PIVX - the baby Dash?

flurin (53)in #cryptocurrency • 7 years ago

PIVX - Private Instant Verified X Transaction - sounds tempting? If not yet, people call it also the baby Dash!!

What is PIVX and why do we need it?
Their goal is to make transactions with cryptocurrency more anonymous based on different improved systems. They build a community where people can share ideas, speak their mind and hold their tokens. Or as they say

PIVX, Private Instant Verified Transaction, is a privacy-focused, decentralized, open source cryptocurrency run by a global community run by creators, innovators, and technology enthusiasts.

But not only that. They make it easy for people around the globe as they use 13 different languages and advanced technological features to make transactions very fast and easy on a global scale.

Privacy

The company claims to be totally anonymous.

PIVX is aiming its sights on establishing the first truly anonymous crypto currency by using the Zerocoin Protocol.

Now how do they do that?

Obfuscation: They add something called a Mixing mechanism, based on JoinCoin. Now whats that? CoinJoin is the idea, to get together and make several transactions at the same time so it's more anonymous.

“When you want to make a payment, find someone else who also wants to make a payment and make a joint payment together. (Gregory Maxwell, Proposer of CoinJoin /wikipedia)

So transactions get mixed together so it's harder to figure out which one belongs to whom. But they add even
more: they do it in a decentralized fashion based on masternodes. Now what's that?

Masternodes are computers or is a server that performs service functions on a blockchain. What this does is instant send (transaction blocking), coin mixing to support privacy, and it helps in stabilizing the network. They are used for the POS too (staking).

Speed

Instant transactions (swiftTX) is the confirmation of and ability to spend a transaction within seconds based on the masternodes.

POS (V. 3.0)
They use a system called POS, which secures the network by token owners holding tokens on an open online wallet so it can stake. The wallets secure the system. The 3.0 (0.10) version rewards owners based on their time online. So the more your wallet is open, the more you get rewarded. (the rewards are fairly distributed. The more wallets, the less reward per wallet and same if the other way round).
Cheap due to the efficiency of the POS system.

More Pro's:

Big Community for everyone who wants to join. They want to keep it as a Democracy with freedom of speech, but in a constructive way. So that new projects, ideas and innovations can be discussed and realized.
Their website is currently in 13 different languages (and more to come!!)
They have the "living room of sutoshi". That means, on this platform you can pay any bill through this room of sutoshi and you can pay with PIVX. And that without feed!
Livecoin and PIXV. So you can purchase PIVX with fiat currencies (Dollar, Euro).
Mobile wallets with which you can stake (get rewards for leaving your wallet open)

I think this idea is absolutely fantastic. They sound very serious, the webiste look really good, the teams sound solid and very excited about what they do. The website explains in details what their vision is and how they want to get there.
What do you think?