Privacy Cryptocurrencies… Checking Out PIVX (PIVX)
Recently I’ve been writing about privacy cryptocurrencies, one of my favorite spaces in the cryptosphere. So far I’ve written about Monero and Zcash. Today it’s PIVX (PIVX).
PIVX stands for Private Instant Verified Transaction.
I did write about PIVX before on June 30, which you can find here. At the time, I recommended it as a trade as it broke through $2.00. So far it reached a high of $4.45 on September 1, and now trades around $3.00 and has a market cap of $164 million.
PIVX launched back in February 2016 under the name Darknet (DNET). Then in March of 2017 it rebranded by forking from DASH v0.12.0.x and changing the name to PIVX. With that fork it also changed from PoW to PoS and added a community based governance system.
By changing to PoS, that means you can keep your coins in a wallet online and get paid in PIVX to help secure the network, called staking. But be aware that the larger your balance, the more that you will earned.
PIVX makes transactions private by using a coin mixer based on CoinJoin. It’s done through the network of masternodes which adds another layer of privacy. From what I read PIVX is not perfectly anonymous. In theory someone could take over the majority of the masternodes. However, they would still need to sort through the eight rounds of coin mixing so the chance is really low.
To make the transactions instant PIVX uses the network of masternodes for quick confirmation. There’s no need to wait for multiple confirmations like in a PoW blockchain.
To be a masternode you need to lockup 10,000 PIVX as collateral. But it gives you the right to earn rewards by providing network services.
Right now there are about 54 million PIVX coins circulating. That increases by 2.6 million coins per year and tops out at 312 million coins after 100 years.
As mentioned before PIVX is community driven. It’s similar to DASH, and like them, anyone can make proposals to improve the network or provide some kind of service for PIVX. You can learn all about proposals here.
The ultimate goal of PIVX is no less than worldwide adoption. Check out the graphic below.
I like the PIVX project and have a small investment. Of course, do your own due diligence before buying.
What’s your thoughts on PIVX?
For more on cryptos follow me @g-dubs and on SteemFollower
Thank you, @g-dubs.
I had invested in PIVX for some time (and made some profit too). However, I decided that I will not invest in a project before I do a thorough fundamental evaluation of it, like the research I am doing about Waves.
Thanks, I'll check out your article on WAVES.
I think privacy coins are the future but at 100 million I'm not sure if the upside is worth the risk. Currently I'm investing in Hushcoin which is a huge risk but has a massive 10x+ upside!
Good point. Lot's of competition too. I'll have to checkout hushcoin.
It's a riskier play especially since it's gone up since I bought but I'm hoping for adoption by other exchanges and a 25 mil cap by this time next year.
I think you mean $250m market cap? That's what I'm thinking too.
I was talking about Hushcoin which is at 5 mil atm. I'd love to see 250 though!
its good coin but there is nothing that is 100% anonymous
we'll see, it's a good goal though
good coin
great post g-dubs! keep it up! and thanks again for following!
PIVX is good to invest on masternode because PIVX cheaper than Dash
But is it a good investment? How much would a PIVX masternode make a day?
I know a few people wishing they had invested in a DASH masternode ;-p
Thank you for the introductory article on Pivx!
You got it!
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@g-dubs now that you gave this explanation I undestand a bit more about PIVX potential . Thanks for sharing. Just upvoted. @gold84
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