PIVX stands for Private Instant Verified Transaction, and is a name most people in the digital currency world are unfamiliar with. The development team has been hard at work for over a year to create a unique coin with a combination of the most highly sought after features in the crypto world. Originally released under the name DarkNet, PIVX has rebranded to more precisely reflect its future path. The coin’s development team is designing it to be used for incredibly fast, anonymous and secure point-of-sale transactions. A stunning new website was recently released detailing all the newest features and future plans.
When I discovered PIVX, before even looking into the details, the first feature I noticed was how quickly coins transferred from one address to another. My transfers arrived and were confirmed in less than one minute. After researching I found the block time was just 60 seconds… 10 times faster than Bitcoin.
Similar to DASH, PIVX uses Masternodes for many functions. These Masternodes are instrumental in validating transactions almost instantaneously, and are the source of coin mixing to obscure private details. In addition, Masternode owners have voting rights in decisions on future proposals. Masternodes can be set up using the QT Wallet, and are given mining rewards for their valuable contribution to the network.
Alternatively, people can contribute to the network using the wallet’s PoS 3.0 (Proof of Stake) technology to verify block transactions, which also rewards minted coins. With each participating PoS node, it becomes more difficult for any one entity to control more than 50% of the PIVX network, decreasing even the smallest possibility of any kind of attack.
An equal distribution of processing between Masternodes and Staking is ideal for the security and decentralization of PIVX behind the scenes. To keep the processing roughly even, PIVX has created what is called a seesaw mining reward system. This gives greater mining incentives to Masternode owners when a disproportionately high number of resources on the network are Staking; and conversely, more rewards for Staking when Masternodes are over-represented.
My favorite PIVX feature has to be its anonymity. I have been researching and writing about cryptocurrency projects for a while, and until now had not understood fungibility. The dictionary definition is the exchange of two things of equal value. The fungibility within PIVX already surpasses most other cryptocurrencies, but there are plans to make transaction information even more untraceable. The code from the Zerocoin protocol will soon be integrated. This code completely eliminates the coins from the blockchain, and then recreates them, removing the possibility of tracking where the coins are coming from or going to.
The PIVX manifesto expresses the intentions and policies of the project. The most important truth there openly expresses the belief that privacy is a basic human right, and is non-negotiable. Sharing your personal information with others should be based on choices you make, not taken without your permission. The manifesto also extends a welcome to you to join the project with your talents, and encourages you to do so on your own terms. The PIVX community is the most active I have found and people in their Slack channel are excited about the future.
PIVX has taken lessons learned from the mistakes made by other coins, and created the next generation of digital currency. It is ten times faster than Bitcoin and more decentralized. It delivers greater security and will be untraceably anonymous. Unlike many other digital currency projects, PIVX is not making promises before the first line of code is ever written. The development team has already created and turned loose a currency rivaling and surpassing the most secure coins available today.
Now you know. Welcome to the future. Welcome to PIVX.