WHAT IS PIVX
PIVX (Private Instant Verified Transaction) is a privacy-centric Proof-of-Stake cryptocurrency forked from DASH. The PIVX Manifesto focuses on community governance and a decentralized project from the technology itself to how project proposals are voted on and implemented. As the name implies, PIVX is attempting to build a usable digital means of exchange that is easy to spend privately and securely in everyday life. To this end, the main focuses of development are minimizing transaction times and fees while maintaining privacy and security.
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.
Features of Pivx
Features that distinguish it from other cryptocurrencies.
Transactions can be conducted without others tracing back of your background , how much you have, and who you’re transacting with.
Erasing the history of each PIVX transaction before you spend it makes your PIVX just as valuable as anyone else’s.
PIVX has it’s own fixed budget allocated for awarded proposal to maintain and improve the project, and is 100% self-sufficient.
PIVX has a proposal and voting system that includes everyone who has PIVX who guides the further development and overall direction of the coin, guided by our Manifesto.
SwiftX technology allows PIVX to be used for point-of-sale situations where a locked payment is sent and confirmed 5 times in less than a second, while not being exposed to double spends that other cryptocurrencies are susceptible to.
Transaction fees are currently fractions of a penny, and can vary slightly depending on how quickly you want to send your transaction through the network. Due to the nature of PIVX block rewards and a self funded governance model, PIVX has no use for the transaction fees and instead burns these fees from existence. This is to the benefit of all PIVX holders as it effectively reduces the total PIVX coins supply.
PIVX has no central authority governing it. It is globally distributed and does not have a single point of failure.
Future of Pivx
PIVX is one of the hottest cryptocurrencies at the moment. PIVX has successfully implemented PoS (Proof of Stake) meaning that it does not require the resource-intensive process of mining in the same way that other coins do. he future of PIVX is looking promising as it is all set to become a popular DASH alternative with a better POS mechanism, community-driven governance, and smart reward distribution strategies. As it is having all the features to be better in terms of community, service, and price. PIVX has now become the only POS currency out there to implement the Zerocoin protocol.
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