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PIVX

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Description

What does PIVX do?

PIVX stands for Private Instant Verified Transactions. The project is a fork of DASH that is contributed to by a team of individuals from all over the world, most of who prefer to remain anonymous. As its name suggests, PIVX offers instant, secure, and private transactions, hoping to be the go-to cryptocurrency for fast and anonymous peer-to-peer transfer of value. PIVX hopes to appeal to people seeking an easy-to-use payment method that also value speed and anonymity.

While other cryptocurrencies (especially DASH) also offer fast and private payments, PIVX aims to solve the governance problems troubling its competitors. Other projects have faced centralization issues caused by giving too much influence to key participants called masternodes. PIVX uses a Proof of Stake consensus mechanism like DASH, but adds a balancing mechanism to make its governance more decentralized.

What is PIVX used for?

PIVX is intended to be used as an everyday payment solution and medium of exchange. The project is offering one feature specifically for instant transactions called SwiftTX. PIVX received from SwiftTX transactions are confirmed and spendable within seconds. This functionality allows users to be confident in the validity of their transactions even without the need for multiple confirmations.

PIVX are also locked up by stakers to participate in the project’s consensus mechanism. Users are eligible to receive dividends from staking when they lock up their PIVX in a wallet.

How can PIVX value appreciate?

The PoS consensus mechanism used by PIVX makes holding large amounts of PIVX desirable, as holding larger stores of PIVX increases a user’s chances of receiving dividends. As a result, buying and keeping PIVX represents an opportunity to earn passive income, which may be very attractive, leading to increased demand for PIVX and a higher price.

There is no limit to PIVX’s total coin supply. However, PIVX’s rate of inflation is limited because transaction fees are burned according to the traffic level of the network. Once the transactions rate reaches 15 transactions per second, the fees for transactions are burned and permanently removed from circulation. For example, if transaction fees equal 5 PIVX after the transaction rate limit is reached, 5 PIVX are burned.

What is the difference between PIVX and its competitors?

PIVX’s main competitors are other cryptocurrencies that make privacy and speed their top priorities, such as DASH, Monero, Verge, and Zcash.

PIVX offers a more balanced governance system than DASH and may be more decentralized.

While transactions on Monero are always private, private transactions are optional on PIVX.

One big difference between PIVX and Verge is that PIVX does not prioritize the protection of the sender's’ IP address in its transactions. Verge uses Tor and I2P for this purpose.

Compared to Zcash, PIVX requires far less processing power for transactions, making it usable even on mobile devices.

  • Mainnet Launch: January 30, 2015
  • Open Source: Yes
  • Technology: Blockchain, zPIV, SwiftX
  • Total Coin Supply: Infinite
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Description

What does PIVX do?

PIVX stands for Private Instant Verified Transactions. The project is a fork of DASH that is contributed to by a team of individuals from all over the world, most of who prefer to remain anonymous. As its name suggests, PIVX offers instant, secure, and private transactions, hoping to be the go-to cryptocurrency for fast and anonymous peer-to-peer transfer of value. PIVX hopes to appeal to people seeking an easy-to-use payment method that also value speed and anonymity.

While other cryptocurrencies (especially DASH) also offer fast and private payments, PIVX aims to solve the governance problems troubling its competitors. Other projects have faced centralization issues caused by giving too much influence to key participants called masternodes. PIVX uses a Proof of Stake consensus mechanism like DASH, but adds a balancing mechanism to make its governance more decentralized.

What is PIVX used for?

PIVX is intended to be used as an everyday payment solution and medium of exchange. The project is offering one feature specifically for instant transactions called SwiftTX. PIVX received from SwiftTX transactions are confirmed and spendable within seconds. This functionality allows users to be confident in the validity of their transactions even without the need for multiple confirmations.

PIVX are also locked up by stakers to participate in the project’s consensus mechanism. Users are eligible to receive dividends from staking when they lock up their PIVX in a wallet.

How can PIVX value appreciate?

The PoS consensus mechanism used by PIVX makes holding large amounts of PIVX desirable, as holding larger stores of PIVX increases a user’s chances of receiving dividends. As a result, buying and keeping PIVX represents an opportunity to earn passive income, which may be very attractive, leading to increased demand for PIVX and a higher price.

There is no limit to PIVX’s total coin supply. However, PIVX’s rate of inflation is limited because transaction fees are burned according to the traffic level of the network. Once the transactions rate reaches 15 transactions per second, the fees for transactions are burned and permanently removed from circulation. For example, if transaction fees equal 5 PIVX after the transaction rate limit is reached, 5 PIVX are burned.

What is the difference between PIVX and its competitors?

PIVX’s main competitors are other cryptocurrencies that make privacy and speed their top priorities, such as DASH, Monero, Verge, and Zcash.

PIVX offers a more balanced governance system than DASH and may be more decentralized.

While transactions on Monero are always private, private transactions are optional on PIVX.

One big difference between PIVX and Verge is that PIVX does not prioritize the protection of the sender's’ IP address in its transactions. Verge uses Tor and I2P for this purpose.

Compared to Zcash, PIVX requires far less processing power for transactions, making it usable even on mobile devices.

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