Pirate Cash (P.CASH) is an ecosystem that includes an anonymous cryptocurrency, a non-custodial wallet, a decentralized exchange and other services focused on user privacy.
We talked with the founder, CEO and CTO of the project Dmitry Korniychuk. He told Cryplogger about scenarios for the total regulation of cryptocurrencies, conditions for mass adoption of Web3, and ways to moderate decentralized content.
Cryplogger: Hello Dmitry! Tell us about yourself. What were you doing before joining the crypto industry?
Dmitriy: Hello! In the past, I have programmed in assembler. However, he was always interested in cybersecurity, so he moved to the position of a network engineer, and then a network security engineer.
In January 2012, I learned about bitcoin on Habré and decided to start mining. Then it seemed that I was late – video cards and FPGAs were already used for mining. Nevertheless, at the end of the month, I received 0.01 BTC for mining on the CPU in the DeepBit pool. The first bitcoin was mined in October of the same year while waiting for the Jalapeno ASIC miner from Butterfly Labs.
Since 2014 I participated in the development of Novacoin cryptocurrency. Over time, I had my own developments, which I wanted to implement in a separate project.
Cryplogger: How did PirateCash come about?
Yes. I wanted to create a decentralized network with an integrated messenger. For the first two years, I worked on them on my own.
The project was launched on November 3, 2018 at 1:45. The date and time are not random – my sister’s birthday. First network block mined live on YouTube.
Pirate Cash slogan – sic parvis magna. I started the project alone, and now there are more than 10 people in the team.
Cryplogger: Why did you choose the “pirate” concept?
Dmitriy: I came up with the name by accident when I discovered an available domain and no PIRATE ticker on CoinMarketCap. At first, this caused problems: the topic of piracy scared people away.
There were even several attempts to rebrand along the lines of the DarkCoin cryptocurrency, renamed Dash. But over time, the “pirate theme” has become a reflection of the idea of freedom in the digital world. Now the name PirateCash is liked not only by me, but also by the community.
PirateCash is something like a digital pirate party. We create a digital world where users feel free. At the same time, we understand that people can use the technology for destructive purposes, and we are working on a mechanism for decentralized content moderation in Web3 services.
Cryplogger: Most likely, the regulators will not support this initiative…
Dmitriy: Certainly. It is possible that they will impose direct bans on transactions with cryptocurrencies without certificates issued by the tax authorities. Then all the coins will turn into CBDCand neither miners nor users of digital assets will support this.
I believe that even under the most negative scenario, there will be people who do not agree with this state of affairs. They will use bitcoin and other digital assets illegally, hiding their traffic from providers.
Cryplogger: Is society ready to fight for privacy? Or has the point of no return been passed?
Dmitriy: I do not think that users of cryptocurrencies will actively fight for digital freedom. The exception is crypto-exchanges that protect their interests in courts. But regulators can shut down such platforms at any time and seize customer funds.
Probably, over time, we will move to the massive use of decentralized exchanges. We can say that decentralization is already a necessity, and not a whim of a small group of crypto-anarchists.
Of course, DEX also has vulnerabilities. The discovery and exploitation of bugs in smart contracts of exchanges can seriously affect the crypto market. However, the number of critical platform vulnerabilities is constantly decreasing: the code of smart contracts is open, and companies are interested in auditing them.
Cryplogger: You are developing several Web3 services. How are they different from other projects in the industry?
Dmitriy: We spend a lot of time working out the details of each service to create a truly interesting user experience. We use our own solutions for the most part, but feel free to use ideas from other projects like Dash.
Cryptocurrency data aggregator has already been launched “Treasure Island”an application for creating images “Pirate graffiti” and service for monitoring digital assets “Portfolio”. The Lungoliers metaverse, the Sea Battles multiplayer strategy, and the Checkmate online match platform are in the works.
In all projects, we pay great attention to the security of user data. For example, “Portfolio” stores data about coins in the browser and does not send them to the PirateCash servers.
Cryplogger: How do you assess the potential of the Web3 segment in general?
Dmitriy: Web3 is one of the most promising areas in the industry. Unfortunately, among such projects there are many scammers who create smart contracts with backdoors, phishing sites and applications. This hinders the mass adoption of the technology: after encountering intruders, users lose confidence in the segment.
We need simple and clear solutions that do not require technical knowledge. I believe that in the near future there will be services that will check the actions with contracts before interacting with them.
Cryplogger: What else are you working on at the moment?
Dmitriy: Updating the code PirateCash core and plan to do a hard fork to make all the necessary changes to the blockchain.
We are testing a solution to optimize information on the network: smart contracts will be stored in masternodes, only information about payments will remain in the blockchain.
We also plan to launch a non-profit organization Pirate Foundation, which will fund the development of third-party applications in the PirateCash ecosystem, and a fund to cover damage from bugs and hacks. We hope that there will be no such incidents, but we still want to protect our users as much as possible.
forklog: Tell us about PIRATE. How is its tokenomics structured?
Dmitriy: The issue is limited to 105 million coins. The protocol awards 25 PIRATE for block mining. The reward is halved every four years.
The staker receives 99.9% of the reward, the remaining 0.01% goes to the owner of the masternode. Its share will grow as the project ecosystem develops.
A user can only mine a block after holding tokens for at least eight hours. The detection probability depends on the complexity of the network and the number of coins staked.
The PirateCash team earns PIRATE by staking and receives commissions from users of Web3 services. These tokens go into liquidity pools on PancakeSwap.
We have not done a pre-allocation of coins, but we have donation addressesto which any member of the community can send funds.
forklog: How much can you earn from staking?
Dmitriy: Up to 13% per annum. The staking yield is one of the main advantages of PirateCash compared to projects like Cardano, Toncoin, Waves, which offer up to 11% per annum.
Users can earn tokens:
- in the PirateCash pool. To send PIRATE you need to run Telegram bot. The pool distributes rewards every hour and charges a commission of 5%. Participants receive bonuses for inviting new users;
- on the BNB Chain network. Tokens can be sent to any application that supports BEP-20. The pool fee on BNB Chain is 3%. Wrapped PIRATEs can also be exchanged for assets traded on PancakeSwap;
- in your wallet Pirate Cash. The most profitable option due to the lack of commissions, but requires 10,000 PIRATE to receive a reward every few days. The computer must always be connected to the Internet.
Cryplogger: Where to buy PIRATE?
Dmitriy: While coin and token available on multiple DEX (BEP-20 token) and CEX (native coin), list of exchanges: PancakeSwap, Cat.Ex, StakeCube and FinexBox.
The main liquidity is focused on the DEX. However, we are cooperating with Listing.Help: after the hard fork, we plan to list on the centralized exchange from the TOP-20 in terms of trading volume.
Cryplogger: A What role does the Cosanta cryptocurrency play in the PirateCash ecosystem?
Dmitriy: Initially, we chose the name Cosanta for the rebranding of the project. In Irish, it means “protection”, and the ticker COSA is Spanish for “thing”.
The rebranding never took place: the community was imbued with the philosophy of PirateCash. Therefore, in 2020, we launched a separate project based on the Dash Core code and added staking to it. Once the community has reviewed the Cosanta code, we will plan a hard fork of PirateCash with the history of all PirateCash blocks from November 3, 2018.
Additionally set very low block rewards for the first four years. Until 2025, rewards will gradually increase from 0.01 to 50 COSA.
We are in the final stages of updating the main code of the project. In the future, we will combine both blockchains in a mobile application P.CASH.
PirateCash will continue to focus on the security and anonymity of users, and Cosanta will become a product for the B2B segment. No company wants to be associated with pirates.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Pirate Cash (P.CASH) is an ecosystem that includes an anonymous cryptocurrency, a non-custodial wallet, a decentralized exchange and other services focused on user privacy.
We talked with the founder, CEO and CTO of the project Dmitry Korniychuk. He told Cryplogger about scenarios for the total regulation of cryptocurrencies, conditions for mass adoption of Web3, and ways to moderate decentralized content.
Cryplogger: Hello Dmitry! Tell us about yourself. What were you doing before joining the crypto industry?
Dmitriy: Hello! In the past, I have programmed in assembler. However, he was always interested in cybersecurity, so he moved to the position of a network engineer, and then a network security engineer.
In January 2012, I learned about bitcoin on Habré and decided to start mining. Then it seemed that I was late – video cards and FPGAs were already used for mining. Nevertheless, at the end of the month, I received 0.01 BTC for mining on the CPU in the DeepBit pool. The first bitcoin was mined in October of the same year while waiting for the Jalapeno ASIC miner from Butterfly Labs.
Since 2014 I participated in the development of Novacoin cryptocurrency. Over time, I had my own developments, which I wanted to implement in a separate project.
Cryplogger: How did PirateCash come about?
Yes. I wanted to create a decentralized network with an integrated messenger. For the first two years, I worked on them on my own.
The project was launched on November 3, 2018 at 1:45. The date and time are not random – my sister’s birthday. First network block mined live on YouTube.
Pirate Cash slogan – sic parvis magna. I started the project alone, and now there are more than 10 people in the team.
Cryplogger: Why did you choose the “pirate” concept?
Dmitriy: I came up with the name by accident when I discovered an available domain and no PIRATE ticker on CoinMarketCap. At first, this caused problems: the topic of piracy scared people away.
There were even several attempts to rebrand along the lines of the DarkCoin cryptocurrency, renamed Dash. But over time, the “pirate theme” has become a reflection of the idea of freedom in the digital world. Now the name PirateCash is liked not only by me, but also by the community.
PirateCash is something like a digital pirate party. We create a digital world where users feel free. At the same time, we understand that people can use the technology for destructive purposes, and we are working on a mechanism for decentralized content moderation in Web3 services.
Cryplogger: Most likely, the regulators will not support this initiative…
Dmitriy: Certainly. It is possible that they will impose direct bans on transactions with cryptocurrencies without certificates issued by the tax authorities. Then all the coins will turn into CBDCand neither miners nor users of digital assets will support this.
I believe that even under the most negative scenario, there will be people who do not agree with this state of affairs. They will use bitcoin and other digital assets illegally, hiding their traffic from providers.
Cryplogger: Is society ready to fight for privacy? Or has the point of no return been passed?
Dmitriy: I do not think that users of cryptocurrencies will actively fight for digital freedom. The exception is crypto-exchanges that protect their interests in courts. But regulators can shut down such platforms at any time and seize customer funds.
Probably, over time, we will move to the massive use of decentralized exchanges. We can say that decentralization is already a necessity, and not a whim of a small group of crypto-anarchists.
Of course, DEX also has vulnerabilities. The discovery and exploitation of bugs in smart contracts of exchanges can seriously affect the crypto market. However, the number of critical platform vulnerabilities is constantly decreasing: the code of smart contracts is open, and companies are interested in auditing them.
Cryplogger: You are developing several Web3 services. How are they different from other projects in the industry?
Dmitriy: We spend a lot of time working out the details of each service to create a truly interesting user experience. We use our own solutions for the most part, but feel free to use ideas from other projects like Dash.
Cryptocurrency data aggregator has already been launched “Treasure Island”an application for creating images “Pirate graffiti” and service for monitoring digital assets “Portfolio”. The Lungoliers metaverse, the Sea Battles multiplayer strategy, and the Checkmate online match platform are in the works.
In all projects, we pay great attention to the security of user data. For example, “Portfolio” stores data about coins in the browser and does not send them to the PirateCash servers.
Cryplogger: How do you assess the potential of the Web3 segment in general?
Dmitriy: Web3 is one of the most promising areas in the industry. Unfortunately, among such projects there are many scammers who create smart contracts with backdoors, phishing sites and applications. This hinders the mass adoption of the technology: after encountering intruders, users lose confidence in the segment.
We need simple and clear solutions that do not require technical knowledge. I believe that in the near future there will be services that will check the actions with contracts before interacting with them.
Cryplogger: What else are you working on at the moment?
Dmitriy: Updating the code PirateCash core and plan to do a hard fork to make all the necessary changes to the blockchain.
We are testing a solution to optimize information on the network: smart contracts will be stored in masternodes, only information about payments will remain in the blockchain.
We also plan to launch a non-profit organization Pirate Foundation, which will fund the development of third-party applications in the PirateCash ecosystem, and a fund to cover damage from bugs and hacks. We hope that there will be no such incidents, but we still want to protect our users as much as possible.
forklog: Tell us about PIRATE. How is its tokenomics structured?
Dmitriy: The issue is limited to 105 million coins. The protocol awards 25 PIRATE for block mining. The reward is halved every four years.
The staker receives 99.9% of the reward, the remaining 0.01% goes to the owner of the masternode. Its share will grow as the project ecosystem develops.
A user can only mine a block after holding tokens for at least eight hours. The detection probability depends on the complexity of the network and the number of coins staked.
The PirateCash team earns PIRATE by staking and receives commissions from users of Web3 services. These tokens go into liquidity pools on PancakeSwap.
We have not done a pre-allocation of coins, but we have donation addressesto which any member of the community can send funds.
forklog: How much can you earn from staking?
Dmitriy: Up to 13% per annum. The staking yield is one of the main advantages of PirateCash compared to projects like Cardano, Toncoin, Waves, which offer up to 11% per annum.
Users can earn tokens:
- in the PirateCash pool. To send PIRATE you need to run Telegram bot. The pool distributes rewards every hour and charges a commission of 5%. Participants receive bonuses for inviting new users;
- on the BNB Chain network. Tokens can be sent to any application that supports BEP-20. The pool fee on BNB Chain is 3%. Wrapped PIRATEs can also be exchanged for assets traded on PancakeSwap;
- in your wallet Pirate Cash. The most profitable option due to the lack of commissions, but requires 10,000 PIRATE to receive a reward every few days. The computer must always be connected to the Internet.
Cryplogger: Where to buy PIRATE?
Dmitriy: While coin and token available on multiple DEX (BEP-20 token) and CEX (native coin), list of exchanges: PancakeSwap, Cat.Ex, StakeCube and FinexBox.
The main liquidity is focused on the DEX. However, we are cooperating with Listing.Help: after the hard fork, we plan to list on the centralized exchange from the TOP-20 in terms of trading volume.
Cryplogger: A What role does the Cosanta cryptocurrency play in the PirateCash ecosystem?
Dmitriy: Initially, we chose the name Cosanta for the rebranding of the project. In Irish, it means “protection”, and the ticker COSA is Spanish for “thing”.
The rebranding never took place: the community was imbued with the philosophy of PirateCash. Therefore, in 2020, we launched a separate project based on the Dash Core code and added staking to it. Once the community has reviewed the Cosanta code, we will plan a hard fork of PirateCash with the history of all PirateCash blocks from November 3, 2018.
Additionally set very low block rewards for the first four years. Until 2025, rewards will gradually increase from 0.01 to 50 COSA.
We are in the final stages of updating the main code of the project. In the future, we will combine both blockchains in a mobile application P.CASH.
PirateCash will continue to focus on the security and anonymity of users, and Cosanta will become a product for the B2B segment. No company wants to be associated with pirates.
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