Want a way to store and send your wealth privately and securely? That’s exactly what PIVX does.
PIVX, Private Instant Verified Transaction, was originally launched in January 2016 under the name Darknet (DNET) as a fork of Dash. It was re-branded to PIVX on January 1st, 2017. The coin aims to achieve a community-focused, open-sourced crypto currency with fast, full-time private transactions and a fair governance system.
PIVX utilizes the Proof of Stake (PoS) consensus algorithm since the end of its initial 6 months proof of work (PoW) distribution phase. It is the first PoS coin based on a combination of up to date Bitcoin Core 0.10.x – which means it’s more up to date than most other PoS-based digital currencies – and DASH, which explains its core technologies such as Masternodes, Private and Instant Transactions. PIVX is the first coin to use BIP38 encryption/decryption of private keys, as well. It also utilizes Blackcoin’s improved PoS 3.0 Protocol with a fixed block reward working alongside an innovative, dynamic, variable Seesaw reward balance mechanism – which is the main difference between PIVX and DASH – that varies its block reward between the masternode and the staking nodes to promote an optimal ratio of both node networks.
PIVX had no Initial Coin Offering (ICO) nor existing pre-mine as it was publicly burned. Approximately, it has a PoW maximum supply of 43.2 million coins, with an inflation of 2.6 million coins each year, and a 60 seconds block time (approximately 1440 blocks per day). It currently has monthly decreasing block reward inflation with it reaching its final low inflationary rate of approximately 4.8% beginning mid-May 2017.
PIVX is available to trade on multiple exchanges including Bittrex, BitSqaure, Cryptopia, YoBit, and many more. They have plans to add it to larger exchanges, as well. Although it is only 1 year old, its performance in the market is quite solid. Ranked at 16, Its Market Cap is around USD$47.75 Million, with a Circulating Supply of nearly 52.7 Million PIVX, according to CoinMarketCap.
Currently, PIVX has over 6 core developers, as well as the full support of the community, who are working on adding features such as IPv6 support. The development team is also working on upgrading the coin to Bitcoin Core 0.13.2 and implementing full-time Zerocoin Protocol – Zerocoin Protocol is a bitcoin protocol extension that adds true cryptographic anonymity to transactions.
The development team had a huge roadmap to follow, and so far, they are doing great. They have fulfilled 30 points of the development process till this day:
- PIVX Launched under its original name, DarkNet;
- TOR Masternodes Come Online;
- Network Reaches 500 Masternodes;
- Activated Budget System;
- PoW Reward Reduction;
- Network Reaches 1,000 Masternodes;
- Start PoS At Block 151201;
- 60K DNET Burned As A Network Fee;
- Successful Tansition To Proof Of Stake;
- Seesaw Reward Mechanism Adjusted;
- New Name And Brand;
- UTXO Input Splitter Added To Wallet;
- Bittrex Trading Tab Added To Wallet;
- Masternode Management Panel Added to Wallet;
- Added Multi-Send To Wallet;
- Release Wallet With BIP38 Encryption/Decryption;
- Official PIVX Rebranded Wallet Released;
- Secondary Voting Tier – Development Started;
- Mobile Wallet Development;
- Network Reaches 1,500 Masternodes;
- Official PIVX Rebranded Website Launched;
- I2P Network Nodes;
- Multi-Sig Escrow System;
- SuperSpeed Chain Downloader;
- Master Node Voting Tab;
- Multi-Sig Address Control;
- U2F Integration;
- Elastic Block Sizes;
- Encrypted Chat System;
- Full-Time Zerocoin Protocol.
We don’t know what they are planning for the future other than the ongoing development, but they will surely let us know. You can check out the latest news about PIVX on their Main Website, their WIKI Website, their Masternode Info Website, or their Announcement Thread on BitcoinTalk.
So why is PIVX safer to use than any other coin out there?
There are a number of reasons that make PIVX intrinsically safer than other coins: surety and stability of the development; the team that is working to support the coin (thus, it’s not a pump and dump coin, or designed to be a money grabbing scam); the inherent technology that provides a level of safety for your privacy and information that other coins don’t. The community also plays a vital role in the security of the coin. How? When the community holds the coins in their wallets, then pledge or use those coins as a way to participate in helping to secure the network, by doing this, they are actively participating in the overall health and stability of the PIVX network, hence, they become eligible to be rewarded for that participation. Not only is the community helping to secure the project but also has the ability to vote and participate in the coin’s direction.
Therefore, Does PIVX have a community? Absolutely yes! PIVX has a massive, active community on multiple social networking sites such as BitcoinTalk (BCT), Reddit, Twitter, GitHub, Slack, etc., with Slack being the most active one where all the developers hang about. One of the developers said that a one-minute conversation on Slack would fill around 3-4 pages on BitcoinTalk (if you don’t know, that’s around 60-80 comments per minute!). The community also uses Trello for publicly accessible task planning and management. PIVX has a highly active, accessible and responsive development team who takes everyone’s ideas into consideration, and they are always open for new developers.
Though we don’t know the real identities of the development team members, we have certainly seen their awesome project growing each day, and we are sure that the whole community had participated in that project one way or another. Both of the development team and the community have managed to prove that PIVX isn’t just a crypto currency – it is a crypto currency that cares about its supporters and believers while contributing to the digital world. Therefore, PIVX is a crypto currency, a blockchain, and a community.