Private Instant Verified Transaction PIVX
Originally launched in January 2016 as DNET or DarkNet. The currency was rebranded in February 2017 as PIVX. PIVX is a unique cryptocurrency that offers proof-of-stake minting, and masternodes announced. On November 28th PIVX implemented the Zerocoin Protocol. Zerocoin Protocol provides total privacy on a blockchain by using crypto graphics called Zero knowledge proof. Meaning that the transaction is verifiable but it remains completely anonymous. PIVX does not require that any information is divulged about a particular transaction, other than that is has taken place. Any transaction, therefore, is completely untraceable which makes it impossible for un-wanted parties from tracking how and where you spend your money.
Manifesto
PIVX have drawn up a manifesto which includes the following
- Privacy is non-negotiable, it’s a basic human right Privacy allows the freedom to share what you wish with everyone but also the freedom to restrict who sees your information.
- Freedom is everything.
- Technology is advancing, Governance must also.
Community
PIVX has over 9000 members in various instant messaging apps like Discord and Slack, over 1000 Twitter followers and a super active GitHub community. As a software developer one of the first things I look at is a coins GitHub page. How active are the developers? How frequently are the developers pushing code? Do the various repositories have clear documentation? PIVX passes with flying colors!
PIVX is a community-centric cryptocurrency that focuses on privacy. It utilizes a Proof of Stake protocol, which is far more energy efficient that Proof of Work. PIVX also utilizes a Masternode network for inclusive community-based governance along with a blockchain based self-funding treasury system ensuring its sustainability. 10% of newly minted coins are deposited into the treasury which supports ongoing development.
Most coins/tokens do not have any mechanism in place to support ongoing project costs like development, marketing, customer support etc… Which tends to create a charity based contribution system. PIVX institutes a unique distributed governance model that allows stakeholders to help determine the future of the community and currency. The governance model allows for the currency to be self-funding, setting aside 1000 PIVX per month, for its own development and growth.
Stats
PIVX is freaking fast! It support instant transactions with very low transaction fees. Users who want to support the network setup Masternodes, which contribute to increasing the speed of transaction processing. Masternode operators are rewarded with PIVX tokens. According to official stats, the network has over 2100 master nodes online.
There’s roughly 55 million PIVX units in circulation. PIXV is currently trading at $5.50 which gives it a total market cap of $303 million, placing it in 47th place in the crypto world. The cryptocurrency went live in early 2016 trading at just under 1cent.
PIVX Zerocoin Implementation
When you use PIVX your coin balance(s) and transaction history is hidden. This prevents from someone trying to asses how many coins you have and what your activity is like. Transactions on the PIVX blockchain are also super fast, using SwiftTX. SwiftTX transactions are confirmed and spendable within seconds, guaranteed by the network of masternodes.
PIVX Rewards
Method 1 — Running a Masternode
Running a Masternode, which requires 10,000 PIV.
Method 2 — Stake Your PIV
Staking your PIVX, which has no required minimum, but requires you to keep your wallet active.
Method 3 — Helping Out
If you help projects that are funded by PIVX, you become eligible to earn PIV for your time and work. These opportunities include development, marketing, customer support, and more.
As of today, average yearly returns for staking are approximately 2%. This essentially means you’re earning interest on your balance while contributing to securing the network. I’m a huge fan of these types of systems, i.e. PoS. Being compensated for securing the network incentivizes people to stake(hold) their coins, partly why DASH has been so successful. For up to date rewards please check out the PIVX Rewards Calculator.
Point of Sale
PIVX is launching a Point of Sale application — PIVit — which is a free mobile app designed to run on mobile platforms (Android, iOS), desktop platforms (Linux, macOS, Windows) and standalone hardware terminals for merchants to be able to accept PIVX quickly, easily and securely. This is super unique, I haven’t come across many cryptos that have something this fancy.
One of the main reasons a merchant would use this app over the standard mobile wallet would be to have an experience they are familiar with. It has been designed to be very closely related to credit card processing machines in this respect. Another reason would be for employees to process PIVX transaction without the security risk of leaving the owner’s wallet, on her cell phone, in the hands of an employee.
Many cool features are being planned for future releases like:
- near field communication (NFC) touch-to-pay with mobile phones using PIVX mobile wallets
- offline payments system using plastic EMV-type cards for customers
- Ability to have payments converted to fiat instantly — this is wicked awesome btw
Exchanges
Bittrex and Changelly are the main ones I would recommend taking a look at.
Final Thoughts
To be honest, PIVX is da troof. Full disclosure, I own some coins so I’m obviously biased but with all the amazing features that come with PIVX, and all the junk that’s currently circulating out there, it’s difficult for me to reconcile why PIVX isn’t getting more love right now. These are just my opinions. I’m not your financial advisor. I’m not advising you to buy or sell anything. Be responsible, do your own homework and come to your own conclusion. Don’t be suing me for anything cuz I don’t play that!
