PIVX (Private Instant Verified Transaction) presents an alternative in the world of privacy-centric cryptocurrencies as it offers what it terms as an upgrade of the DASH code from which the currency was built. Some of the differences between the two includes PIVX’s adoption of Proof of Stake (PoS) code and a new Community Designed Governance which enables instantaneous, private and verified transactions to all users.
Pushing for an environmentally friendly alternative, PIVX has scrapped its dependency on resource-heavy hardware for mining and opted for an online alternative where users can earn PIVX through staking which is simply holding tokens in their online wallet to support the security of the PIVX network.
PIVX, a Dash fork inherits all of Dash’s features such as masternodes, instant transactions (SwiftTX) and private transfer (Obfuscation) based on the coinjoin method. The PIVX team is also working on further improving the platform by upgrading it to v0.12.1.x Dash core with enhanced features like the implementation of the Zerocoin Protocol with non-optional minting, IPv6 support, along with the existing IPv4 and TOR Network support.
PIVX’s custom seesaw algorithm dynamically alters the rewards split between a masternode and staking nodes. The PIVX network has a block time of 60 seconds with fixed block rewards. Detailed information about the seesaw algorithm is available in the PIVX whitepaper.
Community Designed Governance
With so many examples to learn from on what bad governance has done to several promising cryptocurrency projects, PIVX is building democratic community governance. The PIVX community is in the process of discussing and exploring ways for improving the existing masternode voting system by including non-masternode PIVX holders in the decision-making process and utilization of its block reward budget.
Dash Masternodes are generally expensive, and when a price hike occurs the Masternodes become too expensive to run. PIVX is trying to solve this problem by taking voting power away from Masternodes and decentralizing it, effectively giving each holder a vote.
The current suggestion includes a budget system that has shared voting power between all PIVX holders and a best practice system labelled Proposal Promotion Level (PPL) that will ensure that every community member’s voice is heard and taken into consideration.
With the current features and incoming changes PIVX aims to be a community-based, instant and private alternative in the blockchain tech and cryptocurrency realms.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.