KuCoin AMA With Pirate Chain (ARRR) — The Most Private & Anonymous Cryptocurrency
Dear KuCoin Users,
Time: December 6, 2021, 11:00-12:01 (UTC)
Pirate Chain (ARRR) is a 100% private send cryptocurrency. It uses a privacy protocol that cannot be compromised by other users' activity on the network. Most privacy coins are riddled with holes created by optional privacy. Pirate Chain uses zk-SNARKs to shield 100% of the peer-to-peer transactions on the blockchain, making for highly anonymous and private transactions.
Official Website: https://pirate.black
White Paper: https://pirate.black/whitepaper
KOSIUS — Fleet Commander for the Pirate project
KOSIUS is a volunteer and currently holds the rank Fleet Commander for the Pirate project. He’s been in crypto since 2016 and has been involved with Pirate Chain since 2018. He takes care of business development for ARRR.
Q&A from KuCoin
KOSIUS: Hello everybody, a warm welcome from my side as well.
Thanks for joining us for today's AMA.
Looking forward to answering some interesting questions from all you future Pirates! ARRR-gh!
Q: What is Pirate Chain (ARRR)?
KOSIUS: Pirate Chain is a project about financial freedom. Most privacy coins are riddled with holes created by optional privacy. Pirate Chain uses zk-SNARKs (military-grade encryption) to shield 100% of all peer-to-peer transactions on the blockchain, making for highly anonymous and private transactions.
Q: How and when did Pirate Chain (ARRR) start?
KOSIUS: In 2018, a group of privacy-focused developers came together to improve the code of existing cryptocurrencies. The result was Pirate Chain.
On top of that, there was no ICO, IEO, or presale. There is no dev reward/fee. The project is run by a passionate community of volunteers.
Q: Isn't Bitcoin already private?
KOSIUS: It's a common misconception that Bitcoin transactions are private. In fact, Bitcoin transactions are mostly public since it is an open ledger, which makes Bitcoin pseudonymous at best. Every transaction made reveals the balance of your wallet to the other party. It does not take any stretch of the imagination for large corporations to track you through your wallet transactions and vice versa.
In fact, this is so much easier than trying to track you through your credit card transactions, as those are hidden on private centralized servers. Whereas with Bitcoin, the blockchain is broadcast globally. Even worse, nefarious actors can target you once they have identified your generous wallet balance. This public display of your financial status to the world is found not just in Bitcoin but also in every other cryptocurrency without native privacy. Financial privacy is paramount to individuals and business entities.
Q: Why is financial privacy important?
KOSIUS: In today’s digital world, every action online is monitored and tracked. All financial transactions are at best recorded, or worse, hijacked by hackers for future illicit purchases. Privacy used to be the right to be left alone. Today it has morphed into the right to opt-out of giving away your personal information. Using Pirate Chain will restore privacy to your financial actions, giving you the right to opt-into sharing your personal details, which is a significant step forward for economic freedom.
Q: What is an anonymity set and why is it important for privacy coins?
KOSIUS: The anonymity set concept is actually quite simple, despite its complicated name. The anonymity set is the number of people Waldo is hiding amid if you’re playing “Where’s Waldo.” The greater the number of people, the less likely it is to pick at random and make the proper choice. The anonymity set is exactly the feature that adds privacy to a privacy coin. Pirate currently has an anonymity set of about 600,000 (the anonymity set grows with every peer-to-peer transaction). This means you're able to hide among 600,000 other identical transactions, making this the biggest anonymity set in all of crypto.
Q: How does Pirate Chain (ARRR) compare to Monero (XMR)?
KOSIUS: Monero offers a private chain, but their privacy tech is inferior to Pirate's. Full-stack zk-SNARKs, which Pirate utilizes, offer better privacy than you would get with using Monero. So a fully shielded chain like Pirate offers better privacy, bigger anonymity set (Monero offers an anonymity set of 11), and on top of that Pirate is also 51% attack resistant with the use of Delayed Proof-of-Work.
Q: How does Pirate Chain (ARRR) compare to Zcash (ZEC)?
KOSIUS: Zcash does not shield all of their peer-to-peer transactions, which ruins fungibility and privacy. Zcash utilizes transparent addresses and those transactions make up 98% of their chain. This is not private. Aside from initial block rewards from mining pools, all of Pirate's transactions are private. Pirate is also 51% attack resistant with the use of Delayed Proof-of-Work and has a much bigger anonymity set (Zcash currently has an anonymity set of 170,000).
Q: What is Delayed Proof of Work (dPoW)?
KOSIUS: 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). Delayed Proof-of-Work notarizes the transactions made on Pirate on to the Komodo blockchain and then on to the Litecoin blockchain. This was added to make Pirate more secure than any other Proof-of-Work chain out there by being resistant to 51% attacks. This is what makes it special compared to the others.
Free-Ask from KuCoin Community
Q: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
KOSIUS: We always consider community feedback. We're completely community-run, so the community is the backbone of our project. All ideas and feedback are welcome!
Our "ideal customer" is everybody that doesn't want their online transactions to be tracked.
Q: Is your project only for elite investors? What about others with small funds? Is it open to everyone?
KOSIUS: The project is for EVERYBODY since we all have a right to privacy in this world!
Q: Do you have a whitepaper? If yes, please share it with us, and secondly, are you working on auditing your project to make its security more secure and reliable?
KOSIUS: WP: https://pirate.black/whitepaper
We have had audits done in the past and we will definitely be doing more in the near future.
Q: Staking is one of the strategies to attract users and hold them long-term. Does your great project have a plan about staking?
KOSIUS: Since of the private nature of Pirate, we don't have a staking option, but we do have a wrapped version of our coin on Binance Smart Chain named wARRR, which users can stake.
Q: Do you guys feel satisfied by seeing your progress and achievements till now when you look back to the day when you started this project?
KOSIUS: We are beyond stunned by what we have achieved in the past couple of years!
Q: Is your platform suitable for crypto beginners? Or is it only limited to professional users?
KOSIUS: Our project is suitable for anybody.
Q: Can you share your social media links so we can keep ourselves updated?
Q: Can you list 1-3 killer features of your project that make it ahead of competitors? What are the competitive advantages your platform has that you feel most confident about?
1) use of zk-SNARKs cryptography (best of the best)
2) privacy by default
3) use of dPoW for protection against 51% attacks
Q: Almost 80% of investors have just focused on the price of a token in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token in the long term?
KOSIUS: Keep your financial privacy online.
Q: Do you have any coin burn/buyback systems or any token burn plans to increase the value of the token and attract investors to invest?
KOSIUS: Satoshi said it best himself: “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.”
Q: How is it different from other privacy coins?
KOSIUS: Please check the introductory questions.
Q: Can you please tell us how good Pirate Chain provides privacy? Is it really the best in the market? How can you provide that good level of privacy? Will you always try to keep it top?
KOSIUS: Privacy is provided through zk-SNARKs cryptography. zk-SNARKs is currently the best of the best in the crypto-sphere. We will always follow technology.
Q: How could Pirate Chain solve 51% attack, the biggest problem with private cryptocurrencies?
KOSIUS: Check the last introductory question.
Q: What is the main feature of ARRR?
KOSIUS: Privacy by default for everybody.
Q: How can I buy this token? Is it available on any exchange?
KOSIUS: It's listed on KuCoin.
Q: Now 94% of the coins are in circulation. Is it known when all the coins will be in circulation?
KOSIUS: 2044 is expected to be the year when the last coin will be mined.
Q: Pirate team members sometimes do Twitch Streams to speak with the community. Do you plan to do this more often? Can the audience connect and ask questions as well? Do you also plan to do the same in Telegram Voice Chat?
KOSIUS: We have monthly meetings where all questions are welcome and we always do an AMA session then. The next one is at the start of January.
Q: How to mine ARRR?
KOSIUS: I'd definitely start here: https://pirate.black/mining/
Q: Are you planning to promote your project in countries/regions where English is not good? Do you have a local community for them to better understand your project?
KOSIUS: We do AMAs like this to motivate more users from different countries/communities to join and take back their financial freedom.
Q: Is there anything else you would like to share or you want us to know?
KOSIUS: Thanks again for having us. It was a pleasure. We definitely had some interesting questions.
And always remember, "financial privacy today is freedom tomorrow."
Take care, everyone!
KuCoin and Pirate Chain have prepared a total of 1,200 ARRR to give away to AMA participants.
1. Free-ask section: 45 ARRR
2. AMA activity: 1,155 ARRR
Activity 1 — Quiz: 900 ARRR
Activity 2 — Price Guess: 180 ARRR
Participation Rewards: 75 ARRR
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