The PIVX coin attaches particular importance to security and privacy. Some call it the only correct crypto currency in recent years. That’s why the developers also renounced an ICO and burned the pre-scored tokens that were needed to start the blockchain. This is not about coins as speculation objects. What the prognosis could look like nevertheless, one experiences here.
PIVX Coin – What is this Bitcoin code?
The PIVX crypto currency is a coin used for anonymous transactions. In this respect, the PIVX coin is one of many Bitcoin code. What is special about PIVX is the combination of several technologies. The transactions are encrypted by the CoinMixer. This was already used for the crypto currency Dash.
The CoinMixer breaks down the coin to eight standard values (1, 5, 10, 50, 100, 500, 1000, 5000). These anonymized units are called zPIV. A complicated process ensures that these shredded units arrive at the right address. For outsiders, however, the transaction is not traceable. This process is based on the Zerocoin protocol, which was originally intended to be used by Bitcoin.
The coin offers further advantages in the area of the consensus algorithm. This is used by blockchains to create new blocks and add them to the chain. Transactions are then verified and executed. PI/VX uses the principle of staking, in which the coins on the PIVX wallet are frozen, i.e. “staked”. The frozen coins cannot be used for transactions for a certain period of time. As a reward the staker receives some coins, but this happens randomly with each new block, which should happen about every 60 seconds.
PIVX Coin – Who is the Bitcoin trader behind the crypto currency?
The more coins the Bitcoin trader staked on the wallet, the higher the probability of earning a few coins. PI/VX uses the Bitcoin trader Quark algorithm to validate the transactions, which consumes only a few resources. Many other coins, and especially Bitcoin, consume much more power in order to carry out transactions at all.
Master Nodes offer another way to buy the coin in order to earn money. Master Nodes are computers on which there is a PI/VX wallet with 10,000 coins of the crypto currency. The master nodes are used to verify and encrypt transactions and also store the blockchain. The owners of the master nodes can participate in democratic decisions regarding the future of the blockchain. Using master nodes, revenues from staking are not accidental.
Every year, the network distributes 2.6 million coins. What sounds like hyperinflation at first is actually a well thought-out concept of development. Coins are also burned annually when the offer has reached a certain mass of coins. At the same time, a large proportion of the coins on the network are also stored on the PI/VX wallets. In total, it is expected to hold 90 % of the total stock. This means that the crypto currency is conceptually closer to traditional currencies.
Behind the PIVX Coin development is the community. The participation in the development is completely voluntary, everyone can contribute. Participants can decide to remain anonymous in the sense of the crypto currency or to confess publicly. Even though this approach might not seem very professional, a team of software developers, marketers and general supporters has come together. The team is constantly looking for new members, including social media and bloggers, to make coin development better known.