Place/Date: Georgia, USA - February 2nd, 2021 at 3:00 pm UTC · 4 min read
Contact: Bryan “Snappy” Doreian, Source: PIVX
PIVX (Protected Instant Verified Transaction), a User Financial Data Protection focused digital cryptocurrency, activated the new protocol SHIELD on its mainnet January 30th, 2021. This novel implementation of zk-SNARK Sapling into a Proof of Stake blockchain introduces unparalleled user financial data protection.
A custom advanced user interface provided through the core PIVX wallet effortlessly allows users to keep their financial data (amounts, transactions, addresses etc) protected through the SHIELD protocol. The end result? It provides users a simple, efficient, and rapid means to ensure any transaction and any financial data can be protected, ensuring these SHIELD transactions sent by the core PIVX wallets stay secure, private, and protected.
Read more: PIVX Financial Data Protection Protocol
One of SHIELD protocol’s main benefits is the ability to send and receive both Transparent and Shield transactions, giving users a freedom of choice on how their transaction data is presented on the blockchain. An additional feature available with SHIELD transactions is the Encrypted Memo function, allowing a secure attachment of information or text message, including, if required, personally identifiable information to satisfy the merchant’s needs, AML/CFT laws as well as the FATF Travel Rule.
Thus, PIVX provides every user the freedom, and choice, to keep their financial data protected, while frictionlessly providing the means to comply with modern financial regulations.
Read more: PIVX Regulatory Compliance
One of the next steps for PIVX, that is already being worked on, is allowing users to stake coins that are protected using SHIELD, resulting in even deeper levels of protection while participating in a Proof of Stake network. Under PIVX’s previous protocol, the number of protected coins in the network reached over 25% resulting in the largest privacy coin pool in the industry.
Now with the launch of the SHIELD protocol, PIVX is expected to boast an even higher number of protected coins on its blockchain, which will further increase the overall privacy for all of its users.
Global PIVX Ambassador Bryan “Snappy” Doreian said:
“We’ve seen an incredibly positive response to the rollout of v5, which included SHIELD. There has been building anticipation for SHIELD activation, and we’re proud that PIVX will be the first-ever project to successfully deploy zk-SNARK Sapling into Proof of Stake, the latest blockchain development helping users secure their rights and protect their data while transacting online.“
As the world becomes ever more digitized, with many nations and people jumping straight into digital currencies after having previously been unbanked, the dire need for preserving and protecting their data, let alone anyone’s financial data, is ever-present. Banks, corporations, and even governments all go to great lengths to ensure they try to protect the sensitive data that is transmitted between two or more entities, especially financial data.
With the explosion of the Digital Ledger Age, progress was rushed forward and seemingly little thought was given to the simple fact that with public digital ledgers, every bit of financial data becomes transparent, observable, and broadcastable. That includes amounts of transactions, total amounts in balances, and more. Not only is this potentially dangerous for individuals to have all of their financial transactions publicly available to anyone, but it also spells untold attack vectors against corporations or even nation-states.
Imagine a group of fringe actors being able to trace a nation’s entire financial transaction dealings, pinpointing patterns, and being able to say disrupt a supply chain of food, based simply on knowing that nation’s main suppliers, transactions, etc. Or, imagine a company being able to observe its competitor’s inflows and outflows to vendors or contractors, and being able to then disrupt those relationships.
Leaving one’s financial history open to the public puts the individual, associated individuals, business, and more at risk. Protocols like SHIELD pave the way for our new digital frontier, by pioneering how to approach protecting financial data while ensuring regulatory compliance. This is accomplished by the means to allow for transactional privacy while simultaneously being able to share any requisite information with only the intended recipient.
This functionality doesn’t just mimic the current means of securely transmitting funds globally, it makes these privacy and financial data protections even more accessible to the world, and with that, makes the adoption of cryptocurrencies more human-centric.
For more information about how PIVX is making blockchain and cryptocurrencies more accessible and more user friendly while protecting their identities and data online, please visit the PIVX website.