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What is PIVX?

PIVX – Private Instant Verified Transaction(X)

PIVX ManifestoPIVX is a transactional security and privacy driven decentralized open source cryptocurrency. PIVX was launched on February 1st, 2016 under the name of ‘Darknet’ (DNET). PIVX features PoS, Masternodes and no premine.

KEY PROPERTIES OF PIVX

Private Transactions:  Your transactions can be conducted without others tracing back who you are, how much you have, and who you’re transacting with.

Instant Transactions: SwiftX technology allows PIVX to be used for point-of-sale situations where a locked payment is sent and confirmed 5 times in less than a second, while not being exposed to double spends that other cryptocurrencies are susceptible to.

Open Source: You can read the source code yourself here.

Fungible: Erasing the history of each PIVX transaction before you spend it makes your PIVX just as valuable as anyone else’s. Your coins can’t be blacklisted.

Self funded: PIVX has it’s own fixed budget allocated for awarded proposal to maintain and improve the project, and is 100% self-sufficient.

Self governed: PIVX has a proposal and voting system that includes everyone who has PIVX who guides the further development and overall direction of the coin, guided by our Manifesto.

Low fees: Transaction fees are currently fractions of a penny, and can vary slightly depending on how quickly you want to send your transaction through the network. Due to the nature of PIVX block rewards and a self funded governance model, PIVX has no use for the transaction fees and instead burns these fees from existence. This is to the benefit of all PIVX holders as it effectively reduces the total PIVX coins supply.

Decentralized: PIVX has no central authority governing it. It is globally distributed and does not have a single point of failure.

Community Driven: PIVX is a global community using Swarm Methodology to empower users to get involved and make a difference.

Fixed Supply:  2,629,743 new coins are created each year, paid to those who help secure the network through staking and running Masternodes. Additional PIVX cannot be created by any person or group.

Key details about the coin specs are here, the Pivx whitepaper explaining the Rewards distribution to Masternodes and Stakers is here.