What Is PIVX (PIVX)?

The Protected Instant Verified Transaction or PIVX project is a community-driven, open-source, fair-launch blockchain-based cryptocurrency project. The project has been designed, engineered, and tested using advanced cryptography protocols that aim to ensure users' financial information security. PIVX seeks to offer fast, secure, and shield data protection to all its users and let them experience the benefits of digital currencies.

According to the whitepaper, the PIVX projects seek to come to the front as a bridge between current cryptocurrency landscapes. The decentralized governance enables PIVX for direct community involvement and proper project development. Thus, comes the picture of PIVX DAO, which has a protocol-level governance model, where monetary policy is directly governed by the blockchain codebase, indirectly by users' use of the network, and controlled by the DAO.

● Each block of PIVX emits every 60 seconds.

● PIV as block rewards (two to stakers and three to masternodes).

● The budget/Treasury receives 1 PIV ("allocated" or not).

● PIVX's native coin, PIV or $PIV, is held by both stakers and masternodes to help decentralize, govern, and secure the network.

PIVX seeks to introduce a brand-new SHIELD staking feature. Individuals can stake shielded coins and receive their staking rewards directly to their shield address. Due to this feature, users' data is protected, financial data will remain secure, and the share of shielded coins on the PIVX network will rise. This aims to strengthen the SHIELD protocol.

The project used the proof-of-work (PoW) consensus model to launch the network fairly. PIVX implemented the Quark hashing algorithm because of its only technical limitations.

There are two tiers to the PIVX network. As the first tier, PIV holders can stake their PIV for participation; as the second tier, they can be masternodes. Within the PIVX network, masternodes are incentivized nodes that handle specific specialized tasks. PIVX masternodes are based on the cryptocurrency Dash and were restructured to use a proof-of-stake consensus algorithm.

History of PIVX (PIVX)

PIVX (Protected Instant Verified Transaction) was announced on November 25, 2015. PIVX was initially branded as Darknet (DNET) and officially rebranded to PIVX on January 1, 2017. PIVX (DNET) was officially released on January 30, 2016, and the first block of the network was created on that same day.

Citations:

1. https://pivx.org/files/whitepapers/PIVX_Non_Technical_Whitepaper_v2.0.pdf

2. https://pivx.org/

3. https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain

4. https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency

5. https://www.coinbase.com/learn/crypto-basics/what-is-a-protocol

6. https://www.coinbase.com/learn/crypto-basics/what-is-staking

7. https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake