PIVX
What is PIVX
Private Instant Verified Transactions
PIVX is an open source, Decentralized Blockchain that focuses on privacy, security, anonymity and instant transactions.
It was originally created and forked from DASH and it was originally called Darknet.
It is the POS(Proof Of Stake) Blockchain with an improved POS mechanism.
Main Pillars:
Privacy
Freedom
Technology
Governance
By this, they are trying to achieve their goal of decentralization, near instant, Private transactions, and model of community-run governance which is better than DASH and other cryptocurrencies.
Features of PIVX:
PIVX is the first proof of stake CryptoCurrency with zerocoin protocol level anonymity, thus making it truly fungible.
It has all the features of DASH including masternodes and instant and private transactions.
Uses swiftX technology to achieve near instant transaction confirmations in less than a second to overcome double spending challenges. This feature isn’t used in most cryptocurrencies yet.
It is open source, self-funded and self-governed cryptocurrency project with no controversies such as instant mine & pre-mine strategies.
PIVX gives earning opportunities to its user by allowing them to stake their holdings in a masternodes or a staking wallet. Currently, there are no other popular cryptocurrencies that give incentives to its use for both staking and running a masternodes.
It uses the unique seesaw algorithm to balance its reward distribution between masternodes and stacking nodes.
PIVX is the first proof of stake CryptoCurrency with zerocoin protocol level anonymity, thus making it truly fungible.
It has all the features of DASH including masternodes and instant and private transactions.
Uses swiftX technology to achieve near instant transaction confirmations in less than a second to overcome double spending challenges. This feature isn’t used in most cryptocurrencies yet.
It is open source, self-funded and self-governed cryptocurrency project with no controversies such as instant mine & pre-mine strategies.
PIVX gives earning opportunities to its user by allowing them to stake their holdings in a masternodes or a staking wallet. Currently, there are no other popular cryptocurrencies that give incentives to its use for both staking and running a masternodes.
It uses the unique seesaw algorithm to balance its reward distribution between masternodes and stacking nodes.
ZeroCoin Protocol:
Without zerocoin protocol, all zoin coins would be completely public and traceable since their creations. Zerocoin allows you to complete, erase the history of your zoins by using the mint and spend commands.
- The mint command basically cleans your zoins by converting the certain number of zoins to zerocoins. All of the new mints will be together on the blockchain and it would be impossible to determine who processed them.
- The spend command converts back your specific number of zerocoin into clean, new zoins which lack any prior transaction history and can be used briefly.
This protocol makes every end-to-end transaction completely untraceable. That means your friend, family. Co-worker or business partners will never know that you bought for how much. It is not possible to trace the history of any given payment thus anyone can not data mine and recover any information to identify patterns and users in transactions.
Using zerocoin protocol non-anonymous coins - as in the case, PIVX will be converted to anonymous coins. The user can then send these zerocoins to the other users and can split or merge the coins they own in any way that preserves that the total value. Zerocoins can also be converted back to non-anonymous coins, though in principle this is not necessary since all transaction can be made in terms of zero coin.
PIVX is the first of its kind as a proof of stake coin to use zerocoin protocol. As bitcoin is not able to provide total anonymity, this private zero-knowledge transactions will provide PIVX with an edge over bitcoin and another altcoin in giving more anonymity to peer-to-peer transactions.
PIVX wallet:
There are two types of PIVX wallet:
Desktop Wallet
Mobile Wallet
1. Desktop Wallet
It is a GUI (Graphical User Interface) wallet.
It is synchronizing wallet because it will take some time to sync with the entire blockchain. Once the sync is complete, you can make a new wallet by backing up your seed key and you can also take a backup of your wallet by exporting your private key.
This wallet also helps you earn dividends by allowing you to stake your PIVX on it and the same wallet can be used to run full nodes, masternodes. Using this you can also perform anonymous transactions that go through a mandatory zerocoin protocol.
It is available for window, Mac and Linux operating system.
2. Mobile wallet:
The PIVX mobile wallet is HD wallet that allows the user to generate seamless hierarchical address with 24 - words seed key or recovery phrase that can be backed up by its user. With the seed key, you can restore your PIVX wallet on any device in case your device becomes lost your damaged.
It has Pincode provision for the enhanced security of your PIVX funds and doesn’t require any type of ID verification or email verification to start using this wallet.
The present time it is only available for Android.
PIVX Masternode:
Maternodes are nodes which are running the same wallet software on the same blockchain to provide extra service to the network which includes:
Anonymization increased the privacy of transactions
Instant transactions
A decentralized governance
A decentralized budgeting system
Immutable proposal and voting system
For providing such service masternodes are also paid a certain portion of reward for each block. This can serve as a passive income to the masternodes owners minus their running cost.
