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PIVX (Private-Instand-Verified-Transaction)

Discussion in 'Forex and Cryptocurrencies' started by DB008, Jun 14, 2018.

  1. DB008

    DB008

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    PIVX-Cryptocurrency.jpg

    PIVX was a fork from DASH (DNET - Dark Net) in 2015 and officially launched in Feb 2016.

    PIVX is a privacy coin at heart.

    PIVX coin has a completely customised codebase of Bitcoin core 0.10.x and DASH. zPIV is also a combination of PIVX and Zerocoin.

    I have used PIVX with friends and can vouch that it really is quick and very cheap to use. I used the Coinomi app on Android to send the PIVX. I think Jaxx wallet also supports PIVX.

    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.


    FEATURES


    MASTERNODES

    PIVX utilizes a network of “masternodes” that provide a number of vital network functions. Masternodes require 10,000 PIVX as collateral to prevent sybil attacks. Although this collateral can be spent at any time, doing so removes the associated masternode from the network. The reward for each block is split between stakers and masternodes. PIVX has a balanced ecosystem because 60% of coins are staked or locked in masternodes, and coin holders only suffer a small rate of inflation, which continuously decreases as the coin supply increases, since only a fixed amount of 2.34–2.6 million PIV can be minted per year. PIVX features IPv4, IPv6, Tor Network Nodes and I2P support is in development.


    STAKING

    Proof of stake (PoS) is a type of protocol that is used to verify transactions using a fraction of the electricity used in proof of work (PoW). Furthermore, PoS is used to create PIVX that is distributed to stakers as a reward for validating transactions. PIVX utilizes the PoS 3.0 protocol with a fixed block rewards, in addition to a variable seesaw reward mechanism that dynamically balances 90% of its block reward size between masternodes and staking nodes. The remaining 10% of the block reward is used for the budgeting system, which utilizes its network of masternodes for decentralised governance. There is not a significant difference between staking and masternode rewards. Every PIVX transaction must be double-validated by a random staker and masternode, and then confirmed 101 consecutive times by random contributors. An attacker would need to own 70.7% of staked coins for a 50% chance of double spending or invalidating a single block. PIVX coin staking can be decentralised amongst all of its users and cannot be traced by electricity use, whereas mining is usually centralised by mining pools, concentrated in regions where electricity is cheap.


    zPIV

    PIVX coin is the first PoS-based cryptocurrency to enable transaction anonymity, as of September 2017. PIVX has implemented a highly-vetted protocol called Zerocoin, which enables each transaction to be private by unlinking transactions with the use of a new second-tier coin called zPIV. Where PIV is a unit of PIVX and z prefix is for Zerocoin. Researchers at Stanford University and Concordia University have shown that bitcoin exchanges and other entities can prove assets, liabilities, and solvency without revealing their addresses using zero-knowledge proofs.

    Unlike most other cryptocurrencies that currently utilize a Zerocoin-based protocol, zPIV utilizes a very efficient accumulator checkpoint system. This system allows the zPIV spend process to utilize checkpoints that contains all mints that were made prior to the zPIV mint being spent, as well as a user-selected amount of zPIV mints beyond the checkpoint. This allows for a large pool of coins in the accumulator and much smaller computational requirements. zPIV requires minimal resources, which make it one of the fastest private transfers in the market of digital currencies.


    zPIV TECHNICAL ADVANTAGES

    1. 25% smaller spend transaction sizes (on average) over any other current implementation of the Zerocoin protocol in a production environment (further optimization is in the works).

    2. Fast verification and network sync performance.

    3. Direct spend of zPIV to a PIVX address.

    4. Multiple Zerocoin denomination spends is possible in a single transaction.

    5. Ability to spend exact amounts and issue the remaining change to either a PIVX address or more zPiv.


    Coin supply - 56 million with inflation each year
    Proof of Stake algorithm
    Wallets on Android and iOS
    Ledger Nano S support
    60 second block times
    Very cheap to send tokens - almost free and quick
    zPIV staking
    zPIV wallets
    Completely untraceable
    Elastic Blocks coming in the future
    Masternode with ability to have coins in hardware wallet (Ledger Nano S) for complete security
    Anyone can run a masternode (requires 10,000 PIVX) and get earn interest in the form of staking, around 4% a year.



     
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