PIVX (/pihv’ icks/; PIVX) is a community-focused cryptocurrency which is secured by proof-of-stake and masternodes. The curious name is an acronym for “private instant verified transaction” as the project’s coin ensures that users are able to rapidly transfer their value without sharing personal financial information. The PIVX community believes that privacy is a basic human right, and that it extends to all personal matters (including finances). The project seeks to make explicit the idea that privacy should not be cast in a negative light (a stereotype that cryptocurrencies in general still struggle to combat).
The Purpose of Privacy
Do you ever question why you have curtains on your windows, a door on the bathroom or passwords protecting your email? Obviously not, no one questions the need for these. Yet, despite the convenience we have gained in our increasingly digitized lifestyles, the same cannot be said for how we store and trade value with one another. In fact, there are several strong arguments which show we’ve slowly been moving in the other direction, toward a lessening of financial privacy. Why should privacy not protect your wallet (digital or otherwise), then? This is the key premise behind the creation of PIVX, which provides users the option to make transactions on their own terms.
Much to the surprise and misfortune of some early Silk Road users (who had been using Bitcoin to make transactions), privacy was not a available feature. The results for many were life-altering, and some saw the imminent danger that awaited all uses (legitimate or otherwise) of digital assets. In response to this major gap in utility, developers began working on integrating privacy features into cryptocurrency. One such effort was designed initially as an extension of Bitcoin: the Zerocoin protocol.
PIVX used this and other groundwork laid by DASH to establish itself. It then became the first proof-of-stake currency to adopt the Zerocoin protocol in 2017. Since that time, the project has even implemented private staking (referred to as zPOS) to expand its privacy aspect even further.
Centered on Community
Perhaps the most fundamental aspect of PIVX is the emphasis on building the autonomous community which developed around the currency. It defines itself as a digital autonomous organization (DAO) and has no central governance authority. Instead, a system of proposals are voted on regularly by the masternode operators and users are encouraged to submit these regularly to fund their ideas and contributions to the project. Developers and promoters earn their compensation in this way. The network in total provides incentive for securing the network through staking or by running a masternode as well.
To further engage and strengthen their community, PIVX employs a number of strategies such as international meetups, a prose initiative which explores the subjective views of its members and even a sponsorship program for the athletes in their midst. The ability for a DAO to put the principles of interdependence and self-sustainability into action are something few other projects are able to claim to this extent. As stated in a recent post by one of their most vocal members, Snappy Snap: “PIVX is people.” Check out an interview with him here on the Crypto 101 podcast for more about his part in the PIVX story.
PIVX has a history of being first in several accomplishments, most recently as having implemented the first Bulletproofs on the Zerocoin Protocol. Also in development is a decentralized exchange which is built on its masternode ecosystem. The purpose of these developments is to expand the scope of the PIVX ethos which is based on maximizing the privacy and autonomy of its user base. To get a full sense of the current range of objectives PIVX has its eye on, check the ongoing progress documented in their roadmap.
Want to know more, or experience the PIVX community firsthand?
Official Website: https://pivx.org/