How PIVX Works & Features of Private Instant Verified Transaction Blockchain

PIVX also known as the Private Instant Verified Transaction is a Proof of Stake cryptocurrency which is centered at giving ultimate privacy in cryptocurrency. This is a crypto coin that was forked from Dash. Their manifesto focuses on the PIVX and on creating community governance. More to that, it pays attention to decentralizing the project and its technological stands to the way proposals made are voted for and implemented on the network.

Basically, PIVX focuses on implementing and building a digital means for exchanges which can be used by people to transact securely and privately in the everyday life. It has directed its focus to minimizing the transaction costs and time while still giving the users ultimate privacy and security protocols.

This being the case, the article will feature the history and founders of PIVX, the market performance, features of this crypto coin, wallets and exchanges where you can buy the PIVX.

History and Founders of PIVX

PIVX was initially launched in January 2016 by two members of the DASH community. These founders really admired how the technologies of DASH worked but still they looked forward to better changes. In this case, they moved to a wholly PoS (Proof of stake) algorithm unlike the PoW (Proof of Work) used in DASH. The team claimed that there was the need for a fairer reward system that would use the see-saw mechanism which would enhance the automatic balance reflection on the reward pay-outs.

This PIVX team saw that privacy is a crucial part of the components that make up the means of exchanges used on a daily basis. They tried to combine the ethics of DASH and Digital Cash which aims at prioritizing cheap and fast payments but still pays attention to ultimate privacy and security protocols. PIVX foresees a future where it will be used as the method of payment for peer to peer transactions as well as exchanges that are done in store.

Understanding PIVX

PIVX community is a global and vibrant one considering that it has a wide scope of active populations on all the platforms which are considered the big fish on chat forums. Such include the Bitcoin Talk, Reddit, Discord among others. More to that PIVX is included as part of the resources used by the interested investors and the members of their community in order to have an insight about their technology and involvement.

The teams that supports the operations of PIVX allows for participation from the parties who are willing to invest their time and effort. This means that they encourage community proposals to be entertained, analysed and later voted for by the community members who invested on the platform.

Features of PIVX

The Zerocoin protocols – This is a protocol capable of representing the zPIVX as well as offering some outstanding benefits which the Bitcoin cannot be able to bring to the table. The Zerocoin provides ultimate privacy to the users where the PIV viewed publicly will go fully anonymous in the crypto space. This technology will work in a way that, after the users spend their zPIV their transactions will just appear in the wallet of whoever is receiving the payment without revealing details that concern history of where the PIV may have originated from.

The SwiftTX – These kinds of transactions can be confirmed then spent in a matter of seconds. There is no need for the long queue of transactions just to get your transactions to be fully verified. The master nodes of the network are the ones who guarantee these transactions.

The Code Base POS – Actually, this is the first ever crypto which has its protocols based on the version 0.10 or even a much higher codebase of Bitcoin. The staking however needs someone to be a bit strategic. This means that your wallet needs to be kept open all through so that you can strengthen the network as well as create room for more nodes. This strategy has been made in such a way that the users who keep their wallets open 24/7 are able to receive and make more transactions than those who just open their wallets maybe once or twice over a month.

The Master Nodes – The master nodes used in the PIVX are the nodes which have been incentivized in order to earn rewards that are based on the ability of the network to provide the required services in a trust less as well as a decentralized mode. This therefore requires one to lock about 10,000 PIVX to be used as collateral in the long term just in case they want to be selected as master nodes or even be able to help the owner to vast votes on development and budget proposals.

The master nodes are like the representation of the backbone that holds the services of PIVX that will be offered in the present and the future too. The master nodes also provide a much higher reward level than just the staking.

Technical Benefits of PIVX zPIV

  1. There is direct spending of zPIV to a given PIVX address
  2. It allows faster verification processes as well as performance related to network sync
  3. It allows for multiple spending denomination on zerocoin in one transaction
  4. The users have the capability to spend exact amount and the change that remains after that gets issued to more PIVX or zPIV

Wallets & Exchanges

PIVX is so different from the crypto coins which are already in the market like Cardano, Bitshares and Dent. This is because the PIVX has a direct linking to the wallets which have been pre-compiled for the user’s operating system. All in all, both the mobile and desktop wallets are available at their website.

The most advisable way is first to trade your Bitcoin’s to get the PIVX. With your coins, you can decide to be part of the master nodes or just use the coins to stake. Both ways are good for earning a constant income of PIVX. The following are the exchanges that you can get your PIVX:

  • Coin room
  • Upbit
  • Bittrex
  • Flyme among others.

The features and on-going development of PIVX is important for the overall development of blockchain technology. With more and more tech giants lining up, we will the required growth in the crypto space.

Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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