Private Instant Verified Transactions (PIVX) forked from DASH back in 2016, and people expected that it will remain in the same category as DASH, but that didn’t happen. PIVX received a ton of updates and enhancements, which made it quite a unique offering on its own. The first and the biggest difference is that it is now offering a privacy coin called zPIV, and all the transactions that take place through this currency are hidden from the prying eyes. Secondly, it works on Proof of Stake system, which is completely different from the Proof of Work system that most of the privacy coins are using.
Moreover, the transaction speed is amazing as it can go through in less than a second. These transactions need confirmations as well, which in PIVX’s case can happen in less than 4 minutes. This is quite a feat especially if you take into consideration the 20 minute confirmation time of Monero, which is the top privacy coin at the moment. All of these features combined make PIVX an amazing offering and are the reason why you see it climbing the list of top 100.
Difference Between PIVX and zPIV
Those of you new to cryptocurrencies might get confused with PIVX as it offers two units – PIV and zPIV. As mentioned above, zPIV is the privacy unit, which means that all of the transactions that take place through this unit are completely hidden. On the other hand, PIV works very similarly to most altcoins. It is available on a public ledger without any restrictions. The thing that makes PIVX unique is that you are not bound to either of these currencies. You can convert PIV into zPIV coins and vice versa hence giving you complete control over your investment.
Proof of Stake System with Two Units
Proof of Stake system only allows the stakeholders to earn from a certain cryptocurrency. So, when PIVX introduced a second unit, a lot of people were confused as to how they will earn a reward. Initially, the developers decided that only PIV will remain as the staking currency, but seeing the popularity of zPIV, they decided to offer it up for the stake as well. Now, both units can be staked, but holders of zPIV will earn more rewards in a lesser period of time. This particular move is done to encourage users to invest in the privacy zPIV coin instead of PIV. However, it doesn’t matter which of the two units you hold, as you will get the reward for both of them.
Self Funded and Managed
Unlike most cryptocurrencies, PIVX doesn’t rely on anyone for funding. It keeps 10% of the block reward so that the project can be improved and advanced. This practice has been working out pretty well for the developers, so they are not going to change it anytime soon.
They are self-managing the whole project as well. There is a voting system in place that allows stakeholders with over 10,000 units to participate. When someone is that much involved in a currency, they are always looking for its betterment, hence the voting system for PIVX has been working really well.
Non-Existent Transaction Cost
Bitcoin transactions are extremely expensive, and most of the other altcoins aren’t far behind. PIVX, on the other hand, has been extremely effective in this regard. One transaction cost around $0.005, which is incredible. There aren’t a lot of cryptocurrencies out there offering transactions at these rates, so that’s a definite plus for PIVX.
2,629,743 PIVX coins are created every year and that’s the upper limit. No one is allowed to create more of it. These coins are only given to people who are willing to buy the stake in the currency, and because there is a limited amount available, not everyone can just join in on the action. The controlled supply of PIVX allow things from getting out of hand
Future Looks Bright
PIVX might not be amongst the most popular coins, but it is slowly gaining its footing in the cryptocoin market. A ton of changes and improvements have already been brought to the coin, but developers aren’t stopping here. Their next major plan is to bring PIVX wallet to all iOS devices. Apple is one of the tech industries giants, so having support for their devices will definitely help.
The current user interface is somewhat hard to use, but developers are working to make it simpler. This will allow users to perform all kinds of functions from the UI, instead of going through the main website.
The block size is currently limited to 2MB, but they are working on expanding it so that more transactions can happen at the same time.
Finally, they are looking to adopt an I2P network, which is completely decentralized and is much faster, more secure, and better than most models out there.
All of the aforementioned improvements are set to happen by the end of 2018, so the future of PIVX does look bright, and with the way it is going, you can expect to see it among the top cryptocurrencies real soon.