Crypto Update #3 - Pivx (PIV) v/s Monero (XMR)..... Who will win?
Introduction
In crypto space, the biggest problem is coin not having privacy. Take the example of Bitcoin, Ethereum, etc. These are great cryptocoins, but they lack a very necessary feature i.e. privacy.
No coins existed in the market, until the launch of Zerocoin going live on Sept, 2016. The 'Zerocoin' team has been active on the project since 2013. And later they also presented the paper in IEEE conference.
And in Nov, 2016, they decided to bring the concept into mainstream by launching as a coin called 'Zcash' or 'Zerocash', and improved version of Zerocoin.
Soon after the launch, many existing coins in the market including Ethereum showed the interest in integrating 'Zero Knowledge Proofs' algorithm i.e. Zcash with their platform.
Privacy Application
Wikileaks, a non-profit company in US, is known for bringing out hidden information about organizations in public. In 2013, Govt. decided to ban the founder Julian Assange from holding accounts in all banks. Then, Bitcoin was on discussion among the public after passing almost 4 years.
But then, people really wanted to help him with through donating money. At that moment, it was Bitcoin that helped him make his living.
Since then, till Dec, 2016, people donated around 4000 bitcoins.
But think for a moment, we all know that Bitcoin is a cryptocurrency with transparent Blockchain i.e. anyone can see the transactions' details. Now, if people would transfer bitcoins, then that person's wallet could be easily traced and then the person could be taken into custody by the Govt. Here, we need that privacy.
Monero (XMR) analysis
Monero is like any other crypto- coin with an additional feature of privacy built in it. The privacy is attained through a method called "ring signature + stealth addresses". Basically, here transactions are mixed in such a manner that each transaction details can't be found in its blockchain.
Unlike Bitcoin, it's 1MB block is scalable.
Coming to its price now, the graph shows it all.
The price has become four times from 40 USD to 160 USD within a day. The Monero's potential has truly been explored by the people since the time, they integrated the anonymity feature into their platform.
Pivx (PIV) analysis
It has same feature like Monero, which was planned from the beginning. But, recently they came out with their update mentioning 'Zerocoin merged'.
This is the coolest feature which Zerocoin possess and now merged with this coin.
Also, now there will be an internal currency in PIVX called zPIV. So, all the transaction happening on PIVX will be converted to zPIV to make it private so that no one can see the transaction details, not even the miner.
Let's come to the price and how much potential it's going to have especially after this update...
The price has been increasing steadily from April 2017 to till date.
Conclusion
Both the coins has the privacy feature installed now. But the major concern which many communities have been raising that what differentiates PivX from Monero.
Well, the algorithm the PivX is using is actually very different compared to what Monero uses. Even some people says that in the long run, Monero's transaction details could be traced.
Read in detail: https://steemit.com/cryptonote/@macrochip/warning-every-cryptonote-monero-transaction-in-history-will-be-retroactively-exposed
After going to the above link, it feels like that PivX feels like more secure, when compared to Monero.
Coming to the price, I think Pivx's price is really going to take the leap to a very high price like what Monero did recently.
It will be really amazing to see the competition.
I think you pose a very interesting question. Also, I believe there will not be only one winner. Each coin offers a slightly different form of privacy combined to a slightly different consensus mechanism. Personally I hope to see XMR, DASH and PIVX rise!
Actually, #PIVX is more than #DASH and as mentioned above the privacy feature which #XMR provides with is actually not secure at all. I mean in long run, they have to switch to Quantum resistant algorithm.
Even I support #PIVX wholeheartedly.