What is PIVX?
PIVX, or Privacy Instant Verified Transaction (PIVX), is a decentralized, open-source cryptocurrency. It is based on the principle of anonymity of users. PIVX cryptocurrency is a fork of DASH cryptocurrency that uses only the best aspects of DASH and Bitcoin. The work of the PIVX cryptocurrency is currently based on the Proof of Stake protocol, but for the first half year the Proof of Work protocol was used.
When creating the coin, the developers chose the blockchain-community service as their main goal. The priority is fair and transparent management of the system by its participants.
Where did PIVX come from?
Being the anonymity is one of the “chips” of PIVX, its creators do not reveal their names. The cryptocurrency entered the market on February 1, 2016, with the name Darknet (DNET), but was soon renamed PIVX (Private Instant Verified Transaction).
The project began its way from PoW mining, but in August 2016, it switched to PoS. Now PIVX works on the Blackcoin cryptocurrency PoS 3.0 protocol and is based on the Bitcoin Core 0.10.x code base. PIVX uses a two-tier architecture with master nodes for decentralized management and improved anonymity.
Erik Stanek, one of the project participants, made a proposal on the redistribution of voting rights among all the system participants. The idea was approved by 62% of the masters, resulting in the implementation of the Community Management System.
What are the advantages of PIVX?
- PIVX uses Privacy Instant Verified Transaction as standard.
- PIVX uses the enhanced Blackcoin Proof of Stake 3.0 protocol (“share confirmation”), which is much more effective in protecting the network than the Proof of Work protocol (“work confirmation”).
- It has a very low transaction cost, which is usually less than a cent due to PoS efficiency.
- This means that PIVX is ideal for business models that use microtransactions and that previously existed using Bitcoin.
- It based on Bitcoin Core version 0.10.x. This means that PIVX is more relevant than most other PoS cryptocurrencies based on an older version of Bitcoin Core.
- PIVX uses the innovative, flexible Seesaw remuneration balance system (“Swing”), which dynamically determines the amount of remuneration for the mastersnotes and for ordinary nodes with open wallets.
- The community uses a public site Teamwork.com to organize further development.
What are the disadvantages of PIVX?
- Lack of strong impulses for price growth.
- Unpopularity among ordinary traders - highly specialized appointment.
- Not very successful launch of a project that had to be rebrand.
How to buy PIVX?
Undoubtedly, PIVX is a worthy candidate for investments. The coin has a number of unique properties that existing altcoins do not have. If you decide to purchase PIVX coins, then the most rational decision would be to go to the SimpleSwap platform.
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select PIVX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. PIVX will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.