PIVX that stands for Private Instant Verified Transactions is a blockchain-based cryptocurrency developed for a decentralized network of Masternodes that are focused on such tasks as anonymity, privacy, security, and immediate transactions. This Canada-based enterprise was founded by James Burden in 2015. The company promotes the PIVX coin as a cryptocurrency with the functionality of Bitcoin, but with a higher level of privacy and higher speed of transactions.
PIVX is a fork of another privacy coin Dash that was created in February 2016. The fork was initially called Darknet but was renamed to PIVX in a year. The platform uses a custom Proof-of-Stake consensus algorithm and a community-focused governance system (Community Designed Governance). The open-source cryptocurrency platform moved away from the previous PoW consensus algorithm to deliver instant, private and verified transactions to its users. It also employs such technologies as PrivateSend, InstantSend, Dandelion protocol, bulletproofs, I2P network integration and other innovative technologies to attain these goals.
The team behind the project believes that privacy is a non-negotiable basic human right. Taking into account that technology is getting improved, governance should also advance, so the platform invites all those who share such principles to join the community and develop it together.
The PIVX team also tries to improve platform scalability and make it easy to use. It aims to make the assets more fungible and widespread to enhance its application as a usual payment method all over the world. The PIVX platform tries to acquire popularity with its ultra-fast transactions, little fees, a high level of anonymity and privacy.
The roadmap of the company is very detailed with all nuances of the future protocols and features for future realization. It also includes the status bar pointing to the stage of development such as planning, development, testing and complete. It helps the users to be aware of all works conducted by the team, the current status of their implementation and the short-term goals it tries to attain.
The PIVX technologies
Being the aggregate of famous cryptocurrencies Bitcoin, Dash, and Litcoin, PIVX was developed to get rid of the weak points that are found in all these coins. The untraceable zPIV and Zerocoin protocols make the coin special, too.
The team has developed its version of Zerocoin Protocol and named it zPIV. It is a combination of Zerocoin and Proof-of-Stake. PIVX was the first coin that employed the Zerocoin protocol, having started developing zPoS (Privacy-enabled Proof-of-Stake technology), which guarantees absolute privacy not only for transactions but for the wallet balances, too. In this way, the platform introduced privacy to the PoS consensus mechanism, which is also more energy-efficient than PoW because mining is not necessary for the generation of coins. The main benefit of Zerocoin protocol is the use of zero-knowledge proofs that enable verification of transactions without revealing info about them.
PIVX network offers the CoinJoin feature with the same functionality as PrivateSend, which is a decentralized mixer that erases the history of the coin. Technically, the PrivateSend feature was based on CoinJoin technology. The transactions are obscured with the help of a coin mixing scheme so that transactions can’t be traced back to their sources.
The platform also employs the SwiftX mechanism to contribute to the reliability and speediness of transactions. The functionality of this feature is similar to what InstantSend (a feature of DASH cryptocurrency) does. SwiftX employs the masternodes by quorum consensus to deliver immediate transactions.
The PIVX network
The use of Proof-of-Stake consensus makes the platform immune to 51% mining attacks, which become technically impossible due to the inability to use ASIC mining devices. The PoS model also helps end-users to participate in mining as they can employ consumer-level hardware equipment for that.
The products of the PIVX team also include the decentralized exchange zDEX. The exchange doesn’t require ID verification, and users don’t have to comply with AML and KYC requirements. The platform runs on the Masternode tier of the PIVX network.
Another product developed by the PIVX team is a digital wallet PIVX Core. It is used for storing PIVX coins The wallet supports PIV and zPIV coins and allows conversion from zPIV to PIV. It’s also possible to stake through the interface of the wallet. It’s enough to hold tokens on the wallet of the platform to get passive income. The advanced PoS algorithm makes it possible to use the PIVX wallet on any device regardless of the operating system and technical specification of the device.
The person who stakes 10,000 PIVX as collateral is able to host the Masternode, which can also become a source of passive income. With Masternodes, the network acquires better privacy, decentralized budgeting system, proposal and voting system and other features making the network unique. Masternode holders obtain block rewards for network uptime and hosting.
The project was self-funded and held no ICO. 16,67% of the block rewards go to masternodes and staking of PIVX. PIVX doesn’t have a hard cap meaning there’s no coin supply limit. However, the blockchain is developed to limit the growth and balance the network by burning the coins. It’s possible to buy PIVX on such exchanges as Kucoin, Bittrex, Binance, FEX, Bithumb, and many others.
The PIVX Team
The founder and CEO of the company is James Burden, an IT infrastructure expert with a nickname ‘s3v3n h4cks’. He was also appointed as Chief Blockchain Advisor to the Observer Foundation (OBSR). The project was initiated by him and another co-founder with the alias “Coin Server” but later the development was delegated to the community as it is an open-source project.
The founders of the platform believe in the power of individuals therefore the community governance was chosen. It means that the project doesn’t have a core team or any specified leaders. Though the website provides the names of leading developers, numerous contributors build the platform together.