Let me explain a bit about the PIRATE privacy.
It is based on the excellent zcash zksnarks tech with a twist. only zaddrs are allowed as destinations for funds. (we can ignore the small amount of PIRATE that notaries are using in taddr for dPoW as other funds are not commingled with those)
What this means is that after the coinbase is shielded it goes into a zaddr, that is the only t->z that will exist. And coinbase is already anonimized to a degree by mining randomness. However the true power of PIRATE is after the t->z. All the following tx must be z->z.
Each z->z breaks links with all prior transactions
Each z->z increases the overall anon set
XMR has a mixin of 10. also a lot of it was deanonymized during the early days due to bugs.
here is an example of a z->z tx:
http://pirate.explorer.dexstats.info/tx/cc50541b912a9be18b0e6adcb6a99ec6dc659e63c7a626db245e2dad484924c7Public input JoinSplit
- -> 0.0001 PIRATE Public output
That's all the info available. Some amount of zfunds were sent from some zaddr to another zaddr and a 0.0001 txfee was paid.
There can be no richlist, only people who monitor transactions coming in can even confirm if they received funds. This is the ultimate in privacy. all tx are basically the same z->z tx as above
As long as you are not announcing to the world via twitter that you just did a PIRATE transaction with the txid, nobody would even know you did a PIRATE transactions, let alone the amount or destination.
And the unexpected hashrate that is already close to KMD hashrate is helping secure the post notarization blocks (usually about 10 blocks) and with dPoW active, PIRATE is being notarized and secured by BTC hashrate.
What this means is that PIRATE is the most private coin in all of crypto and it is also secured by BTC hashrate.
I dont expect any central exchange will be allowed to list PIRATE, so I made a 1BTC bounty for an exchange that can accept zdeposit and do zwithdraws for KMD and PIRATE. We will then have the most private central exchange also!
Unlike any of the other zcash forks, PIRATE is noob friendly. It wont be possible to make a mistake to lose the PIRATE privacy, unless you are announcing publicly to the world about your txid details. And even if you do, the counterparty is still well shielded. In the event your wallet is confiscated then it would be possible to determine what zaddrs funds were sent to, but you cant lookup a zaddr on an explorer and unless there is public postings of the zaddr, there is no linkage
So, still some care is needed regarding disclosure of your zaddrs, but with a proper management of zaddrs for each party you transact with and not posting it publicly, then there is very good privacy. Once you transfer funds to another of your zaddrs, then even such weak linkages are broken.
This is it, my friends. Key to success.
