Pirate Chain (ARRR) Review

About

Intro

In another edition of our project reviews, we decided to have a look at Pirate Chain. In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, community and technical analysis, among other metrics.

If you wish to skip to the summary to see the SWOT analysis, matrix score and rating, click here.

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Overview

Pirate Chain is a full POW coin and was launched in Aug 2018. It exists for users who want a privacy coin using the latest privacy technology built from the Zcash protocol. It aims to provide an alternative to the existing privacy coins in the cryptocurrency sector.

The primary use case for the Pirate Chain project is intended to provide a private and anonymous blockchain solution. They aim to do this by integrating innovative technology solutions. 

From the Pirate Chain website “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.”

Current adoption for the adoption of coins in the privacy sector tends to be around mainly around darknet markets to conduct anonymous transactions for users. 

Pirate Chain aims to take this one step further by encouraging the adoption of Pirate Chain as a method of payment among regular online vendors. Pirate Chain is currently integrated into a WordPress and Shopify plugin along with an integration guide for both allowing for relatively seamless integration.

The team are also developing a physical Point of Sale (POS) system to allow Pirate Chain to be accepted as payment in physical stores, opening up a whole new market for adoption.

There are public numbers on the number of retailers accepting Pirate Chain on their website shown here, allowing users to search for retailers who accept Pirate Chain as a method of payment.

Pirate Chain recently launched their on Operating System (OS), Ghostship OS, which is the first version of the Pirate OS Lineup.

This version concentrates mainly on the wallet and user security. There is a need for a persistent USB Linux OS that is used only with pirate wallet allowing for an easy to use defence in financial privacy utilising Pirate Chain Technology.  The goal of the Operating System is to protect the user from themselves, as with Ghost Ship there is no wallet data, no worrying about setting it up making it easier to secure new pirates and onboard them using GhostShip to protect them.

Another use for Pirate Chain is the ability to utilise its anon technology and provide a mixer service for users to tumble funds from transparent blockchains such as BTC and ETH via a Pirate Chain mixer. However, this feature is not currently available via a platform.

There are numerous competitors in the privacy sector, including Monero, Zcash and Dash, among others.

In terms of features and technology, Zcash is the closest to Pirate Chain. The difference between the two is that PirateChain transactions are anonymous by default, and the Pirate Chain network is secured by Delayed Proof of Work (dPOW), making the network highly robust and resistant to a 51% attack. There is a considerable market cap among privacy coins. From our experience, it is often projects with unique technology and first to the market who become the largest in terms of community and price growth.

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Large market for adoption Risk of regulation for privacy coins Increase brand awareness
Accepted as form of payment on websites Limited current adoption Increase adoption among retailers
Unique features compared to competitors No first mover advantage
Listing of sites/stores that accept ARRR

Tokenomics

Token info
SYMBOL ARRR
GENESIS BLOCK AUG 2018
BLOCK EXPLORER EXPLORER
CONSENSUS POW
CIRCULATING SUPPLY 133,394,260 ARRR
MAX TOKEN SUPPLY 200,000,000 ARRR
% MAX SUPPLY MINTED 66.6%

 

Financials
MARKET CAP $3,224,086 USD
VOLUME (24HR) $1,808,628 USD
PRICE $0.024
VOL TO NETWORK 56%
AVG PRICE 30 DAY $0.03 USD
TRADING PAIRS BTC, KMD, USDT, ETH + GIO
Token distribution

Pirate Chain is a full POW coin, with 100% of the mining rewards distributed to the network. This is identical to the structure of Bitcoin and becoming extremely rare among POW projects.

Circulating supply

Due to the private nature of Pirate Chain, there is no rich list on the official block explorer, so we are unable to analyse the circulating supply.

Emissions

Mining will continue for about 25 years until the minimum block reward of 0 ARRR with the final total supply of around 200 Million ARRR. The next halving is estimated to arrive on February 23rd 2020 after which emissions will drop off to 64 ARRR per every block.

Network consensus is achieved using Equihash POW mining on the Pirate Chain blockchain, with a hash rate of ~ 310 MSol/s at the time of review.

The ‘real’ hash rate, however, is improved using delayed proof-of-work from the Komodo blockchain which is then notarised onto the Bitcoin blockchain to provide a very high level of chain security or effective hash rate – Higher than Bitcoin itself, ensuring that the Pirate Chain network is one of the most robust and secure.

Token utility

Pirate Chain is currently accepted as a form of payment via WordPress and Shopify websites, with plans to introduce a Point of Sale system.

There are also plans to utilise the anon features within Pirate Chain as a mixer service, which is currently under development.

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
100% of mining rewards distributed among network No team rewards from mining emissions Raise more awareness of token utility
Several block explorers Limited current use cases for ARRR
More than 50% of rewards distributed
Fixed final supply
Secure, robust network
Several utility use cases for ARRR
Entry to obtain ARRR relatively easy via mining

Team

Experience

The team is well rounded consisting of a variety of members, including developers and members of the marketing/promotion and design team.

Notable team members include Jane Mercer, who is an experienced core developer on Komodo and previously worked on the Zcash project. She is also an advisor on the Veil Foundation Board, another privacy coin in the crypto sector. 

Jl777, who is currently the lead developer over at the Komodo project, is also a core developer at PirateChain.

There is no current registered company or foundation for Pirate Chain. However, the team aim to register a foundation in the future. The team listed on the website as semi-transparent, with a combination of real names, user handles, LinkedIn and Twitter account linked to each profile.

Due to the anon nature of the project, it is understandable why some team members may wish to keep their identity private.

Advisors partnerships

There are no notable partnerships listed on the website; however, the team advise that they are currently in collaboration with several blockchain projects, including Veruscoin, Turtle Network (TN) and Komodo.

These partnerships include securing their blockchain via Komodo dPOW, implementing Point Of Sale terminals through VerusPay and utilising the TN network to develop smart contract capability.

Development

An analysis of the project indicates that the Pirate Chain team has grown significantly since the launch of the project in 2018, during severe market conditions for the cryptocurrency sector as a whole. The addition of team members, notably the number of developers, is seen as positive for the project. 

The Roadmap indicates the completed objectives since launch which includes integrating several exchanges with the Z-address protocol (core to ensuring Pirate Chains privacy features), integrating a payment feature for Pirate Chain, the start of the Pirate OS and updating the Sapling protocol.

Finances

The team state that the current sources of funding for the project include:

  • Community fundraising
  • The teams Notary KMD nodes
  • KMD funds donated to the PirateChain team
  • Pool fees generated by the official PirateChain mining pool
  • Point of Sale system (planned)

Pirate Chain is not currently making any significant streams of revenue, and there are no current public financial reports for the project. We recommend all projects provide at least one public financial statement every year.

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Plans to register foundation No current company or foundation Register foundation in friendly jurisdiction
Team members listed on website Limited public info around team members
Highly experienced team and advisors Limited revenue being generated
Generating revenue No public financial reports
Attending conferences targeting core audience

Code

Audit

There is no public audit available; however, we have awarded a bonus point for this section, based on the collaborative work taking place with Komodo.

Activity

Pirate Chain is an open-source project and contributions from non-team members are welcomed by the PirateChain team and also visible on the Github.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Open source None identified External code audit recommended
Contributions from non team members Listing on code ranking site

Community

Followers

Analysis of the projects social media channels shows the following community members:

  • Discord 3876 members
  • Twitter 3856 followers
  • Telegram 1242 members
  • Medium 113 followers
  • Reddit 353 followers
  • Facebook 169 followers

Using the Social Blade analysis tool, we can see the organic growth in following on social media since the project launch, with the most users on Twitter and Discord.

Engagement

The majority of the Pirate Chain community involvement and engagement takes place in the Discord. The Discord is highly organised with various channels for communication and updates. There is a daily activity in the chat and admin/team members are engaged with any questions from the community replying promptly, often answering immediately. 

There are numerous international channels within the discord which is seen a positive as it allows users to engage who don’t use English as a first language.

There is a weekly chat with the team listed in the Discord, allowing the community to engage directly with the team. We could not find a YouTube channel for the project; however, there is an organised Medium account with various articles around development and community.

Governance

As an open source, community led project, there is a governance policy in place which allows the community to have their say with a formal vote.

Website

The website for Pirate Chain is relatively easy to navigate and contains detailed information around the project, along with being multi lingual in several languages. To highlight the strong community following for Pirate Chain, the team state that all translations on the website were provided by ARRR community members.

The team state they are due to update the website in the near future. 

The website is secured via HTTPS and GDPR compliant for European users.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active communication with community None identified None identified
Regular AMA with team
Organic follower growth
Governance model
High community engagement and following
Website GDPR compliant
Website multilingual
Youtube channel for video content

Technical analysis

Chart


Chart Analysis

For chart analysis, we are using CoinTrader and analysing the ARRR/USD pair

Price has returned to a previous level of accumulation before the breakout in the last price cycle between 0.02c and 0.04c USD.

Areas of interest include a breakdown below 0.02c which could lead to a test of all-time lows. On the upside, the area of interest would be a breakout above 0.05c and then an examination of previous resistance from 0.06 to 0.08c.

Data

Information for Pirate Chain is available on all the leading listing sites such as CoinPaprika and several charting sites, allowing for users to get all the information they need about the project.

Pirate Chain is currently listed at eight exchanges; however, it is not presently listed at any Decentralised exchanges. 

Pairings

Pirate Chain currently has the following trading pairs across the various exchanges it is listed:

  • CITEX (BTC, ETH + KRW pairs)
  • AltsBit (BTC, ETH + KMD pairs)
  • Graviex (BTC, ETH, GIO and USD pairs)
  • Trade Ogre (BTC pair)
  • Altility (BTC pair)
  • Bilaxy (USDT pair)
  • CoinEx ( BTC pair)
  • P2PB2B ( BTC, ETH + USD pair)
  • Hotbit

These includes fiat and stablecoin pairings, giving the project a bonus point.

Liquidity

The average price of ARRR over the last 30 days is 0.037c USD.

There is a substantial increase in volume over this period; however the distinct lack of price spikes or movement would indicate that this is fake or bot volume, often known as a volumiser.

Several of the exchange listings have been added within the last 90 days.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Listed on several exchanges Trading volume may be "volumised" List on decentralised exchange
Several base pairs inc Stablecoins and Fiat
Several sources of data and charts
Previous price cycle for reference
Price returned to previous levels of accummulation

Summary

Conclusion

In conclusion, we feel that Pirate Chain is a successful example of an open-source project aiming to build on existing blockchain technology and push it one stage further in terms of both anonymity and also in terms of adoption.

The current issue for many privacy-based coins is a utility for the coin and then adoption among a core target audience. In this regard, PirateChain scores well against its competitors.

The team, advisors and community are what makes Pirate Chain stand out. The development team is reliable, and milestones are being achieved over a sustained period, with the Pirate Chain community also contributing towards development and adoption.

There are areas for improvement, but overall Pirate Chain has grown from strength to strength since launch and has the potential to challenge its competitors in the privacy sector.

In summary, the Pirate Chain project scored 71/100 based on our scoring matrix, and we give it an A- rating.

ABOUT USE CASE
✅✅
ADOPTION
COMPETITION
FEATURES
✅✅
ROADMAP
✅✅✅
TEAM PUBLIC
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅
PARTNERSHIPS
✅✅✅
FINANCES
CODE AUDIT
CODEBASE
✅✅
ACTIVITY
✅✅
DOCUMENTATION
✅✅
ENGAGEMENT
✅✅
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅
GOVERNANCE
✅✅
ENGAGEMENT
✅✅✅
WEBSITE
✅✅✅
TOKENOMICS DISTRIBUTION
✅✅✅
EXPLORER
✅✅
EMISSIONS
✅✅✅
UTILITY
✅✅
ENTRY
✅✅
PRICE EXCHANGES
✅✅
LIQUIDITY
PAIRINGS
✅✅✅
DATA
✅✅✅
T.A
✅✅
MISC LEGAL
✅✅
HYPE
✅✅
WALLET
✅✅✅

 

Breakdown

Disclaimer
  • This report is a community voted review on behalf of the Pirate Chain team.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in December 2019.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 3, which includes a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project.
  • Our rating and grading framework is available here.