PIVX (PIVX) Review – Crypto Coin Judge
What Is PIVX?
PIVX is a Bitcoin-based community-centric cryptocurrency that focuses on privacy decentralization and real-world utilization of the coin. PIVX is the abbreviation for Private Instant Verified Transaction (X). It is created, engineered, and developed with the best practices and developments for providing outstanding transactional security and privacy. It provides the right to exchange securely and privately without any cryptocurrency pressures, wicked individuals, government influences, and movements. They believe that in this new era, individuals should be allowed to exchange and use their wealth in any manner they choose, without any hassles, and with complete peace of mind that their transactions are running swiftly, in a private and verified manner.
All about PIVX
PIVX is constantly working to attain its target of a better governance system, fungibility, and instantaneous private transactions in order to remain the next generation cryptocurrency. In other words, PIVX is a form of online digital money which can be swiftly transferred across the world with almost non-existent transaction fees. Individuals can easily convert their money into PIVX from various exchanges and earn rewards. It is similar to earning interest on buying goods or services online and offline where it is accepted or traded on an exchange for buying other digital currencies. This is not governed or owned by any single person or organization but its network is highly secured by thousands of nodes spread across different parts of the world by its users.
Originally launched on 1 Feb 2016, with the name Darknet (DNET) it was decided to rebrand it professionally and change its official name to PIVX after a lot of development and increased community involvement,. This was done to accurately showcase the underpinnings of community ideas and beliefs hard coded into the crypto coin. The prime goal of the company is to produce an advanced digital currency which is highly secured, quick, decentralized, and private to benefit all users. While they are on the way to achieving their target, some features are still under development and will appear in the near future.
What are the prime features of PIVX?
The Zerocoin has been executed by PIVX. It is a protocol represented with zPIV and offers outstanding benefits that Bitcoin cannot provide. With Zerocoin, PIVX users can enjoy full privacy. The PIVX implementation of Zerocoin protocol converts the publicly viewable PIV into anonymous PIV. When users want to spend zPIV, it will appear in the receiver wallet like a regular PIV without showing the history of where the PIV originated from.
SwifTX transactions are confirmed and spendable within a few seconds. This means that you don’t need to wait for multiple confirmations to get validity of the transaction, as it is guaranteed by the network’s masternodes.
Code Base Pos 3.0 Bitcoin Core 0.10.X:
It is the first proof of stake cryptocurrency, based on the 0.10 version or higher Bitcoin codebase. In order to get the most out of your staking, you need to keep your wallet open at all times, resulting in more constantly available nodes and strengthening the network. Users are no longer able to open their wallet once or twice a month for a few minutes and receive the same as those who have 24/7 up-time with their wallet.
Masternodes are the incentivized nodes which will earn rewards based on their availability and ability to provide network services in a decentralized and trust-less manner. You will be required to lock 10,000 PIV as collateral for a long time if you select to run the masternode and enable the owner to vote on budget and development proposals. The masternodes work like the backbone of the present and future services which will be offered on the PIVX network. They will also provide a slightly higher level of rewards as compared to just staking.
What problems are resolved by Zerocoin?
1 – Most digital currencies, like Bitcoin, Ethereum have a well-known public ledger system where transactions are easily visible and traceable via their block explorer. This is the reason why anyone and everyone can see all the associated transactions and balances with the associated address. It means the data of the previous address owner is also visible via your own address once the coins have navigated through the blockchain and arrived your address.
2 – An address may look like as if it is fully anonymous but when you are doing a transaction with an address which is created by the exchanges and other merchant services, you need to essentially link your anonymous address with an address that may show your identification. In most cases, this type of transparency may not create any issues but it can become a serious problem if your coins were once associated with an undesirable history or your address was targeted by potential thieves.
3 – To overcome this issue, PIVX started with V3.0.0 core wallet update released on 7 October 2017, and implemented the well-known protocol named as Zerocoin with various custom enhancements that enable blockchain level transaction anonymity via unlinkability. It is known as zPIV where the PIVX is considered as a unit of PIV and z is the prefix for Zerocoin.
4 – zPIV offers a protocol-level coin mixing service by utilizing zero knowledge proofs to provide a link between the receiver and sender with 100% intractability and privacy. It means that every coin which is sent using zPIV is 100% fungible, because it has no determinable history attached to it. Moreover, it also secures your balance by preventing it from being targeted by potential thieves. It is a unique feature that no other digital currency currently offers to investors.
5 – The RSA-2048 challenge generated keys are used to encrypt the PIV zPIV accumulators that negate the requirement for a developer trusted setup. It means that no individual knows the factors. Everyone’s privacy is completely ensured with the use of zPIV.
Technical benefits of PIVX zPIV
1- Quick verification and network sync performance.
2 – Allows for multiple Zerocoin denomination spends in a single transaction.
3 – Direct spend of zPIV to a PIVX address.
4 – Capable of spending exact amounts and issues the remaining change to either more zPIV or PIVX.
Real-life benefits of using Zerocoin
1 – zPIV is capable of hiding your coin balance from prying eyes to protect you from being targeted.
2 – It can hide the transaction history of the coin (source and target addresses) to make it private, fungible, and safe.
3 – Offers fast and quick anonymous transactions. It takes only 0.5 seconds to mint and 2.5 seconds to spend zPIV.
4 – It provides default automatic conversion to zPIV but a transparent transfer option is still available. This means that the user can send a fully transparent transaction anytime when required.
What is the PIVX reward system?
All decentralized blockchain communities have some kind of reward system for the people who help them in securing their network. In some of the systems, such as Bitcoin, the rewards are given to the miners, the subgroups of people who contribute in securing the Bitcoin network. In PIVX, anyone with PIVX can help in securing their network and can also earn rewards for their efforts. Today, there are three different groups who help PIVX in different ways and earn rewards for doing so.
How to receive rewards
The network works on the Proof of Stake (PoS) security mechanism. It means that you have to prove that you hold PIV to secure the network. By using the first two methods described below, you can utilize your PIV to earn interest on what you have already. If you don’t have PIV but are willing to earn some interest then you should go with the third method, which enables you to earn by helping the community.
Running a masternode: You need to have 10,000 PIVs to run the masternode.
Staking your PIV: Here you don’t require a minimum PIV, but you have to keep your wallet active.
Helping out: The third option is available all the time where you need to help out with community projects funded by PIVX. If you help in these projects you will become eligible to earn PIV for your time and work. These opportunities include marketing, development, customer support, and more.
What makes PIVX different from others?
There are a variety of elements that make it a great secured investment. By utilizing advanced technology, PIVX provides safe and secure privacy that other coins do not have. Let’s read about its key features that make it stand apart:
1 – It is an anonymous peer-to-peer currency.
2 – It works towards Private Instant Verified Transactions as its default transaction.
3 – It had no ICO and no existing pre-mine as it was publicly burnt.
4 – It is community driven.
5 – PIV uses the blockchain improved Proof of Stake 3.0 protocol which is more efficient in keeping the network secure when compared with PoW.
6 – It is based on Bitcoin 0.10.xcore, which means it is more up-to-date than other POS digital currencies that use a lower Bitcoin core version.
7 – There is a large, active, and growing community on social networking sites like Reddit, Gitter, BCT, Facebook, etc.
8 – The use of Trello allows for publicly accessible task planning and management.
9 – There is a highly accessible and responsive development team.
10 – In comparison with other digital currencies using masternodes, such as DASH, PIVX has had a consistently higher level of profitability percentage.
11 – It will remove the Coinjoin DASH method and implement the full time modified Liberocoin protocol that makes it one of the advanced PoS anon crypto.
12 – It makes use of the innovative variable Seesaw Reward Balance system that adjusts its reward dynamically to masternodes and staking nodes.
Unlike other already existing coins such as BitShares, Cardano, Dent, and more, PIVX provides a direct link to the pre-complied wallets for your operating system. You can easily download the desktop wallet and mobile wallet from its website.
How to buy PIVX
The best option is to exchange Bitcoin for PIVX. Once you get some coins you can either set up a masternode to earn more of these coins or stake your coins. In both these methods you will receive a steady income of PIVX. Right now, it is available on different exchanges including:
● Anyocoin direct.
● Macro exchange.
The value of PIVX has continuously increased in 2017. We might predict that it is possible that investing in PIVX is likely to benefit investors. Still this is not a direct investment advice.
Their team is comprised of many community members. There are some team members who prefer to maintain their privacy but want to be listed in the team so that people know about their skills sets and knowledge.
Dissimilar to other coins like Decred, Augur, MonaCoin, PIVX stands for Private Instant Verified Transaction (X). It is a privacy-focused, decentralized, and open source cryptocurrency that uses Proof of Stake protocol and second tier masternode network. It was launched on 1 January 2016 with the name of Darknet (DNET), and later renamed PIVX.