With an intent on being a truly decentralized, privacy maintaining, global cryptocurrency, PIVX is leading the way, especially considering the latest string of attacks against proof of work cryptocurrencies. Sites like crypto51.ap are showing the crypto world how little money it takes to successfully attack proof of work coins, and other comparison charts like the “privacy coin matrix” are starting to highlight the degree to which many of the other cryptocurrencies and privacy cryptocurrencies are truly decentralized.
According to Snappy, PIVX provides superior protection against these attacks and types of centralization, for these reasons:
- As a Proof of Stake Cryptocurrency, PIVX does not fall victim to large mining pools or the centralization of mining hash.
- It would require magnitudes more money to attempt to control the PIVX network (in the order of hundreds of millions of dollars) compared to $1000s for even some of the largest market cap cryptocurrencies.
- PIVX was fair-launched as a mineable coin using the Quark algorithm as a means to distribute coin supply (as the blockchain was being validated) before switching to proof of stake for many of the reasons listed above. Quark was chosen as it was limited to only CPU and GPU which the developers felt was a more fair means of distribution, and has since proven to be true.
A great quote from OhGodAGirl that was recently published about the inherent flaw in the proof of work methodology:
“In the end, proof-of-work is just a security mechanism to protect something of value. The decentralized network is the value, and that should be the focus of the defense. Creating incentives for the security mechanism to dominate the network growth is just, well, letting the tail wag the dog.”
Although PIVX is the world’s first Privacy Proof of Stake coin with a growing supply of completely private zPIV (or zerocoin PIV), the PIVX team is hard at work on its next privacy currency innovation. The most highly anticipated innovation is the completion of zDEX, a fully decentralized in-wallet exchange. With the launch of the PIVX zDEX, users will have the ability to transfer bitcoin into their wallets and exchange for zPIV.
“I Love PIVX and having PIVX on – you guys are always pushing the boundaries in terms of tech and… also, any cryptocurrency lives or dies by its community. I feel that the PIVX community, in particular, keeps moving from strength to strength.” – The Crypto Lark
And one of his subs wrote:
“From what I understood here, PIVX is the Swiss Bank killer! A completely private savings account?!”
Watch the interview now! https://youtu.be/u-0f4RjGG6s
Mentioned Links
- PoS: https://pivx.org/nothing-considered-a-look-at-nothing-at-stake-vulnerability-for-cryptocurrencies/
- Ledger Master Nodes: https://www.youtube.com/watch?v=hoyUMpAQFN8
- Privacy Matrix: https://www.reddit.com/r/pivx/comments/8jezel/introducing_the_privacy_coin_matrix_a_crossteam/
- Why PIVX: https://www.whypivx.com/
- PIVX Masternode Tool Github: https://github.com/gpdionisio/SPMT
