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PIVX was announced on November 25, 2015. PIVX stands for Private Instant Verified Transaction Cryptocurrency and is a privacy-focused proof-of-stake cryptocurrency forked from DASH. The project emphasizes community governance and decentralization.
What is PIVX (PIVX)?
PIVX aims to create a digital medium of exchange that minimizes transaction times and fees while maintaining privacy and security. PIVX was launched by James Burden on January 31, 2016.
PIVX had no ICO; instead, 60,000 PIVX were pre-mined to enable the initial network operation of 6 masternodes. Once the initial setup was completed, these cryptocurrencies were burned as soon as the PIVX community became self-sustainable.
In addition, PIVX is a self-funded and community-driven decentralized autonomous organization (DAO). It is a third-generation privacy cryptocurrency and uses a modified version of Dash’s masternode architecture. It also employs Zcoin’s Zerocoin privacy protocol. The transaction capacity can reach up to 1000 transactions per second using the SwiftxX payment protocol.
PIVX also utilizes a dual-part proof-of-stake consensus mechanism: Masternodes and Validators.
- Masternodes are responsible for voting on development proposals put forward by the PIVX community and validating transactions on the blockchain with a single confirmation. A minimum of 10,000 PIVX is required to run a masternode. Each masternode has one vote and is not involved in new token mining.
- Validators are responsible for PIVX mining. They have a chance of creating a block proportional to the number of PIVX they stake. 500 PIVX can create a single block completed within 60 seconds. When a block is created, a reward of 6 PIVX tokens is distributed, with one allocated to the PIVX treasury, two to the validator, and three to the masternode.
Additionally, if a user wants to store PIVX, they can do so in three ways: Ledger hardware wallet, PIVX desktop and mobile wallets, or Coinomi desktop and mobile wallets.
Where to Buy PIVX Coin?
PIVX Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy PIVX Coin, one must first sign up for Binance and then send fiat currency. After sending a fiat currency like Turkish Lira or dollars, one can buy Ethereum (ETH) or Bitcoin (BTC) and execute a purchase in the PIVX trading pair.
In addition, on Binance, users can place an order to buy at a lower value than the market price. For this, use the Limit tab and enter the amount and price you want to buy.
