The value of the pirate chain (ARRR) currency has increased by over 14% from the beginning of the month, however it is still down by 72% since it hit the all-time record in April. Are we seeing the market begin to recover from the cryptocurrency crash of recent?
In this article we look at the major characteristics that make up the Pirate Chain protocol and predictions regarding the direction of the ARRR’s price in the coming years.
Pirate chain concentrates on private, anonymous transactions
Pirate chain is A cryptocurrency for privacy It was created in August of 2018 by a group of developers of Komodo. Komodo blockchain group on Discord message platform. Over 100 contributors have contributed to the development of the pirate chain since its launch, offering the coding partnerships, marketing, partnership development and other expertise.
Komodo is an fork or spin-off of the Zcash project which itself is an unofficial fork of Bitcoin. Bitcoin blockchain. Komodo’s blockchain uses delayed Proof of Work (dPoW) algorithm to provide security solution for the blockchain. Pirate Chain brings together dPoW Zero-knowledge Proof (zk-SNARKs) transactions of Zcash (ZEC) cryptocurrency, and encrypted private transactions that are derived using the obscure Monero blockchain.
With zk -SNARKs, transactions’ data doesn’t have to be accessible in public ledgers. This ensures that 100% of transactions completely anonymous, unlike other coins that have privacy features are not required.
According to the white paper “All Pirate chain transactions will be encrypted by default. This eliminates the fungibility issues that a lot of cryptocurrencies with an option to privacy features introduce into their protocols. This full privacy protocol gives users greater security that ensures that no one is in a position to assert that money from users is “contaminated” by previous transactions now or in the future.”
The cryptocurrency is completely decentralized and secures transactions via peer-to peer. According to the creators, dPoW safeguards pirate chains from 51% attacks , that occur when malicious miners over more than 50 percent of the mining hash rate of a network. Every block’s hash is stored on both the Komodo or Bitcoin blockchains, so an attack will impact the hashrates of Bitcoin, Komodo and Pirate simultaneously.
“This makes security against double spends and hostile takeovers nearly impossible if not impossible altogether,” according to the website of pirate chains.
“The Komodo security service is provided by notary nodes, which are required to register block-hashes on the Bitcoin blockchain, also known as notarisation. Notary nodes pay an Bitcoin transaction fee to notarize on the Komodo blockchain. The transaction fee for bitcoin for notary nodes is paid through the block reward and transaction fees on the Komodo blockchain that go to notary nodes.”
Privacy of the user is at the heart of the web 3.0, the next generation of Internet that aims to transfer control over personal information back to the user instead of large corporationsthat could earn large amounts of cash from selling the information to third-party.
The ARRR token was released without premining any coins, or the launch of an initial coin offer (ICO). There are 182.6 million coins available in the world, which is a fraction of a 200 million coins in circulation. Its market capitalization of $885 million, making 213 on the list of cryptocurrency as per CoinMarketCap.
Pirate chain miners receive the reward of 32 ARRR by verification of blocks. Block rewards decrease by a halving every 270 days. The next halving is scheduled for 30 August. This block’s reward is expected to decrease until it reaches 1 ARRR within 23 years.
The Pirate Chain was officially added Changelly Exchange in April and was added to DigiFinex Global in late May. The developers have launched an upgraded version Treasure Chest, the main full-node bitcoin wallet users, and users are required to upgrade to by the 14th of June in order to avoid compatibility issues.
Price of the Pirate Chain analysis: ARRR is trying to recover from the cryptocurrency crash
The price of ARRR has been fluctuating to keep pace with the wider market for cryptocurrency over the last year. It began 2020 at $0.02707 and then dropped by $0.01341 in March, before settling at $0.01341 in March, it continued to rise throughout the remainder of the year, eventually reaching $0.1733.
The price hit $0.33 in the early hours of April 2021. It then shot up to an intraday record maximum of $16.90 on the 23rd of April. It then fell to $5.36 on the 30th of April. It experienced strong bullish momentum to increase to $9.19 on May 10, but it was unable keep the momentum, and fell back to $2.56 on the 23rd of May.
It has gained some ground, and has been moving in the range of $4.06 and $6.69 to date in June. On June 11 the ARRR price was $4.85.
After the recent volatility what’s next is the future for ARRR? ARRR cryptocurrency?
Pirate Chain price prediction for 2021 2020, 2025, and 2030. when will the price hit new heights?
The immediate outlook for pirate chains is bearish, according to a technical analysis by CoinCodex. There are 14 indicators in the technical realm that give bearish signals and 13 of them are bullish.
The 3, 5and 10 day simple and exponential moving averages provide signals for selling, while weekly averages show that the currency is a good buy. A relative strength indicator (RSI) has a neutral value and the stochastic RSI signals the signal to sell.
PIRATE CHAIN PRICE PREDICTION FOR OCTOBER 2021
It is estimated that the Pirate Chain price is forecasted to be $2.49597 at the beginning the month of October in 2021. The anticipated maximum price is $3.11997 the minimum is $2.12158. Pirate Chain’s Pirate Chain price prediction for the month’s close is $2.49597.
PIRATE CHAIN PRICE PREDICTION FOR NOVEMBER 2021
It is estimated that the Pirate Chain price is forecasted to rise to $2.53079 at the beginning in November of 2021. The anticipated maximum price will be $3.16348 and the minimum is $2.15117. It is estimated that the Pirate Chain price prediction for the month’s close is $2.53079.
PIRATE CHAIN PRICE PREDICTION FOR DECEMBER 2021
It is estimated that the Pirate Chain price is forecasted to be $2.56636 at the beginning the month of December in 2021. The anticipated maximum price will be $3.20795 The minimum price is $2.18140. Pirate Chain’s Pirate Chain price prediction for the month’s end is $2.56636.
PIRATE CHAIN PRICE PREDICTION FOR JANUARY 2022
It is estimated that the Pirate Chain price is forecasted to rise to $2.60038 at the beginning of January 2022. The anticipated maximum price will be $3.25048 and the minimum is $2.21032. It is estimated that the Pirate Chain price prediction for the month’s close is $2.60038.
PIRATE CHAIN PRICE PREDICTION FOR FEBRUARY 2022
It is estimated that the Pirate Chain price is forecasted to be $2.63512 at the beginning the month of February in 2022. The maximum price expected is $3.29390 and the minimum price is $2.23985. It is estimated that the Pirate Chain price prediction for the month’s end is $2.63512.
PIRATE CHAIN PRICE PREDICTION FOR MARCH 2022
Pirate Chain’s Pirate Chain price is forecasted to rise to $2.66943 at the beginning in March 2022. The maximum price expected is $3.33679 and the minimum price of $2.26902. Pirate Chain’s Pirate Chain price prediction for the month’s close is $2.66943.
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