Sometimes you would love to stay alone in an enclosure, or probably with someone else without the need for a third party and completely away from possible eavesdropping as your conversations and activities needs to be kept on a personal note or in essence between the two parties involved in such conversation or activity, in some cases this may involve only the parties directly concerned with the agenda.
Human privacy has been one very important aspect of human existence, not only is it needful for the full actualization of human right and human safety, the process of realization of full or reasonable level of human privacy has been a big puzzle and a huge point of focus.
With the advent of blockchain technology as a sophisticated financial data management system, ensuring privacy of transactions per request of the party/parties involved also comes into play, numerous cryptocurrencies have come up with absolute privacy protocols which allows the sender stay anonymous.
However, the PIVX project team came up with a very exciting idea–The Zerocoin Private Instant Verified Transaction (zPIV).
The PIVX blockchain presents a fast private transaction system using the SwiftX technology, low transaction charges and ensures anonymity of transactions via the Zerocoin protocol implementation; with its Zerocoin Proof of Stake (zPOS) protocol, every user gets rewarded for staking their tokens and using the privacy facilities of PIVX blockchain.
The PIVX blockchain presents two tokens – PIV; the normal/traditional token running on the blockchain and the Zerocoin PIVX (zPIV) , the privacy focused token.
The Zerocoin Protocol is a strong encryption system in which two large prime numbers are multiplied; it is then practically impossible to determine the original prime numbers based on the factorization result, even more considering much larger digits. These prime factors are called the RSA numbers, which have not been cracked in more than 25 years since the RSA Factoring Challenge; it is safe to say that, at projected computing capacity, this encryption system guarantees privacy for decades.
The Zerocoin PIVX works according to this principle of the Zerocoin protocol, the Zerocoin protocol protects the identity of the sender in a transaction. The Zerocoin protocol when used, pioneers a transaction and acts as the final executor of a transaction and appears as the source of the transferred funds. Zerocoin address is however untraceable, the sender of the fund here remains anonymous.
The Zerocoin PIV concept
The Zerocoin cycle
Unlike smart contract tokens, the zPIV is not a separate token running on the PIVX blockchain, users generate this token through the process of Minting.
zPIVX is minted by burning a desired amount of the normal PIVX token, this converts the PIVX to a more privacy focused token–zPIV. To burn PIVX and mint zPIV, the PIVX coin holder simply sends their PIVX to an accumulator where the sent coins are held and are unspendable, the sender gets an equal amount of coin now known as the Zerocoin PIVX, unlike the PIVX, the zPIV can be spent in anonymity.
zPIVX can also be earned in an automint process, the automint function allows a user to automatically convert a specified percentage of the PIVX in their portfolio to zPIV . Minted zPIV can now be spent after a given period of time, this time pass ensures that the zPIV are not spent immediately they are minted.
The minted zPIV are saved on a wallet off the blockchain, hence, one is originally required to create a backup of the wallet after every minting, you’d have a whole lot of backups!, and this unarguably presents a whole lot of troubles for every user. However, via the Deterministic zPIVX, users can create a single seed backup for their zPIV in a similar fashion as creating a wallet backup seed.
Spending your zPIV
Don’t overthink it! Spending the zPIVX can be as easy as anything, at least, as easy as spending your normal PIVX coin. To spend the zPIV, a holder simply sends their zPIV to a recipient address, however, unlike the normal PIVX, the zPIV transaction is uses the Zero knowledge proof (ZKP), with the Zero knowledge proof, the origin of the received coin cannot be traced, the coins are received as PIVX and not zPIV, the PIVX held in the accumulator are redeemed via this process.
Via this process, the coins are sent from the Zerocoin accumulator pool and hence the sending address appears as Zerocoin instead of the initial sender’s address, this in effect, protects the sender’s identity, the source of the coin is thus only known to the sender and keeps them in control of their identity discovery. One can choose to go private, or public using the zPIV powered by the Zero knowledge proof and the traditional PIVX coin respectively.
Keep it private, stay safe
Financial transactions exceeds the boundaries of normal peer to peer transactions, issues of trust, privacy and personal preference of the way a financial transaction should go comes into place. The PIVX ecosystem creates options and allows holders decide how they wish their transactions to go through. Stay anonymous by sending zPIV and worry no more about infringement of privacy, or use the normal PIVX token when issues of third party influences and censorship are not bound.
The freedom in deciding when to go private sets the PIVX privacy ecosystem apart. Transaction conditions determines an individual’s choice of how he portrays himself.