A privacy-focused altcoin has made a big move as the crypto market remains stagnant. The altcoin named Pirate Chain (ARRR) rose sharply after an important announcement. So what is the Pirate Chain (ARRR)?
What is the Pirate Chain (ARRR) greening in a falling market?
One of the hottest altcoins this week has been Pirate Chain (ARRR), a project that uses a privacy protocol that cannot be compromised by the activities of other users on the network. Blockchain relies on zero-knowledge (ZK) snarks to protect peer-to-peer transactions from disclosure for “highly anonymous and private transactions.”
The TOR network, the most popular privacy-focused internet browser, is also powered by Pirate Chain. The project also has e-commerce integration tools for online stores. The Pirate Chain project has added a backup of the Blockchain to the Litecoin (LTC) chain for extra security. According to the project, under the Pirate Chain architecture, a 51% attack, which is when a hostile group has captured more than 50% of a blockchain’s hash rate, is theoretically impossible. Pirate Chain made the following statement on the subject:
The developers who created the Pirate Chain believe that the best use of the protocol is a chain that only requires private sends. Delayed Proof-of-Work (dPoW) adds a backup of the ARRR chain to the Litecoin Blockchain, protecting Pirate’s Blockchain from double-spends and 51% attacks. To attack the Pirate Chain as part of the 51% attack, you must first attack the 51% Litecoin. This makes double spending and hostile takeovers nearly impossible, if not completely impossible.
The price of ARRR, the native token of the Pirate Chain, skyrocketed!
ARRR, the native token of the Pirate Chain, has challenged the market environment where Bitcoin (BTC), Ethereum (ETH) and most major cryptocurrencies remained stagnant last week. ARRR rallied as high as $1.56, marking an increase of around 120%. What is the Pirate Chain (ARRR) in this article? We sought an answer with you. This article has been written for informative purposes only. Therefore, no reference can be made to any of your investment decisions! Never invest in Pirate Chain (ARRR) and other cryptocurrencies without doing your own detailed research!