Another day, another cryptocurrency to talk about. This one isn’t that new, but it’s interesting nonetheless.
PIVX — which stands for Private Instant Verified Transaction — is an open-source, decentralized cryptocurrency that focuses on privacy, security, anonymity, and instant transactions. So unlike Bitcoin and Ethereum, PIVX users can conduct 100 percent anonymous transactions, and that is, obviously, one of its key selling points. Let’s take a closer look, shall we?
But, first here’s the introductory video:
Now let’s proceed…
How PIVX came into existence?
PIVX was created and forked from DASH in February 2016, when it was known as Darknet (DNET). In January 2017, the cryptocurrency was rebranded to PIVX to reflect its underpinning vision and mission.
Unlike DASH however, PIVX is a Proof of Stake (PoS) cryptocurrency with an improved POS mechanism. It was created with a manifesto that is supported by 4 pillars: privacy, freedom, technology and governance.
Also, PIVX was designed to enable near instant transactions, and a model of community-run governance. Those instant transactions are in part enabled by fast mining, with an average PIVX’s block taking 1 minute to mine.
PIVX doesn’t have a finite coin supply cap like Bitcoin, or DASH for that matter. Its supply increases every year by approx 2.6 million coins.
At the time of publishing this article there were approximately 55 million PIVX coins in circulation with a market cap of around $650 million.
How’s PIVX different from other cryptocurrencies?
There are a few things that make PIVX different:
- PIVX is a Proof of Stake cryptocurrency with a Zerocoin protocol level anonymity.
- PIVX has all the features of DASH including masternodes, and instant and private transactions but with an improved PoS 3.0 protocol mechanism.
- PIVX uses SwifTX technology to achieve near instant transaction confirmations in less than a second to overcome double spending challenges.
- PIVX allows users to stake their holdings in a masternode or a staking wallet, effectively providing users with earning opportunities. The system uses a unique seesaw algorithm to balance its reward distribution between masternodes and staking nodes.
Buying and storing PIVX
You can buy PIVX from popular exchanges, including Changelly, Bittrex, Cryptopia, Crypto-bridge, YoBit, BuyUcoin, Livecoin and Bitsquare.
When it comes to storing, you can use the official PIVX desktop wallet — available for Windows, Mac and Linux — and its mobile version. Also, there is Coinomi mobile wallet, and the Ledger Nano S hardware wallet.
Does PIVX have a future?
We tend to think the answer to that question is “yes,” with a number of factors working in PIVX’s favor, including its great PoS mechanism, privacy and anonymity, community-driven governance, and smart reward distribution strategies.
That being said, we also think that the market is big enough to support a number of different cryptocurrencies, and that we are still in the early stages of the entire market.