Pirate Chain
Crypto Overview
Overview
Pirate Chain (ARRR) is a privacy-focused cryptocurrency launched in 2018 that aims to provide completely anonymous and untraceable transactions using zk-SNARKs technology. The project implements a protocol called Delayed Proof of Work (dPoW) which leverages Bitcoin's security while maintaining its own blockchain.
Purpose and Utility
The primary intended purpose of Pirate Chain is to serve as a private medium of exchange, focusing on financial privacy and fungibility. The project utilizes zero-knowledge proofs to ensure that transaction details, including sender, receiver, and amount, remain completely private.
Business Model & Development
The project maintains active development with regular updates to its core protocol and wallet software. The team focuses on improving privacy features and user experience. All transactions on the network are enforced to be private (z-transactions only), unlike other privacy coins that make privacy optional.
Real-World Adoption
Pirate Chain has achieved modest adoption within the privacy-focused cryptocurrency community. It is primarily used for private transactions and as a store of value by users seeking financial privacy. The cryptocurrency can be traded on several exchanges and used in compatible wallets.
Token Distribution
The project had no ICO or pre-mine, with coins being distributed through mining from launch. This suggests a fair launch model without concentrated token holdings by founders. Mining rewards follow a defined emission schedule.
Evaluation of Activities
The core functionalities of Pirate Chain - private transactions and store of value - are permissible activities from an Islamic finance perspective. The project does not involve interest-bearing mechanisms, gambling features, or explicit support for prohibited industries.
Crypto Impact
To assign a comfort level investing in Pirate Chain from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Pirate Chain.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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You can change your vote if you change your mind.