$0.31386 3.63%
PIVX · 33w

What Is PIVX? Introduction to PIV and zPIV Tokens - Crypto Briefing intro updated for December 2018

What Is PIVX?

PIVX is an advanced cryptocurrency focused on privacy and security for digital cash. As a community-led project that forked from the Dash blockchain, it uses the Zerocoin protocol to anonymize transactions through its onchain Zerocoin Decentralized Exchanged (zDEX) for untraceable transactions. PIVX stands for Private Instant Verified Transaction (PIVX).

PIV is mined through a Proof-of-Stake (PoS) and Zerocoin-Proof-of-Stake (ZPoS) hybrid consensus algorithm, allowing for psuedonymous and anonymous transactions, which the PIVX Community labels as “extreme privacy.”

PIVX was launched January 31, 2016 by Dash community members who wanted to shift the reward system while focusing development on faster transactions times, privacy, and security. It’s focused on being a vanilla digital cash that enables fast value transfers. It’s more anonymous than other privacy coins like Zcash because the Zerocoin protocol is actually a custom version that also has a mechanism to auto-mint anonymous coins.

Anonymity is retained on PIVX using zPIV tokens on the zDEX, which are then processed by Masternodes using SwiftX technology.

We’ll dive a bit more into the nuts and bolts of this privacy coin in a minute. First, let’s review the market performance of PIV, the native cryptocurrency of PIVX, and its usage as a privacy coin for digital cash.

PIV Cryptocurrency Summary

As of December 24, 2018, the circulating supply of PIVX is 56,781,166 PIV. There is no maximum supply, although transaction and zPIV mining fees are burned to control the supply. The peak price of PIV so far was $14.24 on January 10, 2018.

Approximately 2.6 million PIV is minted each year. Of that supply, 90 percent goes to staking wallets and Masternodes, and 10 percent funds budget proposals voted on by the PIVX Community.

Becoming a PIVX Masternode require hodling a minimum of 10,000 PIV in the PIVX-Qt wallet. Balances under 10,000 PIV can still...

Continue on cryptobriefing.com
Recent news
No posts found