PIVX ($PIVX), or Private Instant Verified Transaction, is a transactional cryptocurrency designed to provide a globally private and secure means of online exchange. Utilizing the blockchain, PIVX provides ultra-low fees and fast transaction times, maintains a sustainable supply model, and is not susceptible to 51% attacks (1). Originally forked from DASH, another privacy coin (2), the PIVX development team’s mission is to be the fastest and lowest cost digital currency while maintaining stability via a self funding model. PIVX uses Proof of Stake (PoS) reward-based algorithm, decentralized governance, and has vigorous and passionate support from its Decentralized Autonomous Organization (DAO). It is gaining acceptance as a viable means of exchange by both online merchants and brick and mortar sellers worldwide (1).
- Converted to 30+ native languages
- 60-second block time
- Global network of Masternodes
- Low transaction fees
- Very transparent team who updates their community frequently
- Large support community
- Debit/credit card use
- No ICO
- Unlimited coin supply (inflationary)
- Advisory board unknown
- Small core development team
More than ever, individual privacy and security are major concerns in conducting our daily business and personal affairs. Cryptocurrencies provide a valued means of exchange that can prevent others from tracking how we spend and obtain our funds. There are several transactional and privacy coins with this focus. PIVX ($PIVX) is an ambitious project that forked from privacy coin DASH and set out to establish the fastest transaction times (60-second block time), lowest fees (fractions of cents), and easiest accessibility, while still maintaining highest levels of privacy and security (2).
PIVX was created in January 2016 by two members of the DASH community, s3v3n h4cks (CHIEF VISIONARY) and Coin Server (SYS ADMIN) (5). The original team has grown into a diverse and community-minded group of members who effectively manage the various tasks necessary to push this project forward. Originally known as Darknet, the developers felt they could improve on DASH by focusing on creating a usable means of digital exchange that is easy and fast, with privacy and security as the most critical component of every transaction. PIVX aims to become the preferred payment method for both peer–to-peer and in-store transactions.
PIVX uses the Quark hashing algorithm and a Proof-of-Stake system, as opposed to Proof-of-Work used by DASH (4). It uses PoS 3.0 Bitcoin Core 0.10.x code base (1).
There are no miners creating high fees, as PIVX “burns” fees out of the coin supply (6). PIVX rewards community members who contribute to the network in two ways: Masternodes and Staking. Masternodes require holding 10,000 PIVX in the PIVX-Qt Wallet as collateral (2). These are used for transaction verification, blockchain storage, and for voting on major proposals, which maintain decentralized governance of the project. Rewards are paid out in the form of dividends. Staking is the use of coins in a mining-like process of releasing new blocks and securing the network. Holders can earn rewards and vote as well. Rewards are released in proportion to the number of coins being staked.
PIVX maintains full privacy through use of a modified version of the Zerocoin protocol, which makes PIVX completely anonymous and prevents others from identifying recipients and senders through blockchain analysis (2). Anonymity is achieved as users convert publicly accessible PIV into anonymous PIV, known as Zerocoin PIV (or zPIV for short). They then reconvert it back to PIV when the SwiftTX transaction is complete (1).
PIVX has implemented a Dynamic Supply System to govern its coin supply that increases by approximately 2.6 million yearly (4). Present circulating supply is over 55 million and will reach 312 million in roughly 100 years from now (4).
PIVX wallets include desktop and mobile wallets, Coinomi mobile wallet, and Ledger Nano S hardware wallet.
Market cap as of this writing is $310 million USD, with a peak in Jan 2018 of over $706 million USD and a historic high of $14.33 USD in the same month (3, 4).
The PIVX Roadmap reveals some of the features planned for the future: Deterministic zPIV Wallet, zPIV Staking (zPoS), iOS Mobile Wallet, New QT Wallet Design, In Wallet Voting Tab, Automatic backup on external storage devices, Ledger Hardware Wallet Masternode Collateral Support, New PIVX.org Website, Elastic Block Sizes, and many more features in the works (7).
With the goals of instant transaction speeds, low costs, and sustainable community-guided governance, PIVX offers privacy, security as an easy-to-use cash replacement, and an investment opportunity on a global scale. PIVX aims to overtake DASH and has the potential to do it.
Additional PIVX Resources:
If you would like to talk about PIVX, or any other cryptocurrencies, join us on our discord! https://discord.gg/Hr3EUH9
Contributed by Richard Houser.