The lowdown on PirateChain
Premine shenanigans aside, it should also be noted that PirateChain is actually an asset chain of Komodo which is itself a fork of Zcash, meaning PC inherits many of Zcash’s liabilities and is dependent on Zcash for the majority of current and future core (zk-SNARKs) development. In other words, if Zcash sinks, PirateChain also goes down with the ship.
PirateChain’s bold claims of an invulnerability to 51% attacks (dPOW) are essentially a marketing ploy also borrowed from Komodo’s dodgy playbook. A security model that truly provides such an impressive degree of protection would obviously be adopted by every other chain in existence, the fact that nobody else is using it tells you everything you need to know.
Why dPOW is hot air: An Initial Look at Komodo’s dPoW. On December 7, I published an article… | by Justin Ehrenhofer | Medium
Shockingly, it turns out Komodo’s lead dev jl777 has a sordid history of assorted shenanigans and accusations of him being a scammer date back as far as 2014.
Furthermore, PirateChain’s claims of being “the world’s most private crypto” are also misleading since it’s TX volume is tiny in comparison to Monero, meaning it has a smaller overall anonymity set so correlation attacks are easier to execute, statistically you still get better privacy using Monero.
Predictably, the darknet crowd (and markets) don’t take PirateChain seriously at all and prefer Monero by a vast margin.