PIVX – Anonymous Transactions Based on Zerocoin Protocol
The cryptocurrency called PIVX is a technological offshoot from Dash, the predecessor of the coin. It has been leading its history since 2016. From the very beginning of its existence, the creators have positioned PIVX as a fast, anonymous and maximally decentralized coin that has open source code. It is noteworthy that it was this cryptocurrency that became the first among all the others in implementing the PoS principle and using the Zerocoin protocol. In this article we will tell about the history of PIVX, its advantages, disadvantages and prospects.
History of creation
PIVX appeared in 2016. Technologically, it is a fork of another currency already known at that time called DASH. It is noteworthy that during its creation, the creators decided to almost completely copy the operating principles and code of the most expensive and well-known market representative – Bitcoin. Nevertheless, the developers took care of the feature that will distinguish their creation from their predecessors – the ability to make completely anonymous transfers, which is impossible in the Bitcoin environment.
It is this distinguishing feature that formed the basis of the future slogan, which should attract potential investors. It is difficult to argue with such a choice, because it is the opportunity to avoid monitoring the movement of finances and the chance to avoid paying taxes that attract many who want to invest in one or another virtual currency.
It is worth noting that initially the coin had a different name – DarkNet. But later it was decided to rename it to PIVX, which stands for “Privacy Instant Verified Transaction”. In Russian, it will sound like this: ‘Confidential and instant verified transactional transactions.’
Initially, PIVX worked on the basis of the Proof Of Work principle, which was borrowed from its predecessors, but later it was decided to switch to Proof of Stake 3.0.
The Zerocoin protocol was also taken and improved, allowing transactions that cannot be committed. The history of PIVX transfers is completely closed to those who want to track the movement of funds.
Nevertheless, it was possible to make open transactions, if the participants in the transaction themselves so wished.
PIVX cryptocurrency benefits
- A high rate of anonymity, allowing transactions to be carried out without fear that the chain can be traced.
- The standard method of transfer is Confidential Instant Verified Transaction, as indicated in the abbreviation name.
- Cryptocurrency is developed based on community recommendations.
- Proof of Stake (proof of stake), which is used in the system, is much more effective than the outdated Proof of Work (proof of work).
- PIVX transaction cost has reached the lowest possible levels. Most often, the transfer of funds costs no more than one cent, which makes this cryptocurrency ideal for business schemes based on regular transfers of funds from one person to another.
- Unlike many other projects, investors were not attracted through an ICO, and the coins that they created at launch were later publicly “burned”.
- It is based on the newer version of Bitcoin Core, which makes it much more relevant than other PoS cryptocurrencies based on outdated software versions.
- In the process of support and development, an constantly growing community is actively used, represented in most popular world social networks (Facebook, Twitter, Slack, Facebook).
- A common community development center is available at teamwork.com.
- The development team consists of active and responsive people without megalomania. Individual contact with them is a common thing.
- Currency is available for purchase at most of the most popular exchanges in the world.
How to mine PIVX
Some time after the beginning of its existence, the cryptocurrency abandoned the classical mining method, switching to the PoS mining method. At the moment, everyone who owns coins in their wallets can earn PIVX. To do this, you need to provide the resources of your equipment in order to confirm transactions that are made between other users.
Participants in the transaction confirmation process receive a reward, which is distributed depending on how many coins were on their balance sheet for a certain period. It is worth emphasizing that you can not participate in the confirmation if you have a zero balance in the system.
The system that determines the rewards (See-saw), distributes profits in the ratio of 10% / 90%. The first indicator necessarily goes to finance the further development and maintenance of the project, and the second is distributed among the network participants.
On the official website of the cryptocurrency, you can get several versions of wallets that are suitable for use on major mobile and desktop platforms. The desktop version is based on Bitcoin Care and will enable operations on Windows, Linux and Mac. We emphasize that we should not forget that the computer version will require a lot of space for storing the blockchain. Also, experts advise putting the password on the wallet, and save its backup copy on a separate medium (flash drive).
Where to get
Like many other cryptocurrencies, getting PIVX is easiest on a variety of exchanges. Statistics show that the most popular exchange available for these operations is Bittrex. More than 90% of operations for the purchase of coins of interest to us are made there. In addition to this exchange, a purchase for Bitcoin is offered by:
If you are interested in purchasing for a classic currency (dollars, rubles, etc.), then only Livecoin and Yobit will help you. There are more exotic options for the exchange, but to clarify the possible operations, it is worth exploring the exchanges indicated above.
Prospects for the future development of PIVX
A sharp jump in the development of this cryptocurrency occurred in 2017. Then PIVX rose very sharply and significantly, which attracted the attention of many experts and investors. Now the currency is a good option for beginner crypto-investors, because the value of its coin does not reach sky-high indicators (about $ 2), and the potential still makes it possible to make an assumption about the further development and increase of investments.
Many experts predict good results that can expect this currency. Success is possible due to the fact that the development team is not only talented in terms of programming, but also smart enough to rely on fruitful interaction with the community, which sometimes is a source of good and even profitable ideas.
Among other things, the continuous improvement of security parameters and anonymity, as well as the application and improvement of the best ideas of competitors in the end, can bring good results.