$ 0.2221 right now
Trade name: PIVX
Year of Foundation: 2016
One of the most critical features of blockchain is privacy. It’s understandable by looking at all the major coins such as bitcoin, ethereum, litecoin and others. PIVX is among those currencies that take their privacy so seriously. However, this coin is not just keen on its privacy, but also many other aspects as well.
The PIVX coin was originally released into the market on January 30, 2015 as darknet. Darknet was then rebranded into PIVX on January 1, 2017. Private Instant Verified Transaction, or PIVX has a codebase that is completely customizable codebase maintained by a group of six individuals. The group comprises of a professional cryptographer and volunteer workers.
Features of PIVX
- Masternodes- This coin uses masternodes to perform most of its vital functions. The masternodes help in balancing the PIVX ecosystem as only about 60% of the coins are locked in masternodes, leaving a small amount exposed to effects of inflation.
- Staking- PoS algorithm is the protocol used to verify transactions on this platform. Additionally, the proof-of-stake (PoS) is used to create PIVX that is distributed to stakers on the system for transaction validation. Validation of transaction on this system is done by a random staker and a masternode which is then confirmed 101 consecutive times by random contributors. This is meant to enhance the security of transaction.
- Transaction anonymity- This is actually the first PoS-based crypto that has enabled transaction anonymity. The anonymity is enabled through Zerocoin. The zerocoin privatizes each transaction and also unlinks transactions using a second tier coin called zPIV.
Advantages of PIVX
- Quick verification as well as network sync performance
- It is possible to have multiple zerocoin denomination spends per transaction.
- One can spend exact amount and issue remaining amount to a PIVX address.
The popularity of PIVX has significantly increased over the years. Initially, the coin was valued at only a few cents on coinmarketcap.com, but the value now stands at $15 each.
The supply of PIVX is unlimited, but controlled by two factors. Firstly, the transaction fees are not paid to masternodes or any participant of the network. The fee is “burned.” The second factor is the design of the network which entices people to buy and hold the token. These two factors are vital when it comes to controlling the supply of PIVX.
How to get PIVX?
There quite a number of ways through which you can obtain PIVX. Below are some of them:
- Innovation and proposals
- Community participation
- Staking or masternodes