PIVX, which stands for Private Instant Verified Transaction, is a cryptocurrency that focuses on privacy and fast transactions. It was introduced on November 25, 2015, and officially launched by James Burden on January 31, 2016. This digital currency is a fork of DASH and is designed to be community-governed and decentralized.
Understanding PIVX’s Fundamentals and Mechanisms
The PIVX project aims to offer a private and secure medium for transactions with minimal fees and quick processing times. Unlike many other cryptocurrencies, PIVX did not hold an ICO. Instead, it started with a pre-mine of 60,000 PIVX to establish its network with 6 masternodes, which were later burned to signify the project’s self-sustainability.
As a self-funded DAO, PIVX is driven by its community. It incorporates a modified version of Dash’s masternode system and Zcoin’s Zerocoin protocol for enhanced privacy. Its SwiftX payment protocol allows for a high transaction capacity, reaching up to 1000 transactions per second.
PIVX operates on a dual-part proof-of-stake system consisting of Masternodes and Validators. Masternodes, which require a minimum of 10,000 PIVX, handle governance and transaction validation, while Validators, staking at least 500 PIVX, are responsible for mining and can create blocks with rewards distributed among the treasury, validator, and masternode.
For storing PIVX, users have options including the Ledger hardware wallet, PIVX’s own desktop and mobile wallets, or Coinomi’s wallets. To purchase PIVX, platforms like Binance offer a secure and straightforward process. Users can sign up, transfer fiat currency, buy ETH or BTC, and then trade for PIVX. Binance also allows for limit orders to buy PIVX at a desired price.