PIVX stands for Private Instant Verified Transaction and is a transactional security and privacy-focused decentralised open-source cryptocurrency. PIVX is designed and engineered to ensure security and privacy in the peer to peer mode of a transaction without any external influence while minimizing transaction time and fees.
PIVX is manifesto is based on few basic principles which are, Privacy as a basic human right, Freedom is everything and Technology is advancing so should the Governance, Privacy allows the freedom to share what you wish with everyone, but also the freedom to restrict who sees your information.
How PIVX Works
The main part of the PIVX system is its wallet and since it is a digital currency, the developers have focused on creating a more secure mobile wallet which can be used to spend PIV in both stores and with other users. The Android version of the wallet has been released on 1st August 2017 and the ios version is expected sometime around the end of 2107. The wallet promises to be more flexible, secure and convenient. The wallet provided with security features like two-factor authentication and Universal 2-Factor, a hardware dongle to provide for an extra layer of security when accessing your funds.
The developer has been pulling all stops to make it a more versatile and marketable wallet. The roadmap mentions about its ability to create escrow agreements with other users, allowing users to make use of wallet to transact directly with users and pay for services in a safe and efficient manner. The wallet is more like a peer-to-peer marketplace and payment processor than a medium of storage.
Like other cryptocurrencies, where the miners are rewarded for every newly created block, the PIVX has also a contained reward system. In PIVX, anyone who has PIV can help to secure the network and is rewarded for those efforts.
The PIVX runs on BIP 138 with Bitcoin encryption and operates using Proof of Stake security mechanism. Meaning, one has to prove that he/she holds PIV in order to earn rewards. There are two ways in which you can earn PIV i.e, by running Masternodes (community governance) and other is by Staking PIV.
Masternodes can be referred to as a decision-making body. Running a masternode requires you to hold at least 10,000 PIV in PIVX-Qt wallet and will serve as a collateral. A network of Masternodes are used to verify and anonymize transactions, store blockchain and decentralizing the governance of the project. In return, a masternode is rewarded with PIV coins.
Staking coins is used to secure the network and release new blocks (same as mining). Staking does not require you to have any amount of minimum PIV in your wallet but the only condition is keeping your wallet active.
How Reward is Distributed among Masternode and Staker
A block time is 60 seconds in which 5 PIV are created and is then divided into three parts. The first 10 percent goes on to fund the system and future roadmap. The rest 90 percent is distributed between the Masternode and the Stakers and the distribution is based on "Seesaw Algorithm". The algorithm constantly adjusts the rewards based on the number of Stakers and Masternodes at a given time.
Obfuscation: A mixing mechanism based on CoinJoin and employs Zerocoin protocol, in which various enhancements are done over the original version in a decentralized fashion to keep the transaction anonymous.
SwiftTX: It facilitates a confirmed transaction within seconds, guaranteed by a network of masternodes with no multiple confirmations.
See-Saw Reward Mechanism: The stakers and winning masternodes are rewarded on fair and transparent method through See-Saw Reward Mechanism.
Founder and History
Launched on January 31st, 2016 by two Dash community members, under the name of Darknet. But, after developments and more community involvement, it was decided rebrand and officially change the name to PIVX. It's more like an improved version of DASH with features like privacy and security. It is a self-funding decentralized treasury systems.
Some Key Data
Total Supply: 43,166,500
Block Time: 60 Sec with re-targeting after every block
Block Reward: Blocks 2 - 151,200 (250 PIV), Blocks 151,201 - 259,200 (50 PIV) and thereafter every 43199 block reward decreases by 5 PIV until 648,000 block
How to Buy PIV
For Buying PIV coins, one needs to create a mobile wallet with PIVX or with online wallet Coinomi. After successful creation of the wallet, you need to purchase Bitcoins and then convert it to PIV coins from any of the exchanges mentioned below.
List of exchange supporting PIV tokens
Bittrex, Changelly, Anycoin Direct, BuyUcoin, Flypme, LiteBit.eu, Coinswitch, Novaexchange, Livecoin.net
PIVX Mobile wallet, Coinomi
PIVX is designed to transact in a more secure and private way which implements Zerocoin protocol as against most other cryptocurrency in the market which uses DLT technology, which makes transaction visible to the public.
Key Resources and Links