What is PIRATE
Pirate coin is a privacy focused cryptocurrency that is fully decentralized, meaning there is no third party in charge of your funds at any time. Private transactions are confirmed in a trustless manner on the blockchain. This means you do not need a third party to verify that your transactions are valid, the pirate code takes care of that.
Pirate coin uses a highly advanced and respected privacy protocol to hide the data of your transactions. This is accomplished through the use of an advanced technology called zk-snarks, which we have adopted and required on 100% of the send transactions. This is considered by many prominent developers to be one of the strongest methods of hiding your financial data on the blockchain. ZK-snarks works so effectively because it doesn't require the data from your transaction to be viewable on the public ledgers.
All Pirate chain transactions are private by default. This alleviates the problem that many cryptocurrencies with optional privacy introduce into their protocol. These optional private transactions used by the majority of other privacy coins provide anchors for data to be analyzed and thereby weakening the overall privacy protection for users. This complete privacy protocol also provides users with additional assurance that no authorities in the future can come along and claim that users funds are "tainted" or ill gotten due to previous transactions
Pirate crypto allows for quick and secure transfer of value across the world for both the customer and the vendor. The fees are very inexpensive, there is no chance for fraudulent chargebacks, no erroneous fund verification periods, and transactions are confirmed and secured within minutes. These features alone can save merchants and vendors across the globe save billions of dollars by cutting out facilitation fees
Financial privacy is crucial for so many people for so many reasons. Privacy is needed by vendors, distributors, merchants, purchasers, suppliers, service providers and customers. Pirate plans to support community efforts for a legitimate marketplace to parlay your pirate coin for goods and services. Customers deserve privacy and speed in their transactions, period. Businesses can assure their clients and themselves that both parties to the transaction will receive the privacy and speed they expect.
Pirate is a zcash fork launched on Komodo. We use ZEC parameters and we are the only other crypto aside from XMR with forced private sends. This creates a privacy protocol that rivals XMR.
To understand, In short, ZEC privacy gets stronger with each z tx and with the largest possible shielded pool of funds. Since ARRR only has private sends possible, this makes the shielded pool on Pirate equal to 99.99% of all funds in existence.
In addition to utilizing ZEC to the best of it's abilities, Pirate also has dPoW, delayed proof of work from Komodo. This makes pirate reistant to damage from 51% attacks.
Every 10 minutes a hashrecord of the Pirate blockchain is recorded on the Bitcoin blockchain via Komodo's dPoW. If you are unfamiliar with dPoW you should definitely look into it more.
In short, we are one of the most private and definitely one of the most secure privacy coins in existence based on these parameters.
- Many of the value propositions for Pirate have been focused around privacy. Pirate is Fundamentals complete. The product is ready for use and ready to provide privacy.
When the blockchain explorer only records a timestamp and a bunch of zeros... there is not much better way to hide that data.
Now that we have privacy and security on lock down, our next main goals are to get sapling integrated.
This is going to open a lot of doors, from mobile and point of sale exposure, as well as being able to ease the onboarding process to pirate so that it is almost invisible to the customer.
Again, more on that as we are privy to share. Some of that is under wraps for a reason and Sapling is going to be a game changer after pirate itself has already changed the game.
Privacy and Security
- Pirate chain uses ZEC parameters with forced private send. This makes the shielded pool on Pirate equal to 99.99% of all funds in existence.
The ZEC devs themselves have stated that forced private sends are likely the best solution for utilizing zcash privacy features.
- In addition to utilizing ZEC to the best of it's abilities, Pirate also has dPoW, delayed proof of work from Komodo. This makes pirate reistant to damage from 51% attacks.
Every 10 minutes a hashrecord of the Pirate blockchain is recorded on the Bitcoin blockchain via Komodo's dPoW. If you are unfamiliar with dPoW you should definitely look into it more.
If all that above can be distilled into a 90 seconds script, that would make me a happy Pirate.
Now... for the Privacy video... Here is my interview answers to be distilled into a script.
- Financial privacy is crucial for so many people for so many reasons. Privacy is needed by vendors, distributors, merchants, purchasers, suppliers, service providers and customers. Pirate plans to support community efforts for a legitimate marketplace to parlay your pirate coin for goods and services. Customers deserve privacy and speed in their transactions, period. Businesses can assure their clients and themselves that both parties to the transaction will receive the privacy and speed they expect.
Business is cutthroat and it's critical for some businesses to protect their relationships to retain their edge on their respective markets. The ability to incorporate a cryptocurrency with the ease of use, speed, flexibility and financial privacy that Pirate offers will secure this critical advantage that powers many businesses in todays market. Pirate offers an enormously beneficial means of transacting and exchanging value.
The traditional and very cumbersome methods that exist within legacy banking systems are not only detrimental to businesses, but can be costly to businesses in many ways. Your transactions can be at the scrutiny and whim of being reversed by a third party with no rights, reasons or understandings to your business. Todays FIAT currencies are already making a mass exodus towards digital systems. Any soverign cryptos created in the future will surely not be wholly private and still be likely subject to manipulation as it already is... as opposed to a decentralized blockchain protocol run by math.
The code exists today such that we no longer need to have these middlemen and facilitators managing our transactions.
We're here to help to preserve peoples privacy along the way.
- The world NEEDS privacy.
Privacy is pivotal for human interaction, for art, for discussion, for finances and for safety.
Martin Luther King Jr. would not have been able to be the force he was for the civil rights movement if he did not have privacy.
Business would not thrive and innovation would be stifiled without privacy.
Our love lives and families would not be the way they are without privacy.
The list goes on and on for the reasons we need privacy, and none of them need to be nefarious.
For some people, privacy is serious business. We like to look at it like practicing medicine.
- Privacy - ZEC privacy works best when used the most. Each transaction reshuffles the funds and the entire 99.99% shielded pool of funds is not discernable from the rest. Only you know your wallet balance and transaction details, unless you wish to share them, which you can.
Zooko wants to ban unshielded transactions but I don't see that going over too well on KYC exchanges and with their existing crowd that may feel it's too "nefarious" to be private.
Well, I didn't show the barista my bank statement today when I bought coffee, why should crypto be any different?
Zcash devs know that that a fully shielded fund pool is the strongest possible use for Zcash privacy tech, link provided by Daira Hopwood via Twitter
Even Fluffy Pony acknowledges that the protocol is stronger with tradeoffs, albeit in this post, he was talking about zcash with optional privacy and hadn't likely heard of Pirate yet.
We have taken one of the most cryptographically seecure privacy protocols, zksnarks, and required it to be used on ALL send transactions on the blockchain. SKsnarks works by obfuscating all users funds in one large shielded pool of funds, makign it impossible to discerne your funds from another users funds (to date). As mentioned above, our biggest tech competitor, Monero, mentions there are stronger protocols. The zcash devs themselves acknowledge this stating that the strongest use for zksnarks is a requirement to use the tech on all send transations. Zooko has mentioned that they would like to ban unshielded transations but that's a tall order for them to require at this point in the project.
In addition to having what is considered one of the strongest privacy protocols in crypto, we have also added dPoW from Komodo giving us resistance to damage from 51% attacks as well as double spend protection meaning exchanges and users can be assured that any issues with double spends on the chain can be handled swiftly and effectively without causing permanent damage to the chain.
- let me give you some examples of how we already have privacy in our financial transactions today that we dont have in crypto. Somehow we write off this lack of privacy as "Amazing worldchanging tech" while giving up the entire history of our financial decisions.
You didn't go into the coffee shop today and show the cashier your bank statement before you gave them money for your coffee. You just gave them the money. There was zero knowledge on how you got the money, there is zero knowledge on how much you have, there is zero knowledge of your merchants finances, and yet somehow, the sun keep shining and the weather is sweet. Crypto financial transactions deserve the exact same discretion. It is critical to many people for many reasons. Safety, security, peace of mind and most important of all, financial privacy. The implications of financial privacy and the breach thereof, would be an entire article/interview on it's own.
- Financial privacy is critical. For the most part, we do have some form of it today.
Buyers don't know how much store owners have, store owners don't know what their buyers have. Just like it works now with banks and credit cards.
There is this strange narrative in the cryptosphere, mostly championed by media as well as sub standard privacy protocols, such as opt in or TOR based privacy coins, that Privacy coins are for nefarious people committing nefarious acts.
This is insane and very harmful to humans as the crytpo world becomes more adopted.
You didn't go into Starbucks and show the clerk your bank statement after you bought your coffee did you?
You don't walk up to a street vendor and say "Hi there, I have 472 thousand dollars, can I give you 17 of them for that bottle of rum?"
Why should crypto and peoples financial privacy be any different? There is no reason open public scrutiny is necessary all the time.
This creates other problems in society and economics. Favortism for people who are well off, increased scrutiny to those who arent. Companies using your data against you.
Imagine an insurance company declining you for fair coverage because of your spending habits?
Imagine an employer overlooking you for a job because they don't like how you spend your hard earned money?
I can come up with a hundred wholesome and certainly necessary reasons for privacy in crytpo before there is one nefarious one.
This narrative needs to stop. Thin veil privacy coins need to stop. Privacy is serious business. It is like practicing medicine or building skyscrapers. If you do it wrong, people get hurt.
And that is the Privacy thoughts I have written and had. I appreciate all the work the community is putting in lately. The project would be much slower without your input!
We are proud to have a third party site that our users can go to review the project. We urge any of you who are looking for a similar outlet to apply. They team was fast and easy to deal with and integration took about 48 hours.
Crex24.com https://crex24.com/?refid=geupznbjexw18z9524b9
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