An Introduction to PIVX, Private Instant Verified Transaction (x)

2 months ago

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PIVX, Private Instant Verified Transaction, is an open source cryptocurrency based on a clean fork of DASH v0.12.0.x core with a custom Proof of Stake (PoS) code instead of Proof of Work (PoW) for achieving block consensus.

PIVX does not require any resource intensive hardware for mining like Proof of Work cryptocurrencies. Instead, you can simply earn PIVX by holding some PIV and keeping the wallet online due to it utilizing the more efficient Proof of Stake algorithm. This means that any hardware that can run a wallet will allow the user to start earning PIVX by staking and also keep the network secure.

PIVX is based on a more up to date Bitcoin v0.10.x core with some v0.13.2 update committed already. At the time of the launch (January 31 2016), PIVX was the first and the only Proof of Stake cryptocurrency based on Bitcoin core v0.10.x or above. As of March 6 2017, PIVX is still the only one. This means that PIVX is one of the most up to date and technically advanced Proof of Stake cryptocurrency on the market.

PIVX being based on DASH, it has inherited all the technical features of DASH including masternodes, instant transfer and private transfer based. As of March 2017, PIVX team is currently working to update it to v0.12.1.x DASH core with some core differences such as maintaining IPv6 support in addition to IPv4 and TOR network support.

KEY PROPERTIES OF PIVX

Obfuscation
Mixing Mechanism: In wallet coin mixing based on CoinJoin with various improvements over the original, but done in a decentralized fashion facilitated by the network of masternodes. This provides for an additional layer of privacy in transactions, while not perfectly anonymous, it is a far cry better than the standard bitcoin transaction. If a nefarious actor were to control 50% of the current masternodes they would have less than 0.5% chance of de-anonymizing an individual transaction that was mixed with 8 rounds of Obfuscation.

SwiftTX
Instant Transactions: SwiftTX transactions are confirmed and spendable within seconds, guaranteed by the network of masternodes, with no need to wait for multiple confirmations in order to be confident in the validity of the transaction.

Code Base: PoS 3.0 Bitcoin Core 0.10.x
PIVX is the first proof of stake cryptocurrency to be based on the version 0.10 or higher Bitcoin codebase, and the PoS structure utilised does away with coin age, meaning in order to get the most out of your staking you must keep your wallet open at all times, resulting in more constantly available nodes, strengthening the network. No more users opening their wallet once or twice a month for a few minutes and getting rewarded equally with those that have 24/7 up-time with their wallet.

See-Saw Rewards Mechanism
Block rewards received by the staker and winning masternode vary based on the amount of coins held for masternodes vs amount of coins available for staking on the network allows for Variable rewards based on needs of the network to keep the network services (Masternodes) and the security of the network (Staking Wallets) evenly distributed. When there are fewer as the number of masternodes rises the portion of the block reward that they earn is reduced, it increases when the number of masternodes declines.

Masternodes
These are incentivized nodes that receive rewards based on their availability and their ability to offer network services in a decentralized and trust-less manner. Running a masternode requires locking 10,000 PIV collateral for as long as you choose to run the masternode and allows the owner to vote on budget and development proposals. These nodes are the backbone of the present and future services offer on the PIVX network, and as such are rewarded at a slightly higher level as compared to just staking when the number of them is at a predetermined level defined in the seesaw mechanism. If you cannot set up your own Masternode you could turn to a Masternode Service Provider (MSP). There are likely more Masternode hosting providers available, but 2 well known providers are listed below.

Coin-Server Node Hosting Service
MP-Node Hosting Service

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WHERE CAN I CONVERT MY BITCOIN TO PIVX?

Here is a list of exchanges that trade PIVX.
Cryptopia
Bittrex
NovaExchange
Empoex

JOIN US

Download the PIVX-QT Wallet here.
The PIVX Website is here! Welcome to PIVX!
The PIVX Slack channel is available here! With PIVX tipbot
The PIVX Twitter account is here! Remember to #PIVXCrypto
The PIVX Forum on BitcoinTalk is here.

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68
  ·  2 months ago

welcome to steemit...^^

62
  ·  2 months ago

welcome to steemit :)

53
  ·  2 months ago

Great write up guys!

44
  ·  last month

This coin is going up like crazy.... amazing!! And I like the manifesto and website. It's clean and intuitive and very transparent. I still haven't figured out where it's really being used or what the market is for it yet, but I'm very intrigued.

48
  ·  last month

Great information and welcome to Steem It. I will be purchasing and staking some coins soon and saving up for a masternode.

58
  ·  last month

Welcome to steemit from a Nexus team member. Lots of love for you guys in our community. Cheers to your new ATH!

46
  ·  last month

I just picked up some PIVX and I am going to stake it. You never know how high this coin is going to go up. Look at where DASH is today!

30
  ·  last month

I'm in! ;)

35
  ·  24 days ago

This is my favorite crypto project right now. Really awesome community, and the coin is doing great... price rising nice, high volume, great slack, great website.... personal support on the slack channels... love it!

41
  ·  8 days ago

Just downloaded the wallet and it needs a year to synchronize the bloackchain ... please make it faster....