The Story about PIVX: Proof of Stake King among Privacy Coins Niche Ambassador Follow Apr 7 · 4 min read

I first heard about PIVX sometime in March 2017. It was one of the first coins that started biggest altseason in cryptocurrency history. PIVX was ranked #10 by market capitalization on CoinMarketCap on 14th April 2017. Since the creation, PIVX team always consisted some of the biggest talents and minds in blockchain space. Rumors that PIVX would be the first cryptocurrency to implement Zerocoin Protocol to its custom Proof of Stake algorithm resulted with huge public interest followed by significant price increase. And yes, PIVX developers successfully implemented Zerocoin Protocol in October 2017 and improved its performance radically over the time.

Since then, a lot has been changed. Price-wise, PIVX faced a major price decline same as the entire cryptocurrency space. But, in terms of development activity, PIVX has never been more active than it is right now. According to messari.io, PIVX had more commits on GitHub from January 4th to April 4th 2020 than all relevant competitors in privacy niche combined!

Zerocoin Story

2019 was by far the toughest year for PIVX since inception. Besides long lasting bear market that killed many crypto projects mostly due to lack of funding, PIVX faced another issue: cryptographic flaw in Zerocoin Protocol. Although PIVX wasn’t directly damaged by this vulnerability because zPIV (Zerocoin PIVX coin) has been already disabled at that time, it forced core team to make major decision about the future of the project.

Astonishing Resurrection

Almost a year ago, during mid-April 2019, PIVX was in unenviable position and majority of people thought the project is about to die. And yes, it’s not a surprise that many projects would die out in such scenario without any doubt. But…as it usually happens, toughest times are perfect moments to test project stability, team members dedication, cohesion, loyalty and real love to the project. Many community members gave up on PIVX, but PIVX core developers and team members never gave up on people, community and all its investors. That’s where the beauty of PIVX project comes from and that’s exactly where PIVX proved that Top 10 ranking on CoinMarketCap wasn’t coincidence.

As zPIV coins were disabled, first step taken was ensuring that investors can safely transfer their zPIV coins to normal PIVs. With this move developers showed care for their investors, although it took couple months of hard work to make it happen. Ever since then PIVX went through a development renaissance era in its full meaning. Development speed reached whole new dimension. Comparison of top contenders by the number of GitHub commits according to messari.io shows that PIVX is holding high 7th place among all cryptocurrency projects including Bitcoin, Ethereum, Monero and others!

New era required whole new wallet version. Back in December 2019, PIVX released brand new 4.0 wallet:

PIVX Releases the Most Advanced and User-Friendly QT Crypto Wallet Ever

4.0 wallet introduced complete backend and frontend redesign of Bitcoin Qt wallet. Not only that PIVX introduced most user friendly graphical user experience between cryptocurrency core wallets, but also complete wallet backend was re-coded from scratch.

4.0 introduced another major feature - Cold Staking, which allowed people to stake and receive rewards while their coins are being safely stored on cold wallet like Ledger or Trezor.

Furthermore, 4.0 introduced new Proof of Stake Time Protocol that ensured more consistent block times, more secure network, less energy consumption, became more low-end device friendly and most importantly, fairer block reward distribution.

And now, in April 2020, PIVX is about to release another major wallet release, the 4.1 version which is currently in final testing phase. In only little bit over 3 months of development, PIVX developers succeeded to increase block synchronization speed by significant 42.8% and reduced wallet RAM usage by astonishing 64% compared to previous 4.0 wallet. From almost 2.6 GB RAM usage down to ~926 MB speaks enough about the developer skills.

Is 2020 going to be the biggest year in PIVX history?

PIVX starts to raise eyebrows again in cryptocurrency circles by amazing developments coming from PIVX lab. The amount of quality code being pushed out can be hardly followed even by the projects with significantly larger budgets and developer teams.

PIVX recently announced Road to PIVX 5.0 with zk-SNARKs, a world’s first implementation of Sapling Protocol into the Proof of Stake algorithm, sometime in Q4 2020.

Conclusion

In less than a year, a transformation from a coin in seemingly hopeless situation to a coin that is leading by the development speed and activity, stepping fast forward and announcing implementation of one of the most advanced and complex cryptography to get head around - zkSNARKs - is absolutely breathtaking. Is PIVX making a way back to the Top and about to make the best comeback in crypto history? Only time will tell.

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PIVX Donation Address:

D6Jpzb8FLLjM6bMx9j9M3xQQboRVLuX7z7

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3BMupBoUUrpjQcaw55nDkDMhdvRdDvrMqv