ELI5 PIVX Cryptocurrency

ELI5 PIVX Cryptocurrency

PIVX stands for Private – Instant – Verified – Transaction(Tx).

It is an MIT-licensed, fully open source, blockchain-based cryptocurrency which promises to offer quick transactions while paying low fees and high network decentralization. PIVX uses Zero Knowledge cryptography proofs for industry-leading transaction anonymity.

PIVX is the first cryptocurrency to implement a directly spendable Zerocoin protocol and has also developed and implemented an industry-first Zerocoin-capable Proof of Stake consensus algorithm, called zPoS, that allows complete privacy of the balance and transactions while staking.

PIVX also utilizes a decentralized network of masternodes that allow feature services, treasury management, and community governance.

PIVX project is focused on advancing its privacy technology to ensure fungibility, improving network scalability, and increasing real-world utilization to become a globally-accepted decentralized online digital currency.

Mineable? If so, how is it mined?

PIVX is not mineable, all it takes is to go out and purchase it. Although PIVX started out with the mining process, the POS system that they have now is more relevant in their part.

But there is an available multipool for people who want to earn coins in PIVX called CRYPTOPOOL.IO. All you need is to put you’re your PIVX wallet address which serves as your username along with the password of choice and uses these following addresses for you stratum:

sha256: stratum+tcp://pivx.cryptopool.io:3333
scrypt: stratum+tcp://pivx.cryptopool.io:4444
x11: stratum+tcp://pivx.cryptopool.io:5555

Maximum circulating coins

PIVX Cryptocurrency has 55,710,147 circulating coins.

History

PIVX stands for Private Instant Verified Transaction. It is a decentralized cryptocurrency focusing on the private financial matter, immediate transaction, and anonymity of the users. The network is continuously trying to solve problems that deal with security; this includes spending history, having tainted coins which are illegal, and other financial privacy.

DASH originally created PIVX in February 2016 was first called as DNET, with an improved POS system. After divergence, it was given a new name in January 2017 as knows as PIVX to present its own mission and vision. After the rebranding, it raised to +54,1118.75%, simply saying that if you have invested a $100 it would have been over $54,000 from that one asset.

The founder of the PIVX project is s3v3n h4cks, who is the Chief Visionary and Coin Server, the System Administrator.

What makes it Different?

PIVX community wants to achieve the following goals:

  • Privacy
  • Freedom
  • Technology
  • Governance

Also, PIVX has unique features that make it promising to the cryptocurrency industry, some of them are:

  1. PIVX has a Zerocoin procedure known that make use of cryptographic method called Zero-knowledge proof.
  2. PIVX has the same features of DASH but with improved POS version.
  3. PIVX uses SwiftX technology enabling them to achieve direct confirmation of transactions in a second.
  4. PIVX is an open source project which has its own funds and governance.
  5. PIVX gives incentives and opportunities for their users to earn with the use of wallets.
  6. PIVX uses an algorithm to stabilize the distribution of rewards between master nodes and staking nodes.

Who is behind PIVX?

PIVX is set for success as it has become a DASH alternative with better POS system and unique strategies in terms of community, service, and price. Also with a team made up of diverse members that take care of the network’s development and marketing strategies; the picture below shows the creators and developer of PIVX. Starting with the founders s3v3n h4cks and Coin Server, with member like Erick Stanek, Spock, Mrs. X, Chad Ballantyne, Crypto S.I, Snappy Snap, Jakiman, Sarah, Markus, and Fuzzbawls.

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