PIVX was launched in February 2016 and went under the name of Darknet; a rebranding has resulted in the currency going by its current name, which stands for Private Instant Verified Transaction. It’s regarded as one of the primary anonymity-based coins along with Monero, Dash and Zcash and PIVX is a decentralized and open source project with a strong and enthusiastic community. PIVX’s primary purpose is to provide optimum security and privacy when making payments.

PIVX has developed a reputation as one the coins most likely to benefit from the increased interest in privacy coins and there’s a good chance that the PIVX team can close the gap between themselves and Monero, which trades at a price around $93 and has a market cap of around $1,4B. The underlying technology behind PIVX includes a mixing mechanism based on CoinJoin, administered via a method of masternodes and PIVX has a number of features and upgrades that have been under development and are set to be unveiled this week.

The PIVX team has already released a number of updated wallets including their new android wallet and their PIVX Core version 3.0.0 wallet, which was a mandatory upgrade with a deadline of October 13. The new wallets align with the Zerocoin protocol, which PIVX will officially announce on October 16. The Zerocoin Protocol utilizes Zero-Knowledge proof technology to ensure complete financial privacy. Zero-Knowledge proofs is a cryptographic method by which one party can prove to another that a given statement is true, without conveying any information apart from the fact that the statement is actually true. Zerocoin will allow financial transactions to occur with the only public information being that money was indeed sent or received.

The announcement of these upgrades should allow PIVX to bump up to another level and may even see the coin rise to new all time highs. PIVX has recently proven itself to be one of the more durable altcoins and has resisted the sell off experienced by most altcoins as investors chase Bitcoin. PIVX is currently trading at around $3.50 to $4.00, which is not too far off its all time high price of $4.19. PIVX is a coin with a bright future and this week we can expect to see a growth in its importance in the cryptocurrency ecosystem.