Privacy is important, how does PIVX help me?
Everybody has the right not to be observed or disturbed by other people. This should also be the case with how we manage and spend our money. Through PIVX, we will provide you with complete anonymity and fungibility when it comes to where your PIV has come from, where your PIV has gone and who had sent and received that PIV.
“True anonymous transactions will not come from IP obfuscation, in my opinion. They will come in the form of fungibility *and* deferred broadcasting. The zerocoin protocol takes care of the first aspect, and work on the second has already started” – Fuzzbawls, 2017
The Zerocoin protocol being introduced by the PIVX development team allows users of PIVX to:
- Keep the total number of coins held within a wallet or address private. This provides an advantage over public ledger crypto-currencies by removing users from the “rich list” who wish to remain private or keep themselves safe from malicious attacks.
- By minting Zerocoin PIV (zPIV), users will be able to spend PIV without concern that their merchant may have blacklisted the coins being spent. Companies such as CoinFirm are “Anti-Money Laundering / Know Your Customer” (AML / CMC) compliance firms that has done and still does extensive research into the bitcoin (and now Dash) block chains. They analyze coin/transaction history on the open ledger to determine if any given coin amount has ever been used in/for questionable activity which can then be used to blacklist the coin without knowledge of the current holder.There are known cases of contentious BTC being refused acceptance from merchants.
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Keeping our currency truly anonymous, the PIVX team don’t believe Zerocoin is all we can do. This is why, work has begun utilizing “deferred broadcasting”. Deferred broadcasting is when a transaction does not get broadcast unilaterally across the network, but goes through a tiered (delayed) pre-broadcast phase. This almost eliminates the possibility that a malicious actor can pinpoint the exact origin of any given transaction (on any network transport layer). The delay time is counted in milliseconds, so there is very little impact on end users.
Currently there is a reasonable assumption that the first node to broadcast a transaction is actually the initiator of that transaction (this is a guess, but a reasonable one given enough network connections). Deferred broadcasting reduces the accuracy of that by a very large margin, The position is that even if the IP addresses are known (ie. running on the clearnet), there would no longer be any “reasonable assumption” that a given transaction was initiated by a particular IP address.