What is PIVX?
PIVX (Protected Instant Verified Transaction) is a blockchain project that focuses on providing users with financial data protection. It operates under an MIT license, as well as complies with all FATF-mandated Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations. The native token of the PIVX is called PIV. You can check the current PIV price on the PIVX price chart above.
The project has been based on the codebase of Bitcoin. However, it made numerous custom integrations. For instance, instead of PoW, PIVX uses an Advanced Proof-of-Stake consensus mechanism that integrates Cold Staking and Time Protocol v2. Cold Staking allows users to keep their PIVX coins in cold storage while a hot wallet is used to stake these tokens. Besides, PIVX also integrates zk-SNARKs-based Sapling privacy protocol into its PoS mechanism.
Moreover, as data protection is the essence of this blockchain, it utilizes the Zero-Knowledge Proof technology to secure the personal data of users while they make transactions.
Besides, note that PIVX functions as a DAO. Thus, it makes use of a decentralized network of masternodes to run different apps and services, manage the treasury, and oversee the community. The masternode owners of PIVX have the ability to vote for or against any proposals through an internal governance system.
Use Cases of PIVX Tokens
PIVX coins have a huge variety of use cases on the blockchain.
PIVX’s core purpose is to provide individuals and businesses with a fast and private means of transacting. PIVX’s instant and private transactions enable individuals to easily send funds to friends, family, or business contacts without worrying about third parties accessing their financial information
Moreover, PIVX’s unique PoS consensus mechanism allows users to earn rewards by securing the network by staking their PIV tokens.
Furthermore, PIVX can be used as a payment option on e-commerce websites, offering customers the added benefits of speed and privacy for their purchases. In brick-and-mortar retail stores, PIVX can also be used through the upcoming mobile wallet’s QR code payment feature.
Lastly, PIVX’s blockchain technology and added privacy features offer a secure way to store assets without the need for centralized third parties.
Thinking about buying PVX crypto assets? Make sure to check the PIVX price chart above before doing that. It features the current and the previous PIV price.
Who Founded PIVX?
PIVX was originally launched in 2016 as a fork of DASH, spearheaded by pseudonymous developers Coin-Server, s3v3nh4cks and Fuzzbawls.
However, since late 2018, none of the original founders have been active. Fuzzbawls, Furzy, and Random.Zebra have been leading the development since 2018.
Tokenomics of PIVX
PIVX crypto has an innovative dynamic currency supply mechanism that is predicated on a specific quantity of coins being issued as a reward for each PoS block, with the monthly treasury distribution being completely at the discretion of the network.
The staker and the chosen masternode both get 5 PIV from each block reward. Treasury proposals that get the most votes and are subsequently approved by the network's masternodes receive 1 PIV every block, distributed monthly.
This means that the highest potential emission rate of PIVX is 6 PIV every minute, or around 5.5% each year.
Since all network transaction fees are burned, the maximum quantity of coins at any particular moment is determined by the volume of transactions taking place on the network.
