“PIVX stands for for Private Instant Verified Transaction, and it’s a fork from Dash that was launched on February 2016. Unlike Dash though, PIVX doesn’t use PoW, but and enhanced PoS mechanism. Less than a year of its creation, PIVX acquired it’s current name, as this privacy focused crypto was originally created with the Darknet (DNET) name…”
Coin Name: PIVX
Birth of project: 2016
Project Status: Privacy
Circulating Supply: 55,759,725 PIVX
Official website: https://pivx.org/
Official Wallet: https://pivx.org/wallet/
Introduction to PIVX (PIVX)
PIVX stands for for Private Instant Verified Transaction, and it’s a fork from Dash that was launched on February 2016. Unlike Dash though, PIVX doesn’t use PoW, but and enhanced PoS mechanism. Less than a year of its creation, PIVX acquired it’s current name, as this privacy focused crypto was originally created with the Darknet (DNET) name.
This marketing effort tried to make more obvious the cryptocurrency goal: the achievement of instant transactions and to create a bigger focus on privacy and freedom, but also technology and governance, seeking decentralization as an ultimate goal.
Unlike Bitcoin, Dash, and most other currencies, PIVX doesn’t have a limited supply, meaning that every single year over 2.5 million coins are mined. Each block is mined every minute to achieve this goal, and currently there are over 55 million coins circulating.
Technically speaking PIVX uses the Zerocoin protocol that enables financial transaction proof without conveying any other personal information, something Bitcoin doesn’t do. Full privacy to users is definitely and advantage that PIVX has, by converting the public user information into anonymous. Being a Dash fork, PIVX also has all the Dash features, masternodes and private transactions, having the protocol mechanism improved.
If we want to get more technical, we can check the Seesaw white-paper to learn about PIVX masternodes and the staking rewards. SwifTX is another technology used by PIVX that helps transactions being near instant, taking under a second to be made.
This is guaranteed by the masternodes network, so there’s no need to be waiting for long or multiple confirmations to make the transaction valid. We can consider the masternodes to be the most important part of the PIVX structure, as they are the key for the trustless and decentralized service.
In terms of perspectives for 2018, PIVX has prepared the Deterministic zPIV wallet, as well as the iOS mobile wallet that enable governance features through the wallet.
Apart from Dash, PIVX still has the competition from Monero, Verge and other privacy coins, and even if it’s clear that PIVX positions itself as an alternative to Dash, only time will tell if it will have the capacity to come close to the user adoption Dash has.
This is a brief introduction to PIVX, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $6.09
Jan 19, 2018: $9.22
Dec 19, 2017: $8.12
Nov 19, 2017: $3.01