What is PIVX?
PIVX (PIVX), which is an acronym for Private Instant Verified Transaction, is an open source, peer to peer, decentralized cryptocurrency which uses a combination of the best of other coin features. It has a particular focus on privacy, speed and proper verification of transactions. PIVX’s goal is to create a community-focused cryptocurrency system with fast, “full time” private transactions and a fair system of governance.
History of PIVX
PIVX was launched in February 2016, under the name Darknet (old symbol: DNET). The team that founded Darknet, s3v3n h4cks and Coin Server (their anonymous code names) are also the founders of PIVX. There are 23 members of the core PIVX team. In January 2017, PIVX briefly surpassed a market cap of $700 million and still retains a great deal of popularity and a listing in the top 100 coins by market cap size.
How PIVX works
PIVX is a cryptocurrency which works a lot like bitcoin. However, there are certain differences in that is uses a Proof of Stake consensus algorithm and employs some anonymity features similar to DASH. To transact on PIVX, the user needs to issue send command which should contain the amount of PIVX to be sent as well as the recipient’s address. This information is processed by the miners (PIVX uses PoW method) and if approved, the amount is then dedicated from the sender’s wallet and put into the receiver’s wallet. Using Zerocoin protocol, PIVX adds fungibility to the network which makes the transactions anonymous, and by using adaptive block-size, the network congestion is always mitigated and the transactions take place fast.
As a second-generation cryptocurrency, PIVX has some pretty decent advantages, some of which include:
- Full-time Zerocoin Protocol: PIVX enforces the Zerocoin protocol on every transaction on the network which enhances the security and fungibility of the transaction and the network. PIVX also enhances the security using a hardware key.
- Community Designed Governance: the voting power of the PIVX network users is well distributed and buy-in from Masternode Owners is assured.
- Mobile Wallet Development: PIVX utilizes a modified version of the lite staking mobile wallet, made by Matthew Mitchell, and use master nodes to supply relevant parts of the blockchain the mobile wallet users, reducing the load on mobile devices.
- Multi-Signature Escrow System: PIVX allow other users of the network to become escrow between two transacting parties for services and goods. The payment is released when all the escrowing parties sign the release. This increases the safety against e-commerce malpractices.
- Multi-Signature Accounts: PIVX allows users to easily create and operate multi-signature accounts which are very helpful in organisations. This feature will be integrated to every wallet.
- Elastic Block Sizes: PIVX eliminates one of the biggest challenges of bitcoin, which is slow and/or failed transactions by introducing elastic block size. The block size is defined by the load on the network, thus every transaction is always processed quick and fast.
- Encrypted Chat System: The wallet also has an integrated chat system which is fully encrypted. Users can chat one-to-one and also form groups.