What is pivx cryptocurrency

It enables a party to prove that a given financial transaction — as in the case of PIVX — is true to another party without conveying any information to the public apart from the fact that the money was indeed sent or received. Read about these features in detail in our DASH article.

PIVX uses SwifTX technology to achieve near instant transaction confirmations in less than a second to overcome double spending challenges. PIVX is an open-source, self-funded, and self-governed cryptocurrency project with no controversies such as instant mine and pre-mine strategies. PIVX gives earning opportunities to its users by allowing them to stake their holdings in a masternode or a staking wallet. Currently, there are no other popular cryptocurrencies that give incentives to its users for both staking and running a masternode.

Read this to know more about PIVX masternodes and staking. PIVX uses a unique seesaw algorithm to balance its reward distribution between masternodes and staking nodes. Read more about Seesaw in the white-paper. It has been designed, engineered, and tested using advanced cryptography protocols to provide, first and foremost, user Financial Data Protection.

While PIVX is based on Bitcoin's codebase fundamentally, it has undergone significant custom developments and integrations. PIVX's advanced PoS is enriched with the Time Protocol v2 as well as the Cold Staking functionality which ensures higher security for coin owners and possibility to secure the network and receive staking rewards while coins are being cold stored offline on a hardware wallet.

The PIVX user's financial data protection is secured through a highly customized, open-source implementation of the vetted academic anonymity protocol zero-knowledge succinct non-interactive argument of knowledge zk-SNARKs Sapling. These regulatory bodies maintain regulation and laws concerning the use, transmission, and legality of digital assets and the associated data required to use them.

PIVX integrates other features including a 2nd layer of functionality through a Masternode network that provides a decentralized governance mechanism of voting; and is currently developing new features for this layer such as the Deterministic Masternode Lists, Long Living Masternode Quorums LLMQs and more, as well as including the addition of the anonymity protocol zk-SNARKs Sapling to staking and masternodesall of these heavily customised.

PIVX is an independent, application and payment agnostic blockchain. PIVX uses its native cryptocurrency PIV as both a means of rights-preserving, privacy enabling, near instant digital currency exchange as well as the reward for those who help secure, build, decentralize, and govern the PIVX network protocol. The monetary policy of PIVX is designed to enable a sustainable infrastructure service capable of supporting scalable, decentralized, and resilient node infrastructure, allowing for instant, private transactions globally, without astronomical Quantitative Easing QE and the corresponding resulting devaluation of the native coin, as experienced in other cryptocurrency endeavors.

PIVX as a DAO utilizes a decentralized network of masternodes that allow running various apps and services, treasury management, and community governance. PIVX has a built-in governance mechanism which allows masternode owners to vote for or against any submitted proposal.

PIVX has the ability to perpetually self-fund development and other PIVX network supporting activities through monthly treasury payouts, which are based on successfully voted community proposals. It only requires 1 PIV to stake. Running a masternode requires 10, PIV. While the initial idealization of PIVX was originated by three individuals Coin-Server, s3v3nh4cks, and Stakebox , the development and direction of the project remained stewarded and directed by the community.

That being said, none of the initial founders have been active since late The development since has been spearheaded by three core blockchain developers Fuzzbawls, Furzy, and Random. Zebra with over 20 years of combined blockchain development. Their combined efforts has continuously placed PIVX in the top 10 most actively developed blockchain projects according to messari and cryptomiso. The rest of the PIVX ecosystem ranging from marketing, web development, business development, and social media has been actively overseen by other members of the community, many of whom have been involved since PIVX's inception.

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Any amount of PIVX can be staked in the wallet, and recently a proposal was passed to give some voting rights to all stakers. Each block every 60 seconds a reward is released at random in chances proportional to the amount of coins being staked. The network uses a see-saw mechanism to balance the rewards between Masternodes and traditional staking, auto-balancing the reward frequency and size as the number of nodes changes. Your expected returns from staking or running a Masternode can be calculated using the Returns Calculator a community member put together.

To learn more about running your own Masternode check out the official Masternode website. Private and Instant PIVX employs a custom version of the popular Zerocoin protocol to anonymize transactions by obfuscating the addresses associated with coins.

As opposed to Dash and Zcash, PIVX can be completely anonymous, preventing blockchain analysis from revealing recipients and senders. This in-house version of Zerocoin produces smaller and faster transactions than the original libzerocoin library employed by other coins, which allows them to provide privacy which usually comes with added transaction fees and speed reductions while also working to live up to the goals of super fast transactions and negligible fees.

They also added a mechanism for auto-minting anonymous coins, which ensures that there are always enough anonymous coins in circulation to secure the network and keep things private. On the other end, a user receives PIVX tokens just like any normal transaction, but thanks to Zerocoin, the transaction is both verifiable on the blockchain and anonymous as to who sent and received those coins.

Moving forward, the community is aiming to decrease the added costs of anonymity, moving more and more of the total coin supply over to private zPIVs. Using what the PIVX community calls SwiftX, transactions are nearly instant and coins are spendable within seconds of being sent. With a block time of 60 seconds and a global network of Masternodes constantly verifying transactions, PIVX aims to make instant spending and receiving a reality.

This is further enabled by very small transaction fees, usually around the order of fractions of cents per transaction. This is vital to the mission of owning your day-to-day purchases and payments and goes a long way toward paving the way for PIVX to take a big role in the space moving forward. Conclusion PIVX is a promising privacy coin aiming to be an easy-to-use digital cash replacement.

There have been a few hiccups surrounding the implementation of the privacy technology, but the community and development team are active, engaged, and optimistic. Complete privacy from the Zerocoin implementation, instant, and dirt-cheap transactions thanks to SwiftX, and a return on your investment via staking all add up to a very solid coin worth keeping an eye on.

They felt that this created a fairer reward system for stakers of the coin rather than what is paid to miners of the DASH cryptocurrency. They also wanted to create a currency which emphasized privacy rather than just fast cheap transactions. They want PIVX to eventually be used as a payment method in stores around the world.

After the cryptocurrency crash in early , it fell into oblivion, until it recently started to experience an unexpected revival. Security Features PIVX uses a special protocol known as Zerocoin to make all transactions on its blockchain anonymous. All three blockchains are based on the same technology, but the PIVX technology has been tweaked to the point where it is superior to that which is used on the other two.

This is the great thing about PIVX is that it gives users the choice of how they want to transact. Speed Besides just having some of the best security technology out there, what also sets PIVX apart is its speed. Using a technology known as SwiftX , transactions on the PIVX blockchain are almost instant, as the block creation time is only 60 seconds.

This makes PIVX a much more viable retail monetary solution as compared to Bitcoin which has a block time of ten minutes. And unlike some other similar coins, the transaction fees on the PIVX block chain are low, usually being fractions of cents, making it a viable solution among all social classes. Why The Revival?

So, why has PIVX just appeared back on the radar now? Well, whenever Bitcoin makes a run for the moon as it is currently doing it always boosts up altcoins with it. This is because people will often stumble across them and find them cheaper than Bitcoin.