What is PIVX (PIVX)?
Future of PIVX Cryptocurrency and know how to buy PIVX

What is PIVX?

#1 - What is PIVX?

  1. Private Instant Verified Transaction, or PIVX (also formerly called as DNET), is a peer-to-peer open source cryptocurrency that originated as a code from DASH, a privacy-focused cryptocurrency.
  2. PIVX  is cryptocurrency that is guided by a manifesto, and majorly focuses on decentralization, privacy, and its usage in the real world, which makes it a community-centric cryptocurrency.
  3. It operates its own budget funding and governing model, which allows the entire network to pay individuals as well as enable businesses to perform activities to add up some value to the network.
  4. PIVX offers private transactions which are categorised as zPIV transactions, with instant transactions represented as SwiftX.

PIVX manifesto (Image Source: PIVX[DOT]org )

PIVX: The basics

PIVX is an open source decentralized cryptocurrency driven by privacy and security. Some of the key properties it offers are:

  1. Private Transactions: The transactions you make are conducted privately, so that no one else can track your identity, the amount you hold, and the person you are transacting with.     
  2. Instant Transactions: The SwiftX technology on PIVX allows it to be used for point-of-sale conditions. Here, a locked payment is delivered and is then confirmed five times in less than a second. This is how it is not exposed to double spends which other cryptocurrencies are susceptible to.   
  3. Fungible: The coins in PVIX cannot be blacklisted since they cannot be tracked. It also erases the history of each PIVX transaction even before you spend it.  
  4. Self Funded: The cryptocurrency has its own fixed budget that allocates funds for awarded proposals in order to improve and maintain the project, which is also 100% self-sufficient.      
  5. Self Governed: PIVX has its voting and proposal system which involves everyone owning a PIVX guides further development and an overall direction of the coin which is guided by the manifesto.   
  6. Low Fees: Transaction fees vary depending on how quickly you want to deliver your transaction with the help of the network. Because of the nature of PIVX block rewards and a model of self-funded governance, PIVX does not require the usage of transaction fees. This adds up to the benefits of the PIVX users, as it also reduces the total supply of PIVX coins.
  7. Decentralized: PIVX does not have any authority governing it centrally. It is distributed globally and has no point of failure.
  8. Community Driven: It is a global community that uses Swarm Methodology for empowering its users to get involved and make a difference. Swarm Methodology, also known as Swarm intelligence, is a collective behavior of self-organized and decentralized systems, which can be natural or artificial.
  9. Fixed Supply: Every year, 2,629,743 new PIVX coins are created and are paid to the ones who help the network get secured through running and staking Masternodes. Additional PIVX can’t be created by any group or individual.  

PIVX Development  

  1. PIVX was released originally as DarkNet (DNET) on January 2015. DarkNet was rebranded as PVIX on January 1, 2017, with it being an acronym for Private Instant Verified Transaction.
  2. The PIVX coin is entirely customized codebase of Bitcoin core 0.10.x and DASH.
  3. It is maintained by six full-time core developers, these include a professional/academic cryptographer and support from various volunteer and part-time workers.

 

#2 - What are the benefits of PIVX

PIVX Technology

  1. Masternodes: The technology of PIVX uses a network of masternodes that comes with multiple important functions. The masternodes require 10,000 PIVX for a collateral in order to prevent attacks. Even though this collateral can be spent at any point in time, this process removes the associated masternodes from the entire network. Block rewards are divided between masternodes and stakers. PIVX has balanced ecosystem as 60% coins are locked or staked in masternodes, due to which the coin holders suffer a small amount of inflation that continuously reduces with the increase in the supply of the coins since a fixed amount of 2.34-2.6 million PIV is minted every year.     
  2. Staking: Staking, also known as Proof-of-Stake, is a protocol used for verifying the transactions using a fraction of electricity that has been used in the Proof of Work protocol. PoS is utilized in the creation of PIVX, which is distributed to the stakers as a reward for the validated transactions. PIVX uses PoS 3.0 protocol with fixed rewards for blocks, along with a variable seesaw reward mechanism which balanced 90% blocks reward size amongst masternodes and the staking nodes. The other 10% of the block reward is utilized in the budgeting system that uses the network of masternodes for decentralized governance.    
  3. zPIV: PIVX is the very first cryptocurrency that is based on PoS. It enables anonymity of transactions. PIVX has also implemented the highly-vetted protocol, known as Zerocoin. It allows every transaction to be personal by unlinking the transactions with help of new second-tier coin, known as zPIV, which denoted PIV as PIVX and z as Zerocoin. zPIV uses an efficient checkpoint system. The system permits zPIV spend process to use checkpoints which contain all mints which were built before the zPIV mint was been spent, and the user selected amount of zPIV mints after the checkpoint. The entire process allows a large number of coins in the accumulator and requires smaller computations. zPIV needs minimum resources that can make it the fastest private transfers in the entire market of cryptocurrencies.       
  4. SwiftX: The PVIX coins use SwiftX technology to obtain confirmation of near-instant transactions while trying to overcome the double spend challenges. This technology helps PIVX coin transactions to be instantly broadcasted. The PIVX swiftX costs 0.01 PIV and gives 5 times confirmation before 1 second. This is one thing that has not yet been adopted by any other community in the crypto market.
  5. Infinite Supply: PIVX holds to face low inflation rate that generally faces reduction every year. Presently 56 million PIVX coins have been supplied and it has a limitation of 2.34-2.6 million PIVX which can be minted every year. Almost 90% of minted coins are rewarded to masternode owners and stakers for securing the network and processing their transactions. Around 10% of minted coins are utilized to fund PIVX proposals of improvement. All the PIVX owners are allowed to contribute to the network in order to earn block rewards.
  6. Scalability: PIVX presently holds a transaction capacity of 10 times greater in comparison to that of Bitcoin. Due to the upcoming update for Elastic Block sizes, the capacity of a transaction would also expand on the basis of the demand, like block time of 60 seconds and block size of 2 megabyte.
  7. Funding: The PIVX coin has completely operational, self-funding, decentralized treasury system which was built and developed with the help of 100% self-funding. Various web projects accepted PIVX for ICO. Around 10% block rewards are presently available for funding the proposals and projects, amounting for an approx of around 21.6k PIVX which are available in every 30 days for the usage and are distributed through the PIVX’s voting and proposal system, that is done in a decentralized way with the help of masternodes.     
  8. Governance: Presently there is a plan regarding the Community Designed Governance (CDG) system, that will be the first in a crypto market.

 

#3 - How to buy and store PIVX

How to buy PIVX

The PIVX coin is listed for trading on various trading exchanges globally, and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows PIVX users to access or obtain the PIVX token by using their crypto holdings, bypassing the need for more KYC norms.   

The entire list of trading exchanges for the PIVX cryptocurrency includes major global exchanges such as UPbit, Binance, Bittrex, Coinbe, and more.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the PIVX cryptocurrency,CoinSwitch, best cryptocurrency exchange comes in to help you make the right decision by providing the prices for PIVX on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  1. What’s more - with CoinSwitch you do not rely on a separate wallet from the exchange to store your PIVX cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

PIVX Storage

After obtaining the PIVX token, you will require a PIVX wallet to store it safely. There are few storage options available, such as:

  • PIVX GIU is the official desktop wallet of PIVX. It is a GUI wallet that, once it gets synchronized with the entire blockchain, allows you to generate a new wallet. It also backs it up with your seed key. The PIVX GIU wallet help you to gain dividends by permitting you to stake your PIVX on it. The same wallet can be used for running the entire node masternodes. You can also make anonymous transactions with the help of this wallet. These transactions will pass through the mandatory Zerocoin protocol. Currently, this wallet is available for Mac, Linux, and Windows operating systems. 
  • The Ledger Nano S is of course, the hardware wallet based on robust safety features for secured digital payments and to store cryptographic assets. It can be connected to any computer through USB and embeds a secure OLED display for checking and confirming every transaction you make with one tap on the side buttons.
  • PIVX Mobile Wallet: This wallet went live in the month of July of 2017. It can store, send, and receive the PIVX token. It allows you to generate seamless hierarchical addresses with the help of its 24 words seed key. You can restore the PIVX wallet with the help of the seed key on any of the devices. It also has a PIN code option to enhance the security of your funds and does not ask for any kind of ID or email verifications for starting your wallet. It is currently only available for Android.
  • Coinomi: Coinomi is a mobile wallet. It is a wallet for multiple cryptocurrencies. It is a crypto wallet that allows exchange functions only for Android devices. It is secure and focused on privacy which permits instant exchanges between different crypto coins.
  • Paper Wallet: Of course, you can use cold storage paper wallets to store and transact on PIVX offline. This involves the printing of public and private keys on a paper that is then stored in a safe and secure place for the user. These keys are printed in the form of QR codes that can be scanned to conduct future transactions.

 

#4 - What is the future of PIVX token?

PIVX Global Acceptance

The Market Cap ranking of the PIVX cryptocurrency is 72 as of June 2018, and it holds a market capitalization of $148,735,315 USD as of the same time. A total number of 56,531,427 PIVX coins are in circulation.     

Also Read: Complete Analysis of PIVX | Live PIVX (PIVX) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

1 June, 2018

3.92

3.94

3.79

3.86

1,539,760

220,971,000

1 May, 2018

5.80

5.99

5.42

5.99

5,774,910

325,116,000

1 March, 2018

5.37

6.05

5.31

5.92

2,098,160

299,144,000

1 January, 2018

10.43

11.19

9.86

10.74

5,455,340

576,317,000

1 November 2017

2.97

3.03

2.62

2.69

1,341,230

162,148,000

Source: CoinMarketCap

Future Prospects

  1. PIVX can be profitable investment option for upcoming future. The present price of PIVX is 2.614 USD which is likely to increase in the near future. If you purchase PIVX for $100 USD today, you will end up earning 38.258 PIVX. the predicted price for till 2023 can be something near to $20.298 USD.
  2. One reason that can contribute in the rise of PIVX is the fact that it provides 100% anonymity which surely people are going to love as in to make private transactions, which has also been the backlog of various other cryptocurrencies.  
  3. Another fact that will help PIVX rise is the time taken for its transactions, which is really very fast and instant.   

 

#5 - How is PIVX different from other cryptocurrencies?

Go through the table to know how PIVX is different from other cryptocurrencies:

Coin Specs

  • Consensus Algorithm

Proof of Stake (PoS 2.0)

  • Hashing Algorithm

Quark

  • Hardware Mineable

No, but supports multipool

  • Block Time

60 seconds

  • Premine

60k on genesis block for setup of 6 initial masternodes. Premine was burnt from coin supply at block 279917

  • Max coin supply

No maximum value. It increases by approx 2.6 million PIVX per year. Approx 312 million after 100 years.

Features

  • Masternodes

Yes

  • Instant send

Yes (SwiftX)

  • Private send

Yes (coinjoin) with untraceable Zerocoin protocol

  • Variable masternode reward

Yes (seesaw algorithm)

  • Variable mining/Staking reward

Yes (seesaw algorithm)

  • IPv6 support

Yes (both wallet and masternode)

  • Decentralized governance

Yes (masternode voting)

  • Budget funding

Yes. 10% of block reward

  • In-wallet BIP38 encryption

Yes (private key)

 

#6 - Should you invest in PIVX?

The Good:

  • Increased privacy with zPOS.
  • Should see increased decentralization, as the number of investors will rise knowing that their identity is secured.
  • The transaction fees will be used to rewards those who are staking on the PIVX network. This is power efficient for the world in general.
  • Provides high transaction speed, low transaction costs, and high levels of scalability.

The Bad:

  1. It is not fully private or anonymous due to the IPs not being anonymous, which means your identity may not be entirely protected.
  2. It faces stiff competition from the likes of other major privacy centric cryptocurrencies, such as Monero.

Even though PIVX has excellent and unique features, it is still not ranked amongst the top 50 cryptocurrencies according to the Coin Market Cap ranking. The coin somehow is still being overlooked due to other major digital currencies. PIVX stills needs to rise and market itself better for being in the run of top most cryptocurrencies.

Whether you should buy and hold, is a decision that will require more deliberation, as with any other cryptocurrency.

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