Published on Feb 21, 2020
PIVX is a Bitcoin-based community-centric cryptocurrency with a focus on decentralization, privacy, and real-world use. It utilizes an energy efficient Proof of Stake protocol and a second-tier Masternode network for inclusive community-based governance along with a blockchain based self-funding treasury system ensuring its sustainability.
PIVX is continuously striving to achieve a better governance system, instantaneous private transactions, and fungibility in order to remain next generation cryptocurrency.
In layman’s term, PIVX is basically a form of online digital money that can be easily transferred all around the world in a blink of an eye with nearly non-existent transaction fees. You can convert your money into PIVX at various exchanges and just hold to earn rewards similar to interest, trade on an exchange to buy other digital currencies or buy goods or services online and offline where it is accepted.
It is not owned or governed by any single person or organization and its network is secured by thousands of nodes all around the world by its users.
The goal of PIVX is to be an advanced digital currency that is fast, secure, decentralized & private.
To overcome this issue, beginning with the v3.0.0 core wallet update released on October 7th 2017, PIVX has implemented a well known highly-vetted protocol called Zerocoin with many custom enhancements allowing blockchain-level transaction anonymity in the way of unlinkability.
We call this zPIV, where PIV is a unit of PIVX and z prefix is for Zerocoin
What zPIV provides is a protocol-level coin mixing service using zero knowledge proofs to sever the link between the sender and the receiver with 100% anonymity and untraceability. This means that each coin that gets sent using zPIV is now 100% fungible as it has no determinable history attached to them.
The use of zPIV also means your balance can be masked to avoid being targeted by potential thieves. This is a very unique feature that nearly no other cryptocurrency currently in the market possesses.
PIVX zPIV accumulators are encrypted using RSA-2048[1] challenge generated keys which negates the need for a developer trusted setup and means that no individual knows the factors. This means that everyone’s privacy is ensured through the use of zPIV.
Smaller spend transaction sizes by an average of 25% over any other current implementation in a production environment (further optimization in the works)
Fast verification and network sync performance
Direct spend of zPIV to a PIVX address
Multiple Zerocoin denomination spends is possible in a single transaction
Ability to spend exact amounts and issue the remaining change to either a PIVX address or more zPiv.
zPIV can hide your coin balance from prying eyes protecting you from being targeted.
So your zPIV balance isn’t linked to any particular address.
zPIV can hide the transaction history of the coins being sent.
Source & target addresses aren’t visible making it private, safe & fungible.
zPIV anonymous transactions are very fast.
It takes as little as 0.5 seconds to mint and 2.5 seconds to spend zPIV.
Automatic conversion to zPIV is enabled by default but transparent transfer option is still available.
It means that you can always send a fully transparent transaction when required.
