What is PIVX?

PIVX, standing for Protected Instant Verified Transaction (or eXchange), is a decentralized, open-source blockchain and cryptocurrency initiative that was launched on January 30th, 2016. It is managed, developed, governed, and stewarded by a community-driven decentralized autonomous organization (DAO). PIVX is fundamentally based on Bitcoin's codebase but has undergone significant custom developments and integrations. It uses a Proof of Stake (PoS) consensus protocol with its native cryptocurrency, denominated as "PIV". PIVX seeks to provide user financial data protection through advanced cryptography protocols. It integrates features such as a Masternode network that provides a decentralized governance mechanism of voting and is continuously developing new features for this layer.

How does PIVX work?

PIVX operates using a Proof of Stake (PoS) consensus protocol, which allows coin owners to secure the network and receive staking compensation. This advanced PoS is enriched with the Time Protocol v2 and Cold Staking functionality, which ensures higher security for coin owners and the possibility to secure the network and receive staking compensation while coins are being cold stored offline on a hardware wallet. PIVX's financial data protection is secured through a highly customized, open-source implementation of the vetted academic anonymity protocol zero-knowledge succinct non-interactive argument of knowledge (zk-SNARKs) Sapling, called SHIELD. All transactional activities of the user are protected by this protocol.

What are the potential use cases for PIVX?

PIVX seeks to provide a sustainable infrastructure service capable of supporting scalable, decentralized, and resilient node infrastructure, allowing for instant, private transactions globally. It uses its native cryptocurrency (PIV) as both a means of rights-preserving, privacy enabling, near-instant digital currency exchange, and the reward for those who help secure, build, decentralize, and govern the PIVX network protocol. PIV is acquired to be held or staked (hot or cold) or locked in masternodes by individuals who want to participate in the network. PIVX also strives to comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) requirements governed by the Financial Action Task Force (FATF).

What is the history of PIVX?

PIVX was announced on November 25th, 2015, and the first block of the PIVX network was created on January 30th, 2016. While the initial idealization of PIVX was originated by three individuals, the development and direction of the project have remained stewarded and directed by the community. The development since 2018 has been spearheaded by three core blockchain developers with over 20 years of combined blockchain development. Their combined efforts have contributed to the active development of the PIVX project. The rest of the PIVX ecosystem, ranging from marketing, web development, business development, has been actively overseen by other members of the community, many of whom have been involved since PIVX's inception.