PIVX (Private Instantly Verified Transaction) is an advanced form of cryptocurrency like Bitcoin. It is created and held electronically on your computer. There are no centralized controls over the ‘currency’, and they are generated not by a government or a bank, but by sakers and masternode operators who are rewarded by PIVX’s Seesaw algorithm.
PIVX is essentially just like Dash, but it also has some improvements that allow it to solve some of the problems that have plagued Bitcoin for a while now. PIVX was created from a fork of the Dash Code by S3v3nHacks and Coin-Server in January of 2016. It was released as Darknet initially and later rebranded as Private Instant Verified Transaction, shortened to “PIVX” on March 1st, 2017.
Since PIVX is a fork of the Dash code, it still shares many of the same features as SwiftTX and Masternodes while improving on some of them, like a Community Designed Governance system and the true fungibility of the currency. As a matter of fact, Dash’s privacy may be broken. Dash’s PrivatSend is optional therefore leaving most transactions traceable. However, PIVX uses a custom Proof of Stake (PoS), instead of a Proof of Work (PoW) system for block consensus. This means that PIVX is not hardware mineable but you can actually earn PIVX as a reward by keeping them in your online wallet. This is called staking.
With PIVX, you can exchange privately and securely, without interference from corporatocracy pressures, governmental influences, prying eyes, and nefarious individuals and movements. It allows individuals to exchange and use their wealth how and when they want, with a peace of mind that their transactions are occurring in a rapid fashion, and in a private and verified manner.
SwiftTX: Instant Transactions
SwiftTX transactions are confirmed and spendable within seconds, guaranteed by the network of Masternodes, with no need to wait for multiple confirmations in order to be confident in the validity of the transaction.
Obfuscation: Mixing Mechanism
In wallet coin mixing based on CoinJoin with various improvements over the original, but done in a decentralized fashion facilitated by the network of Masternodes. This provides for an additional layer of privacy in transactions, while not perfectly anonymous, it is a far cry better than the standard bitcoin transaction. If a nefarious actor were to control 50% of the current Masternodes they would have less than 0.5% chance of de-anonymizing an individual transaction that was mixed with 8 rounds of Obfuscation.
Code Base: PoS 3.0 Bitcoin Core 0.10.x
PIVX is the first proof of stake cryptocurrency to be based on the version 0.10 or higher Bitcoin codebase, and the PoS structure utilized does away with coin age, meaning in order to get the most out of your staking you must keep your wallet open at all times, resulting in more constantly available nodes, strengthening the network. No more users opening their wallet once or twice a month for a few minutes and getting rewarded equally with those that have 24/7 up-time with their wallet.
These are incentivized nodes that receive rewards based on their availability and their ability to offer network services in a decentralized and trust-less manner. Running a masternode requires locking 10,000 PIV collateral for as long as you choose to run the masternode and allows the owner to vote on budget and development proposals. These nodes are the backbone of the present and future services offer on the PIVX network, and as such are rewarded at a slightly higher level as compared to just staking when the number of them is at a predetermined level defined in the seesaw mechanism.
See-Saw Rewards Mechanism
Block rewards received by the staker and winning masternode vary based on the amount of coins held for Masternodes vs. amount of coins available for staking on the network allows for Variable rewards based on needs of the network to keep the network services (Masternodes) and the security of the network (Staking Wallets) evenly distributed. When there are fewer as the number of Masternodes rises the portion of the block reward that they earn is reduced, it increases when the number of Masternodes declines.
Optimized PIVX Staking
When staking, the larger the address balance the more will be earned. For example, an address with about 15,000 PIVX will earn about 50% more per PIVX than an address with about 1,000 PIVX. Masternodes may earn more but there is a lot of hassle setting up and running them.
Privacy Is Key
Another key difference that PIVX is trying to bring to the cryptocurrency space is the implementation of the Zerocoin Protocol with non-optional minting. There are no other PoS cryptocurrencies that have a working Zerocoin Protocol implemented. PIVX is trying to be the first to achieve this feat. As the PIVX community believe every transaction should be private, it will also enforce full-time zerocoin minting transactions by default making every end-to-end transaction untraceable.
Community Based Governance System
PIVX stakeholders also believe strongly in having an inclusive governance by the community. Thus PIVX is currently in the discussion phase on how to further improve the current masternode voting system to allow non-masternode PIVX holders to also be a part of the decision making process and usage of its budget. PIVX has already had numerous publicly viewable live meetings (https://www.youtube.com/watch?v=jF_PWghZaBo) regarding this topic and will continue to do so until a solution is devised and implemented.
PIVX (PIVX) Token
Current coin Value: $1.98
Market Cap: $106,784,566
Circulating Supply: 54,062,934 PIVX
PIVX (PIVX) Token started its life as a mineable proof-of-work currency (using the ASIC-resistant Quark algorithm) to generate some 43 million coins, but it became a pure proof-of-stake coin once the initial mining phase was completed (at block 259,200 or about 180 days since the genesis block). About 60,000 coins were pre-mined, but these were destroyed at the completion of the proof-of-work stage. The project re-branded to PIVX in February 2017.
Exchanges are places to buy and sell, they don’t offer the safest way to store your coins. If you intend to keep PIVX for a period of time you should download the official Wallet and follow the Backup guide also.
A PIVX wallet is made up of two halves. One is the public, shareable part called the public key. The other is the private part that is required for spending the stored PIVX in that wallet. If one wants to receive PIVX in one’s wallet, one should only provide the public half of their wallet. Think of the public part of a PIVX wallet as your email address and the private part of the PIVX wallet as the password to that email address: you can share the email address freely, but not the password.
There are various wallets available:
• Desktop wallet. Available for Windows, Mac and Linux.
• PIVX Mobile wallet. Available for android! Download from Google Play Store.
• Online wallets: Coinomi.
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