Coin Spotlight: PIVX

Providing users with a fast, secure, private, and stable means of transacting over the web.

What is PIVX?

PIVX (Private Instant Verified Transaction) is an open-source, decentralized cryptocurrency that focuses on privacy, security, anonymity, and instant transactions. It is one of the fastest and lowest cost privacy-focused digital currencies that use a Proof of Stake (PoS) consensus system. PIVX is the first proof of stake coin with the zerocoin protocol (zPIV) and zerocoin staking (zPOS). The latter being a completely new Proof of Stake algorithm providing unparalleled privacy, speed of transactions, and low transaction costs.

PIVX’s mission is to become the quintessential privacy-based currency. It’s base features are an aggregate of those pre-existing in other currencies. However, they have been tailored and modified in order to provide a single currency able to perform with the strengths of those currencies without their weaknesses. Utilizing those features in conjunction with the untraceable zPIV and the Zerocoin Protocol, PIVX has some features that differentiate it from its competitors. The team is constantly working on both improving these previous technologies as well as its own.

zPIV & Zerocoin Protocol

Privacy is a key feature of blockchain technology and a lot of cryptocurrencies claim to provide anonymity in the case that real identities do not link up directly to the addresses attached to the platform. However, every transaction is broadcasted for everyone to see on the public ledger and essentially defeats the idea of privacy. With the right resources and skills, the real address could be traced from the transaction details.

PIVX uses private protocols known as Zerocoin and Zero-Knowledge to solve the problem of anonymity and provide complete privacy. The Zero-Knowledge Proof enables users to provide proof of their transaction without needing to display any details of that transaction to the public. As for a Zerocoin, when a private transaction is initiated, a separate private currency is created without a link to its origins and is used for the transaction before being converted back into the base currency by the receiving party without a link to the transaction or original sender. This new private currency is the “zerocoin” since it is a simple place holder with zero status on the chain outside of this role.

PIVX adopted and modified the Zerocoin protocol, which prevents the possibility of any form of tracking, and named it zPIV where it achieves its goal of total privacy through coin mixing. It does not provide proof of transaction between the sender and receiver and is completely fungible since there is no historical record of the exchange. Utilizing zPIV, transactions are verified and confirmed quickly, wallet balances remain private, and transaction records are kept hidden.

Instant Send (SwiftX)

SwiftX transactions are confirmed and spendable within seconds. Near instant transactions are a necessary component of any usable, common, and spendable currency in today’s market. They are guaranteed by the network of masternodes with no need wait for multiple confirmations to be confident in the validity of the transaction. SwiftX allows for speeds comparable to Visa or Mastercard but with drastically lower fees and a decentralized network with privacy and direct ownership of funds.

Coinplan is very excited to feature PIVX because they are a project focused on advancing privacy technology to ensure fungibility, improving network scalability, and increasing real-world utilization to become a globally-accepted, decentralized online digital currency. You can view PIVX inside Coinplan’s Privacy Portfolio here.

To learn more about PIVX, please take a look at these helpful links:

PIVX Website

PIVX Telegram

Twitter

GitHub