PIVX is Very Good to HODLed 24/02/2021PIVX is a decentralized autonomous organization (DAO) that is self-funded and community-driven. It is a third-generation privacy coin and uses a modified version of Dash’s masternode architecture. It also uses Zcoin’s Zerocoin privacy protocol. Its transaction capacity can reach up to 1000 transactions per second through the usage of the SwiftxX payment protocol.
PIVX also uses a proof-of-stake consensus mechanism that involves two parties: the masternodes and the validators.
Masternodes are responsible for voting on development proposals that are put forward by the PIVX community and validating the transactions on the blockchain with a single confirmation. 10,000 PIVX is the minimum requirement to run a masternode. Each masternode gets 1 vote and is not involved in the mining of new tokens.
Validators are responsible for mining PIVX. They have a chance of generating a block proportional to the number of PIVX they have staked. 500 PIVX can generate a single block, which is completed within a 60 second time period. When a block is generated, it brings a reward of 6 PIVX coins, two of which go to the validator and three to the masternode, while one is allocated to the PIVX treasury.
If a user wants to store PIVX, they can do so in three ways: on the Ledger hardware wallet, the PIVX desktop and mobile wallets, or the Coinomi desktop and mobile wallets.
PIVX was announced on November 25, 2015. PIVX is short for Private Instant Verified Transaction Cryptocurrency and is a privacy-centric proof-of-stake cryptocurrency that was forked from DASH. It focuses on community governance and decentralization.
PIVX is building a digital means of exchange with the main focus on minimizing the transaction times and fees while maintaining privacy and security. PIVX was launched on January 31, 2016, by James Burden.
PIVX did not have an initial coin offering and instead, 60,000 PIVX were pre-mined to allow for 6 masternodes to operate on the initial network. After the initial setup, these coins were burned as soon as the PIVX community grew to the point where it became self-sustainable.
ames Burden is the founder of PIVX. Aside from this project, he is also the founder of VEIL. Burden used to be a senior technician at IBEW 357. He graduated from the College of Southern Nevada.
Burden has over 20 years of experience working as a hardware technician and has been an active cryptocurrency developer since as early as 2012. He stepped away from PIVX in April 2019.
