There are more than 2000 crypto projects floating around on CoinMarketCap and one of these projects is PIVX. But in such a saturated market, how is PIVX any different? What is the main idea behind this project? In order to get the answers to such questions, BlockPublisher got in touch with the Chief Visionary of PIVX, who goes by the alias of s3v3nh4cks.
The following Q&A with the Chief Visionary of the project gives one a pretty compact insight into PIVX.
- What is PIVX’s long-term vision?
“The intention is to become a widespread currency, as should be the case with any coin. PIVX does differ in its approach to this though, as it remains a community-centric, community-governed coin, and stands by the flexibility it provides users in aspects like privacy and speed. The user can choose to use Zerocoin or not, or to use SwiftX or not—it’s about giving everyone the freedom to choose.”
- How is PIVX consensus mechanism different than the rest?
“PIVX uses Proof-of-Stake for consensus. Unlike common PoS though, PIVX users have the ability to stake privately using Zerocoin with what PIVX calls zPoS (Zerocoin Proof of Stake). zPoS allows users to stake privately, with any rewards they gain being awarded to them privately as zPIV (Zerocoin PIVX units). PIVX was the first to achieve Zerocoin staking—a big deal as Zerocoin is one of, if not the, best crypto privacy protocol available today.”
- What products are present in the PIVX ecosystem right now?
“PIVX has the core wallet, which can do all the heavy lifting, as well as A Light Wallet which doesn’t require the full blockchain to operate, the Android wallet (which can mint and spend with Zerocoin—another world first), the iOS wallet, and the Secure PIVX Masternode Tool for managing masternodes and using Ledger hardware to do so. PIVX is also at the heart of zDEX, which is currently in open alpha. zDEX is a decentralised, private exchange that uses zPIV pairs to provide privacy on all transactions.”
- What is the project’s main focus currently?
“There are a number of focuses for the moment, including zDEX as I just mentioned (though it’s technically a separate entity to PIVX), and getting Bulletproofs out to the public—this implementation is long finished and tested for months, so it’s just a matter of preparing the ecosystem for the update. PIVX is also pairing up with various payment processors and outside projects wanting to take advantage of PIVX’s unique codebase. Beyond that, there’re several technical developments underway, and plenty of effort in non-English speaking nations to spread the word—particularly those with economic hardship now that could certainly use the alternative.”
- How is scalability managed on the platform?
“Scaling is something PIVX has always been mindful of, but currently is not a pressing concern as far as technical capability goes, where there’s still plenty of wiggle room. As you will know, most crypto is currently held, rather than actively traded with. Even so, PIVX has a number of mechanisms already in place. One of those is the dynamic cap: PIVX burns its transaction fees. Although these fees are small, in the event a block hosts many transactions, zPIV mints,and/ or SwiftX spends, the amount of PIV burnt outweighs the amount created with the block reward. This results in deflationary pressure. Otherwise, PIVX has plans for a further, smaller zPIV denomination should the need for it become present. That would require a very large uptick in market cap and spending to necessitate, but the contingency plan is already set and ready to go. Better to be prepared!”
- What is the main use-case of the platform?
“PIVX doesn’t have a main use-case! The freedom to choose how PIVX is used is an integral part of PIVX’s identity. If people want to use it to accept payments at their cafe, they can use PIV without Zerocoin and freely do so, the records there for when the tax is due. If they wish to move money across borders without paying huge fees to specialised service providers, it’s as easy as can be. If they want to store their money away from prying eyes, and still enjoy the benefits of interest, all they need to do is stake with zPoS. The possibilities are limited only by imagination, and if something’s not currently feasible, users can develop a plan and propose it for people to vote on, growing PIVX in the process. That’s the beauty of PIVX and what it hopes to be.”
PIVX is a community-centric project with the main focus on its users. The project uses PoS instead of PoW at its core which saves one from the hectic procedures of setting up a mining rig if one intends to participate in the network. The project also gives its users freedom in terms of what they want to do with the currency as it is not a specialized currency with the main focus on just one niche of the market.
As we move forward in time and the market saturates further, it will be interesting to see how PIVX tackles the trials of time and makes itself stand apart from the rest of the swarm.
You can find more details about the project here.