An under-the-radar privacy-focused altcoin has put in a massive move while the broader crypto market remains stagnant.
One of the hottest altcoins this week is Pirate Chain (ARRR), a project that uses a privacy protocol that cannot be compromised by the activity of other users in the network, according to its website.
The blockchain relies on zero-knowledge (ZK) snarks to shield peer-to-peer transactions from exposure making for “highly anonymous and private transactions.”
The TOR network, the most popular privacy-centric internet browser, is also supported by Pirate Chain. The project also has e-commerce integration tools for online stores.
The Pirate Chain project has attached a backup of its blockchain to the Litecoin (LTC) chain for extra security. Under the Pirate Chain’s architecture, a 51% attack, which is when a hostile group takes over more than 50% of a blockchain’s hashpower, is theoretically impossible, according to the project.
“The developers who created Pirate Chain believe the best use of the protocol is a chain that requires private sends only. Delayed Proof of Work (dPoW) protects Pirate’s blockchain from damage against double spends and 51% attacks by attaching a backup of the ARRR chain to the Litecoin Blockchain. In order to 51% attack Pirate, you would have to first 51% attack Litecoin. This makes double spends and hostile takeovers nearly impossible if not impossible altogether.”
ARRR, the Pirate Chain’s native token, has defied an overall sideways crypto market in which Bitcoin (BTC), Ethereum (ETH) and most major digital assets have remained stagnant in the last week. ARRR is trading at currently trading at $1.40 after rallying from $0.71 to $1.56 in less than seven days before, marking an increase of nearly 120%.
Monero (XMR), the biggest privacy coin by market cap, is currently priced at $171, up 13% in the last two weeks.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/GrandeDuc