PIVXPIVX to ETH

Protected Instant Verified Transaction (or eXchange) (PIVX) was unveiled on January 30, 2016.

Decentralized autonomous organization (DAO) PIVX is community-centered and self-financed. It is a community-driven decentralized autonomous organization (DAO) that manages, develops, governs, and maintains the project. It is an open-source blockchain and cryptocurrency.  First and foremost, it protects the users' financial data during design, engineering, and testing by utilizing powerful cryptographic methods.  PIVX signifies the security of financial data.

What Makes PIVX Unique?

• Enhanced Safety and Assurance to Users

Though PIVX relies on the framework of Bitcoin, it has seen substantial unique developments and integrations. PIVX's native coin, "PIV," is backed by a Proof of Stake (PoS) consensus mechanism. PIVX has been an innovator for quite some time. PIVX's advanced Proof of Stake is made stronger with the addition of Time Protocol v2 and Cold Staking. This gives coin owners more security and the chance to protect the network and earn staking benefits while their coins are saved offline on a hardware wallet.

• Security Measures for Every Transactional Activity 

A highly customized, open-source implementation of the vetted academic anonymity protocol zero-knowledge succinct non-interactive argument of knowledge (zk-SNARKs) Sapling safeguards the financial data of PIVX users. This protocol, labeled SHIELD, safeguards every transactional activity of the user.

• Strictly Compliance With AML/CFT

PIVX fully adheres to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations set by the Financial Action Task Force (FATF). These regulatory agencies enforce laws and rules about digital assets' use, transmission, and legality and the accompanying data necessary for their utilization.

• A Great Deal of Modification 

PIVX incorporates additional features, such as a Masternode network that offers an independent voting mechanism for governance and more. This layer is currently being enhanced with new features like Deterministic Masternode Lists and Long Living Masternode Quorums (LLMQs). Additionally, zk-SNARKs Sapling, an anonymity protocol, has been added to staking and master nodes, and all of these features have been extensively personalized.

• Viable Infrastructure Service 

In contrast to previous cryptocurrency initiatives, PIVX's monetary approach does not involve the astronomical Quantitative Easing (QE) and subsequent devaluation of the native coin; rather, it facilitates a sustainable infrastructure service that can support scalable, decentralized, and resilient node infrastructure, enabling instant, private transactions around the world. Decentralized autonomous organization (DAO) PIVX is community-centered and self-financed.

• Burns 100% of All Transaction Fees

Transaction fees on PIVX are all consumed. It is innovative in the field of Proof of Stake Privacy/User Data Protection.  Staking only takes one PIV. 

At the Tier Two level of its network, it uses master nodes to facilitate participation in governance. A master node requires 10,000 PIV to run.

What Are the Origins and Who Are the Founders of PIVX?

PIVX was introduced on bitcointalk.org on November 25th, 2015. on January 30th, 2016, the PIVX network's first block was generated.

Three people - Coin-Server, s3v3nh4cks, and Stakebox—were responsible for conceptualizing PIVX. The community has continued to guide and influence the project's growth and direction. However, since late 2018, not a single one of the founders has been involved.

Three key developers - Fuzzbawls, Furzy, and Random. Zebra—with a combined 20 years of blockchain development has been leading the development since 2018.  They have worked together to keep PIVX among the top ten most active blockchain projects, as reported by Messari and cryptomiso.  The other components of the PIVX ecosystem including marketing, site development, business development, and social media, have been cautiously managed by other community members, some of whom have been with the project from the beginning.

How Many PIVX Coins Are in Circulation?

A new block is generated by PIVX every sixty seconds. These blocks each allot 1 new PIV and generate 5 new ones.  

A new block is generated by PIVX every sixty seconds. These blocks each allot 1 new PIV and generate 5 new ones.  "Allocate" - what does it mean? That can only be grasped with a firm grasp of the PIVX governance paradigm.

Community ideas can get money through the PIVX administration model.  Every month, members of the community may cast their ballots for new features by submitting proposals to the system. When a proposal is deemed to have "passed," the desired funds are disbursed.  A "Super Block" happens once every 30 days and is where these funds are distributed.  Each Super Block's available funds are equal to the number of blocks that have passed since the previous Super Block multiplied by the amount of PIV that has been assigned for that block.   With the one 'assigned' PIV at play, the calculation is rather straightforward in this case.  For a duration of 30 days, the computation would be as follows: 30 days x 24 hours x 60 minutes every hour x 1 PIV per block, with one block added every minute.  Treasury allotment per Super Block: 43,200 PIV, calculated as 30x24x60x1.  With this, we can create the "budget" that the proposals can work with.

There may be no residual funds after using precisely 43,200 PIV to finance passing proposals. However, this doesn't happen very often.

Proposals often get funding equal to or more than 95% of the total 43,200 PIV. Therefore, it is fair to assume that 6 PIV per block will be used to assess inflation. Keep in mind that this is not an exact science.

Conclusion

This article thoroughly covers every aspect of digital currency. Regardless of our caution, it is possible that we neglected some minor information. Therefore, It is advisable to get guidance from a specialist in the area of cryptocurrencies or perform an extensive study before investing your money in the crypto ecosystem.