Thanks a lot for actively participating in the Pirate Chain AMA held on 11th January 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Pirate Chain
We have with us Draeth
Hi everyone, my name is Draeth, and I am a captain over at Pirate Chain, the most anonymous and secure cryptocurrency in the market. I personally found the project a couple months after it's inception and after realizing the tech involved and the brains behind it, I quickly got involved and offered as much help as I could to ensure the success of the project. After about 9 months, i was promoted to captain to help lead the project and help with community management, outreach and a ton more
I have a background in business (i've owned and operated several small business), as well as engineering (i have worked in the solar, telecommunications, and many other industries)
I have also been in crypto for almost 4 years now
Gary - Before I start off with the questions from Twitter.. really intrigued to know the story behind the name Pirate Chain
It was actually quite a short story for the name. After all of the tests and the successful launch of the blockchain, several members started offering up names. Pirate, which was suggested by GrewalSatinder, was liked by everyone and quickly became the name of the project
Pirates of Privacy, meaning taking back ones privacy
Q1. We all know that $ARRR is a solid stack-able privacy coin and the first choice for real Pirates. But besides that, what sets $ARRR apart from other privacy coins?
What sets ARRR apart from the rest of the privacy coins is several things. First, and most visible to the outside, is the fact that we utilize dPow (delayed proof of work), which means that our transactions are notarized on to the Komodo block chain, which is then notarized on to the Bitcoin blockchain, which makes us 51% attack resistant. Secondly, is the privacy ecosystem we are building. We have built the first iteration of of our operating systems (GhostShipOS), which allows users to have a USB with the operating system and wallet on it so that they can use their funds in an environment that is safe and secure (more so than windows, mac, etc), I can dive more into this later if you wish. We are continually building more things for our users to use to protect their privacy because we truly believe in it, the most notable is the Point of Sale system that we are developing that will not only allow merchants to accept Pirate Chain as a payment, but also their native fiat while preserving the privacy of the person purchasing goods.
Q2. Do you see any problem with using dPoW from working with Komodo and not only miner rewards but notary addresses being transparent, and all in all why did you choose to build on the Komodo Platform?
Notary addresses being transparent have no effect on the ztx privacy as notaries are not involved in anything other than the notarization. These transparent tx secure the chain and allows the z address transactions to be secure before there was notarization. The Pirate Chain was able to be reorged a lot, once dPoW was added, there were no more reorgs after it was notarized. Just down send funds from your z address to a notary t address and it is the same as these t addresses are living in a different space, not affecting the privacy of z addresses at all
Q3. PirateChain claims it is as secure as Bitcoin (“In order to 51% PirateChain you would have to 51% Bitcoin first”),Please describe how this works and what the possible downsides of using BTC blockchain are. What if the mempool fills up
It works by the utilization of dPoW (delayed proof of work). You can think of it as a checkpoint using notarizations, where the transactions from Pirate Chain are notarized on to the Komodo blockchain, and then in turn notarized on to the Bitcoin blockchain every 10 minutes. Therefore, an attacker would need to 51% attack Pirate Chain, Komodo and Bitcoin simultaneously and successfully to perform the attack. There are no realistic downsides to this as far as I can see. Since there is only a notarization every 10 minutes on to the Bitcoin blockchain, there is no way that the notarizations could fill up the mempool. If the Bitcoin mempool happened to be filled prior to the notarization, it would simply be put into the next block.
Q4. In Market many project which are privacy based, But PirateChain claims True Private Coin! Can you explain what's the meaning & benefits of True Private Coin?
Sure thing. The meaning and benefits behind a true privacy coin is that it offers completely privacy with no compromise. An example of a compromise would be ZCash, which allows both transparent and shielded transactions, which ruins fungibility. Having a coin that utilizes transparent and shielded addresses allows for tracability and therefore, ruins it's own privacy features once a z-t or t-z transaction happens. A true privacy coin gets rid of the tracability and has the highest possible fungibility, which is what Pirate Chain is known for.
Pirate Chain only offers z-z transactions
Q5. Recently we see major cryptocurrency exchanges like UPBIT, OKex Korea and other delisted several privacy coins like Monero, Dash, Zcash so what do you think about pirate chain? How will you solve these types of problems in development?
Centralized exchanges will always have their place, but the future is heading towards true decentralized exchanges like the one Komodo is building (the Atomic Dex), which will offer seamless swaps between coins without having to transfer your funds to the exchange's wallet, it will be done with your own wallet. We are working towards integrating into the Atomic Dex, which requires a lot for JL and his team to figure out, but are making steady progress. Eventually, there will be a zAtomicDex, which will use Pirate Chain as the base pair for swaps, making it like an anonymous trade
Q6. What is PIRATE OS? What're benefits to normal users? Currently, there are many OS like android, windows, mac etc so why should we use PIRATE OS?
Pirate OS is our series of operating systems that we are developing to enhance the security and privacy of those making transactions. Think of it as an environment to run your wallet with the peace of mind of all the security features in place without the exploits and bugs the other operating systems have, plus its transportable since it is burned onto a USB. You simply power down your PC, plug in the usb, then boot from the usb itself and the operating system comes up. This has the distinct advantage of having the ability to transport your wallet anywhere with the USB, while being able to use it on almost any computer. The OS has MAC address spoofing, runs over TOR, and will eventually have the data encrypted as well as run over several VPNs. This ensures that your wallet is safe, secure and virtually untraceable when you make transactions
Q7. 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?
Delayed proof of work notorizes the transactions made on pirate chain on to the komodo blockchain, and then on to the bitcoin blockchain. This was added to make pirate chain 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 others.
Q8 . We all know that collaborations in industry is very crucial in order to survive and dominate in long term. What kind of collaborations/cooperations have been made by Pirate Chain?
- Pirate Black
The collaborations we currently have is with the Turtle Network as well as a couple others that are currently being worked out. Our collaboration with the Turtle Network is one in which we are building a gateway together to not only list on their exchange, but it's also part of the Point of Sale system we are building. On top of that, work is being done to eventually utilize ARRR in smart contracts as well as coin mixing
Q9. How does PirateChain rate the importance of the user community? What was PirateChain's plan to build the user community?
The importance of the user community is, in my opinion, one of the most important things a project can have, especially Pirate Chain which I can proudly say it's the greatest community I have ever been a part of. Since we are a project with no dev fee, had a fair launch with no premine, no ICO and no IEO, our community pitches in to help with tons of things, such as marketing, fundraising, etc. A great example of this is PirateOS. Lootz, one of our first mates, came up with the idea for PirateOS, and once pitched to the community, one of our community members stepped up and developed it. In any given project, having a solid community behind you drives the success of the project
Q10. Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
The motivations and benefits for investors to long term invest in a project is to look at their long term projects that will not only increase the value and adoption, but to bring the project to a self sustaining state. This is where most projects will fail, because they exist with no plans for real adoption and every day use, as well as having 0 income streams and therefore either relying on donations forever or their dev fee (and their coins price). Pirate Chain is aiming for real world adoption with the point of sale system, along with several other products, as well as becoming self sustaining with a small fee merchant side with the point of sale system that goes directly to the project. The fee will be significantly lower than every single card provider out there (Visa, master card, etc), giving merchants a big incentive to use our point of sale system
Investors who look at the long term success of projects see these things as well as the quality of the project team and community
Q11. Do you think that applications like Google, Microsoft, Facebook demand too much data?
How to use our data in the future, how will users be affected?
How can we manage to transfer as little data as possible?
Is ARRRmada active now in operation? Can we use it as a payment method?
Absolutely, they all require too much data and have terms of service so long in most cases that it would take days to read, let alone comprehend exactly what they legally mean. Users should be given the direct option to see what data they are giving these companies, as well as the option to opt out if possible. The ARRRmada is operational, and we're are currently integrated with Cryptocurrencycheckout and Veruspay (hoping for Coinpayments soon once they upgrade their system).
So there are over a dozen stores and streamers that accept pirate as a payment
Q12. How do you see yourself in your project? What are some of the best and worst experiences you have encountered upon taking this project and make this as your step to become successful? Are you guys willing to do anything for your project?
I see myself as a community/project manager that helps direct where we are heading, as well as reaching out to exchanges, businesses, investors, etc. The best experiences I've had with pirate chain is talking with the community, watching people donate their time and experience to help further the project, as well as bonding with all of the devs, leaders and entire community. I absolutely love how tight knit the people in the project are. The only experience I can truly say that was a bad experience was when an exchange we were listed on (CRYPTOBRIDGE) royally messed up and did damage to us by trying to deflect their responsibility on to us. That was a nightmare try to get people to see what was really going on (and you can now see what happens when an exchange pulls things like that with projects, as they are currently shut down)
To answer what we're willing to do, quite a few of us are willing to sacrifice a lot. Prime example: I love my personal privacy and prefer not to reveal who I am, as well as various other details about myself. However, as you've probably noticed, I've done a ton of video interviews, revealed more information about myself than I would ever do, as well as taken an immense amount of time away from my daily life and put it towards the project
Q13. What is the difference between #ARRR and other leading privacy coins such as Monero, Zcash or Mimblewimble?
The main differences are as follows:
ZEC: utilizes transparent addresses and those transactions make up 98% of their chain. This is not private. Aside from initial block rewards to pools, all of our transactions are private. Also, we have a bigger anon set and use dpow
XMR: Fluffypony himself stated that zk-SNARKS offers better privacy than Monero. So a fully shielded chain like ours offers better privacy, a bigger anon set and we are 51% attack resistant with dPoW
Grin: Mimblewimble has some good tech, but it has been exploited, especially with Grin (who now says they aren't a privacy coin). We dont require users to be online to accept transactions etc. Plus we utilize dPoW
Q14. There are 4 top priority issues that are the combination of slow transaction speed, high cost, hacking and insufficient liquidity. So how does Pirate solve these problems?
Our transactions are really quick with ~1 minute block times. The cost for transaction cost is very small (0.0001 ARRR), hacking you would need to be more specific with, and liquidity comes in time with the growth of the user base
Q15. What are the use cases for ARRR token? Are there any benefits to ARRR token holders?
The use cases for ARRR coin is complete financial privacy. Nobody has a right to view your daily purchases, what you decide to buy, etc. Informational security and privacy is more important than most people realize. The benefit for holders is the knowledge of having their financial privacy secure and the ability to use your coins in online shops (and eventually in person when we develop the Point of Sale system)
Q16. Please, could you tell us which is the first objective (or the first 3) to meet this 2020?
Our first 3 objectives this year currently is, in order, developing a mobile wallet, building the second iteration of PirateOS (which will be dubbed GalleonOS), and building the Point of Sale system
Q17. I have recently read that the Piratechain project is self-funded. How exactly does this happen? How does Piratechain profit?
Why do exchanges charge listing fees? This shouldn't be fair.
If they charge listing fees from each project, the stock markets will be very rich. I don't think that's fair.
This happens by us having a couple Komodo Notary Nodes that donate funds to us every month, as well as having our main pools donate a portion of the pool fees to us. We profit by having these funds used toward development, community bounties, etc. We also raise funds from the community to help pay for things like listing fees and more.
Exchanges charge listing fees, imo, for one of the following reasons:
-they dont make enough in trade fees due to low real volume
-they are greedy and people pay the fees
-they offer services that go above and beyond what any other exchange offers
In most cases, I agree, it isn't fair
Q18. Can you list 2-3 killer features of Pirate Chain that makes it ahead of its competitors?
dPoW, the first fully shielded zk-SNARKS chain, the things we're building (our OS, point of sale system, and more), and most important, our community
Q19. Who are the developers behind Pirate? Are they enough qualified to handle and serve millions of customers and developers? Are they having enough experience?
Our main dev is MrLynch, who is absolutely brilliant, our core dev is JL777 who is also the lead developer of Komodo, Radix42 is another dev echo comes from Zcash, ComputerGenie is one of our wallet devs, Wieprz is our PirateOS dev, and we have more devs that contribute from the Komodo ecosystem. We are always looking for more devs to fully round out our team though. As far as experience, they have them by the boat load 😉
Q20. Why is Pirate Chain (ARRR) always referred to as the best of Zcash and Monero combined?
It's often referred to as that because we offer privacy by default like monero, with the best privacy protocol in zk-snarks which zcash uses
Q21. I see you team are very big and friendly ,so How can developers & technical people contribute to your project?
They contribute by volunteering themselves to help develop the things we are building, or offering suggestions of things to develop. A prime example of this is Wieprz volunteering to develop PirateOS, which was absolutely amazing
Q22. 1- What PIRATE CHAIN exactly means when it says "TRULY" private Blockchain? What is the security measures taken by PIRATE Chain to ensure perfect srafty of investors tokens, data & enterprise details?
2 - Why you need to create PirateOS? What are the main benefits of it? Well, one can use TOR or Onion or VPN browser for safe using of internet usage but why PirateOS?
We mean that there is no metadata leakage from our chain, so people that aren't involved in a transaction cannot see the amount, addresses or anything about the transaction. We use zk-snarks by default to protect user privacy, so others cannot somehow decipher information.
You could use those options for internet safety, but if you use windows, MacOS, etc, there are still vulnerabilities that those OS have that can ruin the benefits if using a vpn with TOR or Onion. PirateOS's built in security features allows users to be confident they are safe and secure, as well as the ability to take their with them anywhere and use iton any computer without a trace, since it's on a USB (we are including data encryption and password protection soon). Also, it's free :)
Q23. What do you think about the future of the privacy coins? Do you think that non-privacy coins will someday become a minority?
Privacy coins are the future, since privacy is a continually growing concern among the public (and its worse than most people realize)
Q24. Will ARRR further “emancipate” from KMD, for example, getting an OWN discord channel?
We have our own discord channel, and have had it for over a year 😀 https://discord.gg/zeRVUj4
Q25. How is Pirate chain development being funded?
By our community donations and notary node funds currently
that's all the time I have for questions today unfortunately. I wish I could go through all of them, a lot of them were absolutely amazing!