PIVX (PIVX) – What You Should About PIVX

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: Jun 20, 2018 | Last Updated: Mar 14, 2019

2024-10-14T02:55:39+00:00

What is PIVX?

PIVX stands for Private Instant Verified Transaction and is an open-source cryptocurrency with a focus on private transactions. PIVX coins are fungible and allow for instant transactions via a system called SwiftX, where a locked payment is sent and verified within 5 seconds. Private transactions are possible through implementation of the zerocoin protocol.

Table of Contents:

The consensus mechanism is Proof-of-Stake, and additionally, Masternodes are a part of the PIVX network. A Masternode verifies and anonymizes transactions, stores the blockchain, and votes on community proposals.

In return, the holder of a Masternode receives dividends in the form of PIVX tokens. 10,000 PIVX are required as collateral to run a masternode.

History

It started as a fork from DASH and was initially named “Darknet.” It was launched on 31. January 2016 and rebranded in Q1 2017. It is community driven.

To find out insider news, before-the-public, I advise you to bookmark www.blockchainwhispers.com

Can it be mined?

No, the consensus mechanism is Proof-of-Stake. Therefore you cannot mine, but you can stake your tokens to help secure the network and get additional tokens as compensation.

What differs it from other Cryptocurrencies?

It differs from DASH in the way that it uses Proof-of-Stake instead of Proof-of-Work and PIVX has a slightly different voting mechanism. Also, it implemented the zerocoin protocol.

How much is it worth today?

What is the total and the circulating supply?

The total supply is infinite in theory and the circulating supply at the time of writing is 56,282,800 PIVX. Used PIVX is burned, and the rate of burning will in the future roughly equal the rate at which new PIVX are produced.

Where can you buy PIVX?

You can buy it on several cryptocurrency exchanges, most notably Binance and Upbit.

Can it be sold for cash?

You can sell it for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Upbit.

Future Development

The team works on new wallets, including an iOS mobile wallet as well as on Ledger hardware wallet Masternode collateral support. Elastic block size, a decentralized exchange and a protocol to disguise IP-Addresses are also on the roadmap.

Verdict and Rating

4/10 Good project for private transactions. The big negative point is the indefinite token supply and the yearly inflation. There are better solutions for the use-case of a private cryptocurrency available.

Blockchain Whispers, a well-respected crypto website, often talks about the pros and cons of different privacy-centric cryptocurrencies. This is one of my highest recommended secret resources for crypto investors, so make sure you follow their updates if you aren’t already. It’s free, and the link is: https://blockchainwhispers.com/premium/

4 / 10.0

Page Score:

References

Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.