March 15th, 2017 at 9:42 pm UTC · 3 min read
PIVX (Private Instant Verified Transaction), formerly known as Darknet offers an upgraded DASH v0.12.0.x clean fork based cryptocurrency with custom Proof of Stake (PoS) code to the community. The open source cryptocurrency platform has replaced the previous Proof of Work (PoW) consensus algorithm to bring private, instant and verified transactions to the masses.
Through its latest changes, PIVX has eliminated the dependency on resource intensive hardware for mining, like in the case of other PoW cryptocurrencies. Instead, the community members can earn PIVX by holding on to some tokens in their wallet while keeping it connected to the internet. The platform’s latest PoS 2.0 algorithm allows any device running a PIVX wallet, irrespective of its technical specification or operating system to take part in the staking process and earn rewards.
Being a Dash fork, PIVX utilizes Bitcoin Core by default. It uses the current Bitcoin v0.10.x core in combination with some already committed v0.13.2 updates. Since its launch on January 31, 2016, PIVX has been the only PoS cryptocurrency to be based on Bitcoin Core v0.10.x or above, making it the most up to date and technically advanced PoS cryptocurrencies in the market.
PIVX inherits all the technical features of Dash, including the masternodes, instant transfers, and private transfers. The PIVX team is working on further improving the platform by updating it to v0.12.1.x Dash core with enhanced features like IPv6 support, along with the existing IPv4 and TOR Network support.
The PIVX cryptocurrency network has a block time of 60 seconds with fixed block rewards. The custom seesaw algorithm incorporated in the system dynamically alters the rewards split between a masternode and staking nodes. Detailed information about the seesaw algorithm is available in PIVX’s whitepaper.
The PIVX team is one of the first to explore the implementation of libzerocoin protocol with non-optional minting to the platform. A successful integration of the zerocoin protocol will further enhance the network privacy, making every end-to-end transaction untraceable.
PIVX believes in having an inclusive governance by the community. The team is currently involved in discussions to further improve the existing masternode voting system by including non-masternode PIVX holders in the decision-making process and utilization of its block reward budget. These discussions are held as publicly viewable live meetings for increased transparency continuing until an ideal governance solution is devised and implemented.
With these features, PIVX hopes to revolutionize the world of private cryptocurrency, in terms of monetization and exchange methods.
PIVX is a multifaceted community-centric endeavor in the blockchain tech and cryptocurrency realms. It offers a transactional security and privacy-centric, decentralized open source cryptocurrency for the community.
Disclaimer: PIVX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.