Sunday, December 26, 2021

PIVX – Privacy Coin with PoS and zkSNARKs

What is PIVX?


PIVX, short for Private Instant Verified Transaction, is an open-source privacy coin first launched as DarkNet in 2015. PIVX combines much of the codebase of Dash, another popular cryptocurrency, with a Proof-of-Stake (PoS) consensus algorithm and the power of the Zerocoin protocol.

A Focus on Privacy

The goal of enabling anonymity in transactions is achieved by implementing zPIV, effectively a second-tier currency based on zk-SNARKs, a variant of zero-knowledge proofs. This means that transactions can be made untraceable when needed. Besides, the mathematical foundation behind this Zerocoin protocol has stood the test of time in a number of other projects: ZCash, Zclassic, Komodo, etc. However, transactions in zPIV are much smaller in size and easier to verify; thus, additional privacy does not hold a higher cost.

Practical & Secure


Building on the experience of others, PIVX utilizes a Proof-of-Stake algorithm, in which master nodes with large account balances validate transactions. In contrast, other users can stake their tokens in the system. Each of these groups receives rewards, which counterbalances the inflationary effect created when minting new coins. zPIV token can also be staked with its own zPoS; in this case, the stakers reward share is higher than that of the master nodes.

Another feature, SwiftX, allows transactions to be verified directly at a small fee and within seconds. While similar approaches exist in other cryptocurrencies, SwiftX is unique for PIVX, with confirmation times hovering around 1 second. This, coupled with the long history of successful operation, will keep PIVX afloat in the sea of cryptocurrencies of today.

Where to store PIVX?

PIVX is an important privacy coin that has earned people’s trust as a good investment and medium of exchange. Whether you are a security expert or a brand new user, using our Magnum Wallet, you can safely and efficiently manage your PIVX. Some of our features include watch-only wallets, hardware wallet support, and built-in instant exchange. Store your PIVX with Magnum and enjoy full control of your funds in a user-friendly interface.

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