What Is PIVX Coin? Should You Invest In PIVX

In the rapidly expanding world of cryptocurrency, there may be potential vulnerabilities for malicious organizations to attack and exploit users’ personal financial information. Clearly, greater privacy control is needed, and PIVX coin, short for Private Instant Verified Transaction, was developed to address this demand for privacy.

1. WHAT IS PIVX COIN?

PIVX, which stands for Private Instant Verified Transactions, is a blockchain-based cryptocurrency developed for a decentralized Masternode network, focusing on tasks such as anonymity, privacy, security, and instant transactions. This Canada-based company was founded by James Burden in 2015. The company promotes the PIVX coin as a cryptocurrency with Bitcoin-like functionality but with higher privacy levels and faster transaction speeds.

PIVX is a fork of another privacy coin called Dash, created in February 2016. This fork was initially named Darknet but was renamed PIVX after one year. The platform uses a customized Proof-of-Stake consensus algorithm and a community-focused governance system (community-designed governance).

The open-source cryptocurrency platform has eliminated the previous Proof-of-Work consensus algorithm to provide users with instant, private, and verified transactions. It also employs technologies such as PrivateSend, InstantSend, the Dandelion protocol, bulletproofs, I2P network integration, and other advanced technologies to achieve these goals.

2. HOW DOES PIVX COIN WORK?

PIVX coin is a true cryptocurrency in that it is a tradeable currency token that can be bought and sold like Bitcoin or Ethereum, rather than a governance token model that holds no value.

Consumers can purchase PIVX coins and store them in their wallets. Anyone can earn PIVX coins by setting up a masternode (which basically allows the network to use your system resources to process transactions) or by holding coins in a staking node (which helps ensure the system’s liquidity and solvency). Peer-to-peer transactions can then take place, whether sending money or buying/selling through a merchant.

PIVX coin enables user privacy through the use of the Zerocoin protocol, meaning transactions “wipe out” the history of a coin’s origin from what the public or recipient can see — they receive the intended amount but with no user or other information attached.

Consensus is achieved through a proof-of-stake mechanism, as mentioned earlier, instead of the proof-of-work mechanism used by many other coins. This means users’ wallets need to be online and connected to the network at all times, while transactions are processed through masternodes, encouraging users to keep them active to earn additional PIVX coins.

3. KEY FEATURES OF PIVX

PIVX coin offers many features and benefits that set it apart from other cryptocurrencies on the market today. Beyond privacy, some features and benefits include:

• Speed — transaction times are usually 1 second or less
• Community — an active, community-driven coin with strong principles on privacy, freedom, technology, and governance, believing privacy is a human right
• Low transaction fees (less than 1 cent in most cases) due to the efficiency of the PoS algorithm, making PIVX ideal for microtransactions (since fees are negligible compared to transaction value)
• Flexible reward system for masternodes and self-adjusting staking that balances like a seesaw
• More updated technology than many other coins, using the Bitcoin codebase version 0.1 or higher and PoS 3.0

 

When combined, all these features and benefits, alongside the core privacy functions, create a valuable currency that offers fast transactions, protects user privacy, and is governed tightly with active community participation to ensure it is properly directed in the future. PIVX coin also aims for global compatibility, being one of the first coins to provide its website, user interface, and more in over 30 different languages.

4. ROADMAP

PIVX achieved a large portion of its roadmap from January 2016 to mid-2018. The roadmap included deploying an iOS-compatible wallet, redesigning the user wallet interface, adding proposal and voting options for governance within the wallet, new features for masternode administrators, and more.

They also plan to redesign and update their website and launch zDEX, a decentralized exchange enabling direct swaps from Bitcoin to PIVX coin without intermediaries. From a governance perspective, various plans are circulating on how to reallocate voting power. Last but not least, they plan to implement additional technical functions, including flexible block sizes for faster processing, I2P network protocol for node anonymity, and extra protection and privacy through integrating UDF and the Dandelion protocol into PIVX.

To stay updated on the development roadmap of the PIVX coin project in 2022, you can follow the official website HERE.

5. DEVELOPMENT TEAM

The founder and CEO of the company is James Burden, an IT infrastructure expert with the nickname ‘s3v3n h4cks’. He is also appointed as the Chief Blockchain Advisor for the Observer Foundation (OBSR). The project was initiated by James and another co-founder known as “Coin Server,” but development was later delegated to the community since it is an open-source project.

The platform founders believe in the power of individuals; therefore, community governance was chosen. This means the project has no core team or specific leaders. Although the website lists the names of lead developers, many contributors have collectively built the platform.

6. SHOULD YOU INVEST IN PIVX COIN?

PIVX coin has gone through various stages of existence. Unlike many other coins, it never had an initial coin offering (ICO) — it is entirely self-funded, with no pre-mining or initial coin sales.

PIVX started as a proof-of-work cryptocurrency, born from a fork of DASH in January 2016. On August 17, 2016, it transitioned to a proof-of-stake model, which it has maintained ever since. 60,000 PIVX coins, referred to as PIV for their ticker symbol, were used to create the initial masternodes and establish the network, and these coins were later burned once the network was stable and operational.

From its inception, PIVX coin traded below 1 cent in value. As the network became fully developed and widely adopted, interest grew significantly. After switching to PoS in August 2016, the value steadily increased. It truly took off in March 2017, trading around 10 cents per coin, reaching an all-time high of $12.75 per coin in January 2018, reflecting the overall cryptocurrency market trend.

Currently, following a recent downturn in the crypto market, it is trading around $0.2376 according to PIVX Coin Market Cap data.

7. SUMMARY

In summary, PIVX coin is similar to many other cryptocurrencies on the market but stands out with its strong focus on user privacy, community-based governance, and fast transaction speeds. By adopting the Zerocoin protocol, the history of a specific coin is obscured from public view while still allowing the ledger to be maintained accurately and transparently.