The introduction of cryptocurrencies in the form of Bitcoin in 2009, heralded a dawn of a new era. Since then the world of digital currencies has garnered a tremendous amount of attention and has provided with numerous alternatives to fiat currencies. Another crypto-currency, rather an un-talked one, has emerged to the realm of crypto-universe lately by the name of PIVX. PIVX (short for Private Instant Verified Transactions), essentially, is a crypto-currency but at the same time is a lot more than just that. The project aims to develop a decentralized online digital currency that could be used globally.
The technology behind PIVX is really impressive. The team has taken inspiration and working methodologies from the best performing altcoins, improvised them and integrated them into one technology to bring forth PIVX for the world. Thus, PIVX can be termed as the compilation of all the fascinating aspects of current crypto-currency technologies. The blockchain even has its own Proof-of-Stake consensus algorithm to enhance its working. Interestingly, PIVX is a forked version of Dash coin, which has ancestral links with Litecoin and Bitcoin.
What PIVX is really focusing on, and is very uncompromising about, is privacy. Its manifesto starts with the lines “PRIVACY is non-negotiable” and its mission is to create a competitive and well-functioning digital currency, a platform that supports quick transactions at minimal costs and a secure network that offers the utmost level of freedom in form of privacy. The blockchain is said to be completely decentralized .
PIVX came into being after it forked off the DASH blockchain in February 2016. Back then, it was known as Darknet (DNET). It was not until January 2017, that DNET was renamed to PIVX. The technology is also known for being the only crypto-currency technology to have employed all the technical requirements laid down in the Zerocoin whitepaper, which is an extension of the Bitcoin protocol and defines the requirements to add true anonymity to the network.
Something that is very astonishing for a cryptocurrency, and which has raised many concerns over the technology, is that the supply of PIVX tokens is unlimited. The ever-increasing supply will be corrected using an inflation mechanism, known as quantitative easing. The incremental supply rate is decided to be 5% annually .
Currently, PIVX is not available in exchange for some fiat currency on any crypto-currency exchange. This means that the buyer will need to buy some other cryptocurrency before actually purchasing PIVX. The most popular pairs of PIVX are with Bitcoin and Ethereum of course. A number of cryptocurrency exchanges offer PIVX pairs, including Binance, Bittrex and IDAX.
The current price valuation of PIVX is around $0.35 USD with a total market capital of approximately $20 million USD. This coin can be stored like any other cryptocurrency, in a software or hardware wallet, but the options that actually support PIVX are very limited. Hardware wallets are generally more secure than online ones, and Ledger Nano S is a notable hardware wallet that supports PIVX. It is perhaps too soon to comment on the future of PIVX, as the technology is in its very early stage of development. However, it is a remarkable amalgamation of the best features of different cryptocurrencies with an addition of its own technological advancements. Once it rolls out in to its execution phase, only then its real performance could be evaluated. Until then, it will remain a cryptocurrency with some unleashed potential for sure.