Private Instant Verified Transaction

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Private Instant Verified Transaction?

PIVX (Private Instant Verified Transaction) is a privacy-focused, decentralized open-source cryptocurrency that utilizes a Proof of Stake (PoS) algorithm and community-driven governance. It offers optional privacy through its SHIELD protocol and features instant transactions via SwiftTX, ensuring secure and fast transactions. PIVX rewards users for holding tokens in their wallets and participating in the network, making it a unique and innovative cryptocurrency.

How is Private Instant Verified Transaction used?

PIVX, or Private Instant Verified Transaction, is a decentralized cryptocurrency that prioritizes privacy and community governance. It operates on a proof-of-stake consensus mechanism, which involves two key parties: masternodes and validators.

Masternodes are responsible for voting on development proposals and validating transactions, requiring a stake of 10,000 PIVX. Validators, on the other hand, generate new blocks and are rewarded with PIVX coins based on the amount they have staked. The network uses a "seesaw" mechanism to balance the rewards between masternodes and validators.

PIVX aims to provide privacy through the use of the Zerocoin protocol, which allows for trust between transacting parties without recording or displaying their information publicly. The protocol ensures that transactions "wipe" the history of where a coin came from, providing user privacy. Additionally, PIVX utilizes the SwiftX payment protocol to enable near-instant transactions.

Users can earn PIVX by running masternodes or keeping funds in a staking node, which incentivizes participation and ensures the solvency and liquidity of the network. The cryptocurrency also has a unique economic design, where transaction fees are burned, which can lead to deflation if the number of transactions outnumbers the generation of new coins. This design allows the community to vote on adjusting transaction fees to maintain a balance between inflation and deflation.

Overall, PIVX offers a privacy-focused, decentralized, and community-driven cryptocurrency that rewards users for their participation and ensures the security and liquidity of the network.

How do I store Private Instant Verified Transaction?

To store Private Instant Verified Transaction (PIVX) tokens, you can use several options:

  1. PIVX Desktop Wallet: This is a recommended method for storing PIVX tokens. The desktop wallet provides comprehensive control over your funds and is available for download from the official PIVX website.

  2. PIVX Web Wallet: This is a convenient option for users who prefer a web-based interface. The web wallet allows you to send, receive, and store your PIVX tokens easily.

  3. Ledger Hardware Wallet: Ledger offers a secure hardware wallet solution that stores your private keys offline, protecting them from malicious attacks. You can pair the Ledger wallet with the Ledger Live App to manage your PIVX tokens on the go.

  1. Other Wallet Options: There are additional wallet options available, such as the PIVX wallet provided by ChangeNOW, which offers a user-friendly interface for storing, sending, and receiving PIVX tokens.

Regardless of the wallet you choose, make sure to follow best practices for securing your private keys and protecting your PIVX tokens from unauthorized access.

How to buy Private Instant Verified Transaction?

To buy Private Instant Verified Transaction (PIVX) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports PIVX, such as Binance, Bittrex, LBank, XT.COM, ChangeNOW, or others listed on the PIVX website.

  2. Create an Account: If you don't already have an account on the chosen exchange, create one. This may involve a Know-Your-Customer (KYC) process, which can take a few minutes to hours.

  3. Deposit Funds: Deposit the necessary funds (cryptocurrency or fiat) into your exchange account.

  1. Buy PIVX: Use the deposited funds to buy PIVX tokens. You can do this by selecting PIVX as the asset you want to purchase and specifying the amount you want to buy.

  2. Set Up a Wallet: Set up a PIVX wallet to store your tokens securely. You can use the desktop core wallet or the web wallet provided by PIVX.

  3. Transfer PIVX: Transfer the purchased PIVX tokens to your wallet.

Alternatively, you can use exchanges like ChangeNOW, which allows you to buy PIVX without creating an account. Simply visit the ChangeNOW website, choose the currency to buy PIVX with, enter the recipient address, review the transaction details, and confirm the transaction.

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History of Private Instant Verified Transaction

The history of PIVX, or Private Instant Verified Transaction, is deeply rooted in its origins as a fork from the DASH altcoin. In 2015, a group of unsatisfied Dash developers decided to create their own cryptocurrency, which would eventually become PIVX. This new project was officially launched in January 2016, initially as a fork of Dash known as DarkNet. Later, it was rebranded as PIVX to align with the community's mission and goals.

PIVX was designed to prioritize privacy, community, and speed. It aimed to solve the privacy concerns inherent in traditional blockchain transactions by adopting the Zerocoin protocol, which obscured the history of coins while maintaining the integrity of the ledger. The proof-of-stake consensus algorithm allowed for faster and more efficient transactions, making it more environmentally friendly compared to traditional proof-of-work algorithms.

Over time, PIVX has continued to evolve and innovate. It has introduced features like the SHIELD protocol, which provides optional privacy for users, and a decentralized governance system that allows the community to make decisions on the direction of the project. PIVX has also been recognized for its groundbreaking innovations and its commitment to supporting communities worldwide by translating its materials into over 30 languages.

Despite facing challenges, such as the controversy surrounding the Ghost cryptocurrency copying parts of PIVX's whitepaper, the project has demonstrated its legitimacy and potential for growth. Today, PIVX remains a prominent player in the cryptocurrency market, offering users a unique blend of privacy, speed, and community-driven governance.

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How Private Instant Verified Transaction works

PIVX, or Private Instant Verified Transaction, is a privacy-focused cryptocurrency that operates on a Proof of Stake (PoS) blockchain. Here's how it works:

Consensus Mechanism

PIVX uses a modified version of Dash's masternode architecture and Zcoin's Zerocoin privacy protocol. The consensus mechanism involves two key parties: masternodes and validators. Masternodes are responsible for voting on development proposals and validating transactions, while validators are responsible for generating new blocks and mining new PIVX tokens.

Masternodes

To run a masternode, a user must stake at least 10,000 PIVX. Each masternode gets one vote and is not involved in mining new tokens. Masternodes play a crucial role in validating transactions and ensuring the security of the network.

Validators

Validators are responsible for generating new blocks. The chance of generating a block is proportional to the amount of PIVX staked. Validators require roughly 500 PIVX to generate a single block in a one-month period. A new block is generated every minute, yielding a reward of six PIVX coins, which are distributed among the validator, masternode, and the PIVX treasury.

Seesaw Mechanism

To maintain a balance between masternodes and validators, PIVX uses a "seesaw" mechanism. This mechanism adjusts the rewards for validators and masternodes based on their numbers. If there are too many masternodes, the rewards for validators increase, and vice versa.

Staking Rewards

PIVX rewards users who hold PIV in their wallets and keep them online and updated. The more PIV a user has, the more rewards they earn. This incentivizes users to participate in the network and maintain its security.

Transaction Fees and Supply

PIVX has an inflation rate of around 3-4% per year, but it does not have a hard supply cap. Transaction fees are burned, which means they are removed from circulation. If the number of transactions exceeds the number of new PIVX being generated, the network becomes deflationary. The community can vote to adjust transaction fees to prevent excessive deflation or inflation.

Privacy Features

PIVX uses the Zerocoin protocol to enable private transactions. This protocol allows users to "mint" zPIV, which can be sent on the blockchain and then "burned" to create the corresponding amount of PIVX for the recipient. This process ensures that transaction histories are not publicly visible.

SwiftX Payment Protocol

PIVX also utilizes the SwiftX payment protocol, which enables near-instant transactions. This protocol allows for off-chain transactions with a single confirmation, making it faster and more efficient than traditional blockchain transactions.

Governance and Community

PIVX is a decentralized autonomous organization (DAO) that is self-funded and community-driven. The community plays a crucial role in voting on development proposals, managing the network, and ensuring its solvency and function.

Overall, PIVX is designed to provide a secure, private, and efficient cryptocurrency experience, with a strong focus on community governance and participation.

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Private Instant Verified Transaction's strengths

The strengths of the Private Instant Verified Transaction (PIVX) token include:

  • Privacy Protection: PIVX employs the zk-SNARKS (SHIELD) protocol, ensuring that transactions are verified and completed without revealing any personal or transactional data to the public or the receiver.

  • Efficient Consensus Algorithm: PIVX uses a proof-of-stake (PoS) consensus algorithm, making it more efficient and environmentally friendly compared to cryptocurrencies that rely on proof-of-work (PoW). This allows for faster transaction times and enables users to earn PIVX tokens by running masternodes or staking their existing tokens.

  • Low Transaction Fees: PIVX has incredibly low transaction fees, often equating to fractions of a cent. This affordability makes it a suitable choice for microtransactions and modest-value acquisitions.

  • Decentralized Governance: PIVX follows a decentralized governance model, empowering the community to determine the cryptocurrency’s future development and trajectory. Masternode operators, holding significant PIVX coin volumes, wield voting rights, actively shaping the network’s direction.

  • Community-Driven: PIVX is a self-funded, community-driven project, ensuring that the project remains independent and resilient.

  • Innovative Technology: PIVX consistently delivers groundbreaking innovations, making it a pioneer among privacy coins.

  • Fair Launch: PIVX was launched in 2016 with no pre-mine, making it a fair-launch coin.

  • Security: PIVX prioritizes security, ensuring that transactions are secure and private.

  • Ease of Use: PIVX offers easy-to-use swap widgets and a filterable listing of popular exchanges, making it simple to obtain and manage PIVX.

  • Comprehensive Resources: PIVX provides a comprehensive library containing guides, tutorials, and FAQs, supporting users and developers.

  • Passive Income Opportunities: PIVX offers exclusive avenues for generating passive income through staking and running masternodes.

Private Instant Verified Transaction's risks

Private Instant Verified Transaction (PIVX) is a privacy-focused cryptocurrency that offers optional private transactions. While PIVX provides several benefits, such as its use of the SHIELD protocol for enhanced privacy and its proof-of-stake consensus algorithm, there are still financial risks associated with investing in this cryptocurrency.

Market Volatility

PIVX, like other cryptocurrencies, is subject to market volatility. The value of PIVX can fluctuate rapidly due to various market and economic factors, which can result in significant losses for investors. This volatility can be particularly challenging for those who invest in PIVX without a thorough understanding of the market dynamics.

Regulatory Uncertainty

Cryptocurrencies, including PIVX, operate in a regulatory environment that is still evolving. Governments and regulatory bodies around the world are grappling with how to classify and regulate cryptocurrencies. This uncertainty can lead to sudden changes in the legal framework, which can negatively impact the value of PIVX.

Security Risks

PIVX, like other cryptocurrencies, is vulnerable to security risks such as hacking and theft. If the PIVX network or user wallets are compromised, investors can lose their funds. Additionally, the use of masternodes and staking nodes, which are critical components of the PIVX network, can also be vulnerable to security breaches.

Competition from Other Cryptocurrencies

The cryptocurrency market is highly competitive, with numerous projects vying for market share. PIVX faces competition from other privacy-focused cryptocurrencies like Monero and ZCash, which can impact its adoption and value.

Inflationary Risks

PIVX has a mechanism to burn transaction fees to offset inflation. However, if the supply of PIVX increases rapidly without a corresponding increase in demand, it can lead to inflationary pressures, which can negatively impact the value of the currency.

Governance and Community Risks

PIVX relies on a decentralized governance system, which can sometimes lead to disagreements and conflicts within the community. If these conflicts are not resolved effectively, they can impact the development and adoption of PIVX, leading to financial losses for investors.

Technical Risks

PIVX's use of cutting-edge technologies like SHIELD and Zerocoin can also pose technical risks. If these technologies are not implemented correctly or if they have unforeseen vulnerabilities, it can compromise the security and integrity of the PIVX network.

Liquidity Risks

PIVX, like other cryptocurrencies, can experience liquidity risks. If there is a lack of buyers or sellers in the market, it can be difficult to convert PIVX into other currencies or assets, leading to financial losses.

In summary, while PIVX offers several benefits, it is essential for investors to be aware of these financial risks and to carefully consider them before investing in this cryptocurrency.

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Did Private Instant Verified Transaction raise funds?

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Private Instant Verified Transaction’s team

  • Core Developers:

    • Alessandro Rezzi #0861
    • Duddino #0432
    • Fuzzbawls #7623
    • Liquid369 #0339
  • Marketing Team:

    • Bouilla #4840
    • leacymck #7901
    • MeerkatPower #1089
  • Business Development:

  • Guapic #2716

  • JSKitty #1113

  • Ambassadors:

    • Cacalillos #2452
    • Nix[USA] #9933
    • Po’ #1428
    • Adonis [France] #3830
  • Other Roles:

    • ProfMetaverse #7047 (DAO Advisor)
    • SnappySnap #8204 (Social Team, Ambassador, Social Manager)
    • ElenaCC (Social Media)
    • Sigge B #3492 (Advisor)
    • PalmTree #9320 (Web Developer, Mentor)
    • ONeZetty #1001 (Mentor, Ambassador, Social Manager)
    • vampyren #4038 (Mentor, Social Manager)
    • miguelc030 (Social Media, Social Manager)
    • jakiman #8633 (Advisor, Business)
    • MagMagik #4083 (Social Team, Community Writer)
    • nigelon11 #2771 (Mentor, Ambassador)
    • flow11 #8036 (Social Team)
    • BitPlumber #3309 (Social Team)
    • Smagadon #9761 (Translators Team)
    • yenachar #0982 (Community Writer, Technical Advisor)
    • zkbitcoin #1323 (Community Contributor, Technical Advisor)

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