What Is PRiVCY – (PRiV)?
PRiVCY is a cryptocurrency project developed with the aim to provide privacy and security to people worldwide. According to whitepaper version 1.0, the project looks to resolve the privacy issues that exist with crypto like Bitcoin along with security and trust issues with a centralized banking system. In order to resolve this issue, the project launched the cryptocurrency, the PRiVCY Coin (PRiV), a digital coin that functions on PoS (proof of stake) and PoW (proof of work) mechanism to provide security, privacy, simplicity, convenience, and fraud prevention to users. However, despite the advantages of the PRiVCY Coin, the mining facility of the coin was limited to a handful of miners because of the PoS mechanism. Because of this, the PRiVCY project forked the existing coin to launch its new cryptocurrency PRiVCY-Core 2.0.
The PRiVCY-Core 2.0 is a peer-to-peer cryptocurrency that functions using Master Node & PoW mechanism and is also represented by the ticker PRiV like the predecessor. The term Master Node signifies computers that participate in crypto governance and verify new blocks in a blockchain, rather than creating new ones like nodes. According to the website of the asset, PRiVCY-Core 2.0 was forked using the DASH codebase, which provides the coin with features like governance, transaction speed, and privacy. The term DASH codebase reflects a program using which sustainable improvements can be made to a cryptocurrency. The coin also uses a Tor routing system, an additional layer of privacy to keep the IP address of users a secret, along with PRiVCYSend, a native coin mixing function of the PRiVCY project. This coin mixing function, in turn, allows users to mix different coins in their wallets to make their transactions more private.
Thus, allowing the project to develop a coin that can be used for:
Making instant payment
Carrying out transactions with anyone worldwide
Rewarding the nodes of the project
These utilities of the coin fulfill the project's vision to develop a cryptocurrency that can be used and mined by all while providing security and privacy.
History of PRiVCY – (PRiV)
The PRiVCY project was initiated between the third and fourth quarters of 2017 by the three founders of the project. The project released the whitepaper version 1.0 between the third and fourth quarters of 2018. The project launched first cryptocurrency on the platform between the third and fourth quarter of 2018, which was eventually forked to version 2.0 in the third quarter of 2019. This cryptocurrency version 2.0 is the only active coin for the project and has a maximum supply of 30,000,000 PRIV.
