pirate Chain price.
The main use case of ARRR coins is making private and secure payments. In fact, the Private Chain developed its own directory for stores and service providers called ARRRmada, which features all businesses that accept ARRR coins as payment. Users can purchase basically anything, from shoes and clothing to medical and legal services.
Along with the ARRRmada, the Pirate team developed Pirate Pay. It's an open-source payment gateway that lowers transaction fees while also simplifying the online payment process.
There is a tokenized version of the coin called wARRR that runs on the Binance Smart Chain. wARRR holders can trade their tokens on Pancakeswap and add liquidity to the wARRR/BNB pair. Liquidity providers can then stake their tokens to receive rewards that are taken from wARRR transaction fees.
wARRR tokens can be unwrapped using the bridge, which is used to convert wARRR to ARRR and vice versa. When a user unwraps their wARRR, they send it back to the bridge, where it is taken out of circulation and replaced with an equivalent quantity of ARRR.
If you're considering buying Pirate Chain tokens, bear in mind that the ARRR price is prone to fluctuation. This happens as a result of the ARRR value being affected by the overall fluctuation of the whole crypto market.
Tokenomics of ARRR Coins
The max supply of ARRR is 200 million coins. The ARRR coins were not pre-mined, and there was no initial coin offering (ICO) or any other type of event held. The tokens are created as block rewards for miners. Approximately every minute, a new block is issued. The asset is deflationary. Therefore, the ARRR price, as well as the reward value, is expected to increase over time.
Block reward halving takes place every 388,885 blocks (about 270 days) to prevent the number of circulating tokens from going over the maximum supply. This means that the block rewards are decreased by 50% each time.
Check out the Pirate Chain price chart above if you're curious about the historical and current ARRR price.
