What Is PIVX Coin?
PIVX may seem like just another cryptocurrency but if you dig deeper you’ll understand it’s much more profound. This article will help you here!
PIVX was launched in 2016 by a few crypto enthusiasts. PIVX started as a fork of DASH under the name Darknet, which was later rebranded to PIVX. PIVX is an abbreviation for Private Instant Verified Transaction. As it goes by the name, PIVX aims to build a useful, convenient and fast means of exchange that'd be helpful in everyday life. PIVX vividly emphasizes privacy, security and anonymity of the blockchain as the developers find those features crucial to any means of exchange.
PIVX stands out for having its own Proof of Stake (PoS) protocol, with the staking options and masternode governance. PoS makes it easier and more pleasant to create and manage within the blockchain.
Masternodes take a big part in PIVX system operation, they control the Governance/Treasury system. The perfect balance is kept due to the desire for Stakers and Masternodes to maximize their rewards. They create economic forces that maintain the equilibrium on the platform and leave everyone satisfied.
In 2020 PIVX has been implementing a lot of updates into their system, including a new logo, totally rebranded and modernized web-site, and the cutting edge User Data Protection and Privacy Protocol SHIELD. There was a similar protocol before called Zerocoin with SwiftX system. But no worries, it doesn't mean that PIVX is relaxed on speed now. PIVX is still extremely fast, but the near instant SwiftX will be added back in the future.
SHIELD is the first zk-SNARK’s based privacy protocol on a PoS blockchain. Since the beginning PIVX was aiming to be upmost private and secure, so since 2016 it was operating on the Zerocoin protocol but it has to retire because an improved privacy-centric protocol has come - SHIELD. Because of the zk-SNARK (zero-knowledge proof that requires no interaction between the prover and verifier) technology, SHIELD works as a real shield in the crypto-world, that protects user’s rights, preserves privacy and keeps private information protected.
It also means you are not limited on the amount you can spend, your full balance is available for transacting privately. Overall, all SHIELD transactions are private, but PIVX will still allow users to choose freely on how they want their transaction: public or private. However, both methods are just as easy.
On the SHIELD transactions are still very fast, completed almost instantly.
Later on, the developers plan to add such features as trustless setup, anonymous light protocol research, anonymous voting and staking.
Mining on the PIVX blockchain differs a little bit from the classic mining we’re used to. The good news is that users don’t need any GPU for it. Participants can get PIVX coins either two ways:
- Running masternodes i.e. setting up your system resources as a tool to process transactions. Masternodes provide to the blockchain such services as extra privacy, speed, decentralized budget system, and voting-proposal system. By the way masternode owners get rewards for completing these multiple tasks and they also have a right to participate in voting..
- Staking i.e. keeping funds in a staking node. Staking ensures the security of the network. Stakers can keep any amount of coins in their wallets but of course, the more coins you keep, the juicier are the rewards. Anyway as long as you keep even 0.5 of PIVX in your wallet you’re a rightful participant of the PIVX platform with the rights of being rewarded.
Where Can PIVX Be Used?
PIVX coins are actively traded on the digital exchanges surpassing the sum of $1.5 million daily. Common trading pairs include BTC, ETH and even main fiat currencies - USD and EUR.
PIVX is not going traditional in matters of wallets too. The official PIVX wallet can be downloaded on the official website. PIVX is also supported by Coinomi, Ledger, Flitswallet and CoinSpot wallets.
A remarkable element of the system is its mobile wallets that function more like mobile payment instruments like Apple Pay or PayPal. Both Android and IOS wallets are quite sophisticated and offer 2-factor authentication.
The same as the most other cryptocurrencies you can sell or exchange your PIVX coins, as well as get a passive income by staking.
The Apogee Of Glory
Unlike many other coins, PIVX is completely self-funded, it neither had any ICO in the beginning nor any pre-mining of coins was offered.
The PIVX has gone through several periods of ups and downs. It’s obvious that the lowest price was prescribed on the days of initial inception, but later on, as the community grew and the network became fully developed, the interest had grown considerably.
After the PoS was established in August 2016, the value gradually climbed up. It actually went from min. price of less than 1 cent and max. of $13.69 (Dec 25, 2017) according to CoinMarketCap data.
Pros And Cons
Now let’s look at the points, PIVX has both upsides and downsides.
- Community - PIVX has an active, amiable and dynamic community. There are stories of those who got help from the PIVX community during the covid-19 quarantine times. It has its entities on all major chat platforms such as Discord, Reddit, BitcoinTalk, etc. It has a public and quite promising roadmap that attracts the investors and community members that want to get familiar with the technology and get involved.
- SHIELD - an innovative system that makes your transactions entirely private and fully protected from any invasions. It also boasts guaranteeing near-instant transactions.
- Masternodes - we’ve told you about it more detailed a little above, but cutting it short - masternodes improve the rewarding system.
- Low fees - due to the PoS algorithm transaction fees are very low and cheap, usually less than 1 cent. The developers call them micro-fees.
- Minting - PIVX boasts non-hardware minting, meaning that almost any average laptop can earn rewards through masternodes and staking.
Now let’s talk about the downsides:
- Strong competition - PIVX positions itself greatly secure, it holds stiff competition with other anonymity-centric platforms like Monero etc. Yet, we are not even sure whether it’s a downside or not.
"PIVX is a master cryptocurrency. The tech is top notch, privacy security is beyond reproach, decentralization is paramount, and it contains the features needed and desired for a widely used digital currency." – Uncle Wookie, Medium.com
“This project, in addition to having a backup with the name of your company, has won land because it has many characteristics that all users seek in addition to taking into account the Ideas and advice from your users to improve the interface of your platform and provide the best service to all your users globally.” – Julio Varela, Revain.org
- PIVX is quite an undertaking project, it is even a sponsor of the Polish soccer team.
- There are not very many Masternode-providing blockchains and PIVX is one of the few. It is also one of the most rewarding on the market.
- The coins are distributed this way: every minute there are 5 PIV created with 3 going to the pool of Masternodes and 2 going to the pool of Stakers. Another 1 PIV is made available each minute for the Treasury to pay out to Community Proposals every 30 days. The PIV allocated to the Treasury are only minted if there are passing proposals it can fund.
Now let’s sum it up - PIVX is a community-driven, private, secure and rather promising cryptocurrency on the market today and it’s definitely worth a look, keep your eye on it!
How To Buy PIVX?
Today PIVX price is 1.15 USD. The best way to exchange your coins to PIVX is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in PIVX, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to PIVX.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your PIVX coins.