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Private Instant Verified Transaction with Investment Opportunities and Decentralized Governance


In the world of technology, most often we see recent developments stand out as improved versions of previous innovations. This is a natural situation as new systems most often address any flaws that may exist within the previous technologies, especially as it concerns the peculiar purpose of such innovation.






The open-source nature of the Blockchain technology is a fundamental element that defines it as a truly decentralized ecosystem. Since the advent of Bitcoin in 2009, there have been several derivatives down many generations which have come alive by either twitching the Bitcoin code in an attempt to improve on certain specific properties, or altering a huge part of this code to achieve a largely different entity.

Privacy of transactions has been a point of attention within the Fintech industry over a long period of time. With the emergence of Distributed Ledger Technology(DLT), important issues such as trust, anonymity and privacy became matters of reasonable concern. One major achievement that the DLT boasts is the ability to restore control into the hands of the owners of assets and valuables, but without privacy, absolute control cannot be achieved.

Private Instant Verified Transaction (PIVX), is a fork of DASH that is focused on delivering on two most important aspects of digital transactions, privacy and speed, investment opportunities through staking and ownership of masternodes, and a decentralized governance based on the blockchain.

PIVX, is a fork of DASH 0.12.0.x that employs a custom Proof of Stake (PoS) system for block consensus. This implies that PIVX ‘mining’ is in the form of a reward for holding its tokens in an online wallet. This is known as staking.

Having inherited all the technical features of DASH such as masternodes, instant send and private transfer based on the coinjoin method. The PIVX team is working to update this feature to a 0.12.1.x DASH core but with some key differences such as maintaining IPv6 support.

A Two-tiered network with Investment opportunities

Unlike Bitcoin, which relies solely on the miner’s to support the network, PIVX has a two-tiered network system supported equally by stakers and operators of ‘masternodes’. Anyone can download the PIVX software and support the network by staking which involves reserving of some coins to secure the network for which profits are earned but Masternodes provide more services to the network than stakers, and as such, they are incentivized through rewards which is determined by a SeeSaw Algorithm. Masternodes provide the backbone for the anonymization and instant transaction functions that are not present in Bitcoin transactions by default.

To set up a masternode, a user must put 10,000 PIV up as collateral. This PIV never leaves the user’s control; it is only meant to make it prohibitively expensive to gain control of a majority of masternodes. The owner can at any time remove, spend or do otherwise with the funds, though this will disable their status as a masternode and prevent them from receiving block rewards.

Private and Instant Transactions

PIVX provides fast and private transactions based on its masternode network making it unique among other cryptocurrencies. The cryptocurrency has a block time of 60 seconds but with the use of SwiftTX transactions are faster. A typical SwiftTX transaction will only take about 1.5 seconds and will be locked for the next 5 block confirmations. PIVX currently provides privacy using a coinjoin method which involves the mixing of coins before sending them but aims to implement the zerocoin protocol to enhance privacy on the network.

What’s more, to solve the current problem faced by majority of users within the Bitcoin and other cryptocurrency communities where the fate of majority is decided by a small population of miners, PIVX is proposing an absolute decentralization of authority. This is described as Community Designed Governance, a proposed system where every wallet owner will have the power to vote over issues that may arise in the future and budget implementation within the community.

With these current features and planned implementations PIVX hopes to provide private, instant, verified transactions to the masses with a decentralized governance model.

pivx.org

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Thursday, May 18th 2017
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