PIVX is a blockchain-based cryptocurrency with ultra-fast transactions, negligible fees, high anonymity and unmatched privacy which aims to become a global form of online digital payment.
PoS + zPoS Hybrid
No finite supply
10 000 PIVX
Private Instant Verified Transactions (PIVX) is an open source cryptocurrency employed with a decentralized network of Masternodes which is focused on providing high anonymity, security, privacy and instant transactions with low fees. It was originally created and forked from Dash in February 2016 and was known as Darknet before it was rebranded to ‘PIVX’ in January 2017. PIVX is the first cryptocurrency to ever implement a directly spendable Zerocoin protocol and develop zPoS (Privacy-enabled Proof of Stake technology) that ensures outright privacy of the balance as well as transaction while staking. Thus, PIVX incorporates privacy in Proof of Stake consensus mechanism and hence is also more energy efficient than Proof of Work as it doesn’t require mining to generate new coins. Its aim is to improve scalability and become an easy to use fungible asset which will be accepted globally as online digital currency.PIVX block reward is 5 PIVX per block and Budget reward is max. 1 PIVX per block (paid out monthly). ALL transaction fees & zPIV minting fees are burnt.PIVX has no maximum supply but that does not mean there will be few billion coins next year.Theoretical maximum Coin Supply is:At June 2018: 56,550,297 PIVBy June 2020: 62,857,497 PIVBy June 2040: 125,929,497 PIVBy June 2060: 189,001,497 PIV(Will be lower due to fee burning + partial budget generation.)
Features offered by PIVX network
PIVX is an aggregate of existing cryptocurrencies namely Bitcoin, Litcoin and Dash which is created to singly perform all the features offered by those cryptocurrency without inheriting their weaknesses. Also, the untraceable zPIV and Zerocoin protocol sets it apart from its predecessors and contemporaries. It offers fast transactions with negligible fees, decentralized network and is self-funded and energy efficient. Some of the salient features of PIVX network are:
CoinJoin is like the PrivateSend feature implemented by Dash cryptocurrency. In fact, the PrivateSend is technically developed from the CoinJoin. It uses coin mixing which involves the obscuring of a transaction by the dividing of funds so that no one can trace the transaction back to source. PIVX has improved the CoinJoin further by implementing Zerocoin protocol to it.
SwiftX is a feature which offers PIVX with reliable and speedy transactions. It is a feature resembling that of DASH’s InstantSend. It utilizes masternodes by quorum consensus to provide near instantaneous transactions.
Combination of Zerocoin and Proof of Stake (zPOS)
In October 2017 PIVX introduced its own custom Zerocoin Protocol, zPIV. It provides unmatchable privacy and makes users balance and transactions completely untraceable. Thus, making a Proof of Stake coin fully anonymous for the first time. zPOS maintains anonymity even while earning staking rewards.
PIVX own decentralized exchange zDEX
zDEX is the world’s first private in-wallet decentralized exchange which makes use of zerocoin that utilizes a proof of stake cryptocurrency. AML, KYC or any ID-verification is not at all required for using this exchange. zDEX runs on the Masternode tier of the PIVX network. Trading pairs on zDEX currently includes Bitcoin, Litecoin, Dash, Bitcoin Cash, Zcash, and Partcl. For more information on zDEX and its unique features, visit our article here: https://mastersofnodes.com/zdex-worlds-first-zerocoin-based-private-dex/.
Immune to 51% mining attacks
As PIVX works on the Proof of Stake mechanism, it is immune to the interference of ASIC mining devices. Thus, making it immune to 51% mining attacks. The proof-of-stake model enables anyone with consumer level hardware and a few units of PIV to participate on the network. This leads to broad decentralization, and a much stronger resistance to attacks that would rely on a single point of failure. A 51% mining attack on PIVX will require a single entity to control nearly 99% of the network which is technically impossible.
s3v3n h4cks is the co-founder of PIVX and his expertise lies in IT infrastructure with extreme knowledge in crypto field. Many team members of PIVX haven’t revealed their identity to keep their privacy intact. But from the few members who have revealed their identity to make people aware of their skill set, it can be said that PIVX has a team of well experienced and professional members in every aspect. PIVX team can be seen here https://pivx.org/pivx-team/.
PIVX has the most unique and detailed roadmap that I have ever seen. It gives a detailed explanation about the future protocols and features which it intents on implementing. It has a four-phase update status bar (Planning, development, testing and complete) to keep people informed about the present status of an update or implementation. To check out PIVX roadmap, visit https://pivx.org/roadmap/.
Staking of 10,000 PIVX as collateral is essential to host its Masternode. Masternodes provide special features to the PIVX network such as enhanced privacy, self-funding, true governance, decentralized budgeting system, immutable proposal and voting system etc. Masternode owners receive block rewards for network uptime and hosting. Masternodes can serve as a source of passive income. The rewards to Masternode holders are slightly higher than what is received by the wallet holders who stake PIVX for rewards. These rewards are variable and are determined by a see-saw algorithm. For detailed information on how to setup PIVX Masternode visit https://pivxmasternode.org/masternode-setup/.Linux Server Masternode Setup guide.If you do not want to set up PIVX masternode by youreself or you do not know Ubuntu, you can use Masternodes service Providers. Platforms like Gentarium or GIN allows you to set up masternode in few clicks.