Note: This piece was ghostwritten for a client. It is uploaded here purely for portfolio purposes.
PIVX is the answer for users who want to make private transactions on the blockchain. The project wants to be a better Bitcoin, offering near-instant transaction times, while putting the community in control of decision making. The team has put great effort into implementing multiple add-ons to ensure the success of the project, with many more on the way.
What Is PIVX & How Does It Work?
PIVX (PIVX) stands for Private Instant Verified Transaction. It is a privacy-focused currency working with a Proof of Stake consensus algorithm. The goal is to be a viable means of trading value while offering minimal transaction fees and lengths. It wants to improve on some of the issues that Bitcoin suffers from, like scalability and practicality.
As a fork of DASH, PIVX shares some features like the SwiftTX and Masternodes, though it makes some improvements on these adopted systems, as well as differs in its own unique ways. For example, thanks to proof of stake, PIVX allows users to stake any amount of token for a return on investment, rather than limiting this option to masternode owners.
To stake a coin means to secure the network, allowing new blocks to enter and keep things secure. Because PIVX allows you to stake any coin amount, you can allow yourself to risk more and improve your rewards. Every sixty seconds, stakers receive a reward at random proportion to their staked amount. The more you hold, the more you’re likely to receive. Otherwise, anyone who holds more than 10,000 PIVX in their wallet becomes a Masternode. This gives them voting power in all major decisions surrounding the future of PIVX, as well as frequently rewards them in more currency.
Here is a breakdown of some major PIVX features:
- SwiftTX: Taken over from Dash, SwiftTX enables seconds long transaction times. Transaction confirmations are done by the masternodes instead of needing the approval of the network.
- Zerocoin (zPiv): This initiative allows users to spend anonymously. Zerocoin converts the public information of a transaction into anonymous data. While the transaction happens normally, the receiver doesn’t see where the currency came from.
- See-Saw Rewards Mechanism: This idea is to keep masternode owners and stakers equally happy. When the number of masternodes increases, stakers receive less rewards. When the stakers become higher than the masternodes, the masternodes receive more.
PIVX has an incredibly detailed road map available on their website. They have some major revisions planned in 2018, which we’ll highlight here:
- zPIV Staking: Remember that Zerocoin implementation? In 2018, PIVX will allow zPIV staking alongside the traditional token, ensuring that it is incorporated more into the ecosystem.
- Redesigned Governance: Right now, masternode owners are the only ones that can vote. Last year, those owners voted to change that power. There are multiple submitted changes being considered, and the winning one will be implemented this year.
- Dandelion Protocol Integration: This extra layer allows IP addresses to be untraceable by the network or any bad actors. Essentially, transactions are broadcast to all different nodes, making it near impossible for an attacker to trace the origin.
- UI Redesign + Quality of Life Changes: The team are redesigning their wallet design, finishing up an iOS mobile app, offer support for hardware wallets, and eventually their own exchange for zPIV and Bitcoin.
Because PIVX is a community run project, a majority of their listed members are just that. Anyone that contributes regularly to the project is listed as a member, though they can choose to remain anonymous. That said, the two project founders discern themselves through online aliases.
s3v3n h4cks has a long history in IT development, while Coin Server has a background in system administration and networking. Both like to keep their information private, which falls in line with the goal of the project. These two appreciated DASH’s speed but wanted to improve more on the privacy front. They forked the technology to incorporate their own changes.
Because PIVX is community run, they are very open on what’s going on behind the scenes. A handful of members are active on the subreddit, though a lot of discussion happens on the official PIVX forums.
PIVX is available on Bittrex, Binance, and Upbit, among a variety of smaller exchanges. Because it’s so new, the coin has a while before showing up on exchanges like Kraken. That said, the influx of planned features will likely put more eyes on the project soon.
As mentioned, users can gain PIVX either by staking or becoming a master node. Because it is a proof of stake system, mining is not a form of distribution.
PIVX currently has their own wallet on standard operating systems as well as Android. It isn’t the easiest to maneuver, though the upcoming redesigns will change that. Otherwise, it can be stored in a Ledger Nano S or on the popular Altcoin wallet, Coinomi.
What’s Next For Them
So, the platform offers near-instant transactions, caters to privacy, and allows stakers to make decisions regarding the future of the project. Users who want to stay anonymous have every reason to invest in the idea. That said, PIVX is as volatile as Bitcoin. There is no guarantee that this token will make it in the long run.