Most of the masternode-oriented currencies on the market offer privacy and anonymity features. While that is an interesting trend, it also means few projects will separate themselves in a meaningful manner. PIVX Has been very successful in this regard, both due to its technology and longevity. Now is a good time to see what makes the project so unique.
The PIVX Acronym
As some people might have guessed, the name PIVX is an acronym. It stands for Private Instant Verified Transaction, which also indicates what the coin is all about. This open-source cryptocurrency uses Zero Knowledge technology to offer proper transaction anonymity. It is also the first currency which successfully implemented ZeroCoin in a spendable manner. Their strong focus on Proof-of-stake cannot be ignored either.
Highlighting Technical Specifications
Under the hood of PIVX, there are some appealing technical features to take note of. The Zerocoin protocol is well-known in the cryptographic world. Originally designed and unveiled in 2013, it proposes privacy features. In the world of cryptocurrency, solutions like Bitcoin and Ethereum lack all privacy-oriented traits. PIVX is one of two currencies to successfully implement Zerocoin in a meaningful manner.
What makes PIVX slightly unique in this regard is how it uses the Zerocoin Protocol in a proof-of-stake manner. Instead of using a proof-of-work algorithm like Bitcoin, PIVX takes a very different approach. This is a big step toward achieving proper decentralization and building a viable consensus algorithm. By focusing on proof-of-stake, PIVX became the world’s first Zerocoin-capable PoS consensus algorithm-driven cryptocurrency.
That consensus algorithm goes by the name of zPoS. It gives users complete privacy in terms of their balance and transactions alike. As users stake their coins to protect the network and earn a daily interest, they will do so in a completely private manner. Paired with the Zero Knowledge cryptography proofs for anonymity, this altcoin is enjoying a lot of positive attention since its inception.
Masternodes are Crucial
Similar to most other masternode-capable cryptocurrencies, PIVX’s network needs these nodes to provide privacy and anonymity features. Through this decentralized network, the services can be accessed at any given time. These masternodes also aid in terms of community governance and treasury management. Current statistics indicate there are over 1,700 active masternodes on the network. Every node requires 10,000 PIVX to be locked in place and will earn an annual ROI of 12.17%.
Mobile Wallet Dominance
To date, there hasn’t been a successful altcoin wallet for the iOS operating system which is capable of supporting proof-of-stake. PIVX’s developers are currently in the process of developing such a solution. It will be interesting to see if and when they will be successful in doing so. Until that solution comes to market, there is a mobile wallet for Android users, as well as desktop clients for all major operating systems.
Special Mention: ZDEX
Any cryptocurrency needs viable services and tools to succeed. In the case of PIVX, the focus on privacy and anonymity is only part of the equation. The developers recently unveiled a solution known as ZDEX. This is a private decentralized exchange which is currently in its alpha stage. The cryptocurrency industry needs more decentralized trading solutions.
ZDEX Makes it possible for users to anonymize Bitcoin, Litecoin, Dash, Bitcoin Cash, and ZCash through the native Zerocoin-based routing. What makes this solution unique is how users can trade supported currencies and obtain zPIV. That conversion helps sever the link between those currencies and the user, effectively providing full privacy in the process. Future improvements will be made to this platform over the coming months and years.
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers.