Buy Pivx (PIVX)
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Buy Pivx in India
Following the success of the cryptocurrency Bitcoin, multiple individuals and organizations realized the potential of blockchain networks and cryptocurrencies and thus followed the development of numerous other altcoins that stormed the cryptocurrency market offering special benefits and unique abilities to its investors and users to woo in investment. Many blockchain network organizations soon started realizing the potential which the network held within it and started implementing it for other purposes such as decentralized cloud storage and online entertainment services. PIVX or Private Instant Verified Transaction aims at providing its users with the utmost level of security while providing them with high transaction speed and low fees at the same time.
What is Pivx ?
PIVX or Private Instant Verified Transaction is a privacy-centric blockchain network that was created from DASH. the platform focuses on creating a network that is based on self-governance while having a decentralized system so that future project proposals are voted on by the community itself and implemented accordingly. PIVX is attempting to create a highly secure and private platform that can be used for everyday means in life. Since long transaction times have plagued almost every cryptocurrency and bitcoin network ever created, PIVX aims at reducing this transaction time for its users. The platform was launched in 2016 by a couple of DASH community members. The founders were admirers of the DASH network but wanted to create some changes in those aspects where they felt the network lacked. This led them to develop their own network which was centered more on privacy and shifted from the Proof of Work (POW) system to Proof of Stake (POS) which they felt was a competitively fairer system for the users. Along with the POS network, they also implemented a system that automatically balances the reward payouts. The duo realized the importance of privacy and security when it comes to conducting transactions and exchanges on a daily basis and wanted to apply DASH’s digital cash ethos that was known for prioritizing fast and cheap payments to their system with added security and privacy.
History of Pivx ?
PIVX was launched on January 31, 2016, by two DASH community members. The founders admired the DASH technology but wanted to see some changes. They moved to a completely Proof-of-Stake system as opposed to DASH’s Proof-of-Work system and implemented what they saw as a fairer reward system that used a see-saw mechanism to auto-balance reward payouts (this is gone into more detail in the staking section below). They saw privacy as a critical component of a daily means of exchange and set out to combine the “digital cash” ethos of DASH that prioritizes fast, cheap payments with more advanced privacy and anonymity. Their hope is to become the go-to payment method for peer-to-peer transactions and in-store exchanges.
What is PIVX Mining?
Since the platform operates on the Proof of Stake (POS) system, it does not support mining as a procedure to earn PIVX coins from the network. Instead, the system calls upon users to stake their coins on master nodes and use it as collateral in order to verify and anonymize transactions and also vote on community proposals. The user with the highest stake has the highest probability to earn rewards from the network in the form of PIVX coins, although all users eventually earn some rewards from the system. The process of staking also results in the release of new blocks in the blockchain and any individual can stake their coins on the node irrespective of the amount staked. The block time of PIVX stands at around 1 block every 60 seconds. The expected returns from the blockchain can be calculated using a Return Calculator which is developed by the members of the PIVX community.
What are the advantages of PIVX?
Unlike most of the cryptocurrencies, PIVX aims at making transactions that occur on their platform not only secure but 100 percent anonymous as well. The PIVX platform is considered a custom version of the Zerocoin platform which also supports anonymous transactions. Although the platform is highly motivated by Zerocoin’s design, the PIVX network is still mostly custom built and provides faster transactions than their contemporaries while charging minimal to no fee (the Zerocoin system provides anonymity to its users for an increased fee rate). The PIVX network automatically mines anonymous coins in order to keep the network secure and private by ensuring there are enough anonymous coins circulating in the network. Besides that, even users of the platform can convert their normal PIVX coins into private coins which are referred to as zPIV tokens. These coins can be used by members to make anonymous transactions on the PIVX network while providing the acceptor of zPIV coins to accept the tokens as normal PIVX coins.
PIVX also has a system called SwiftX through which users can conduct transactions almost instantly and can spend the newly acquired PIVX coins in just seconds of being sent. The platform also boasts an extremely low block time of just 60 seconds and a global network of master nodes that ensures that all transactions on the network are verified instantly while charging negligible transaction fees that value at just a fraction of cents.
PIVX market Trend and Cap
Since its inception in 2016, the cryptocurrency steadily grew until April 2017 when the rates of PIVX coins in Bitcoins spiked from 0.0001 to 0.000862. After that, in a span of a few days, the Bitcoin value of the PIVX spiked again and jumped at 0.00169 Bitcoins. The rates fell at 0.0008 after a few months and remained erratic for a few more months until December 2017 when the price of the PIVX coins in USD, as well as the market cap of the cryptocurrency, spiked tremendously. By the end of December, the price of PIVX coin in USD stood at $12.47 USD and the market cap stood at $688,309,810 USD. But after the 2018 cryptocurrency market crash, the PIVX coin was hugely affected like every other cryptocurrency and the market cap of PIVX dropped at $47,235,417 USD. As of 14th July 2020, the market cap of PIVX stands at $25,751,747 USD while the price of PIVX coin in USD is $0.453 USD.
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