Zerocoin which has been implemented by PIVX, is a protocol that does what Bitcoin can not. Zerocoin provides full privacy to the users of PIVX. The PIVX implementation of the Zerocoin protocol converts publicly view-able PIV into anonymous PIV (dubbed by the PIVX team as Zerocoin PIV or zPIV for short). When a user wishes to spend (that is send from a to b) zPIV, the zPIV appear in the receivers wallet as regular PIV without history of where that PIV originated from.
Technical Paper: https://pivx.org/zpiv/
Instant Transactions: SwiftTX transactions are confirmed and spendable within seconds, guaranteed by the network of masternodes, with no need to wait for multiple confirmations in order to be confident in the validity of the transaction.
Code Base: PoS 3.0 Bitcoin Core 0.10.x
PIVX is the first proof of stake cryptocurrency to be based on the version 0.10 or higher Bitcoin codebase, and the PoS structure utilised does away with coin age, meaning in order to get the most out of your staking you must keep your wallet open at all times, resulting in more constantly available nodes, strengthening the network. No more users opening their wallet once or twice a month for a few minutes and getting rewarded equally with those that have 24/7 up-time with their wallet.
See-Saw Rewards Mechanism
Block rewards received by the staker and winning masternode vary based on the amount of coins held for masternodes vs amount of coins available for staking on the network allows for Variable rewards based on needs of the network to keep the network services (Masternodes) and the security of the network (Staking Wallets) evenly distributed. When there are fewer as the number of masternodes rises the portion of the block reward that they earn is reduced, it increases when the number of masternodes declines.
These are incentivized nodes that receive rewards based on their availability and their ability to offer network services in a decentralized and trust-less manner. Running a masternode requires locking 10,000 PIV collateral for as long as you choose to run the masternode and allows the owner to vote on budget and development proposals. These nodes are the backbone of the present and future services offer on the PIVX network, and as such are rewarded at a slightly higher level as compared to just staking when the number of them is at a predetermined level defined in the seesaw mechanism.
Other Unique Features
People often ask why they should choose PIVX above other crypto currency, here is a short list of features that make PIVX stand out from the crowd.
- PIVX is an anonymous Peer-To-Peer currency.
- PIVX is working towards Private Instant Verified Transactions as its default transaction.
- PIVX is Community Driven
- PIVX uses Blackcoin’s improved Proof of Stake 3.0 protocol instead of Proof of Work. So it is more efficient in keeping the network secure than PoW.
- PIVX has incredibly low transaction fees that are typically a fraction of a penny due to the PoS efficiency. This means it is perfect for micro-transaction business pricing models that previously existed using Bitcoin.
- PIVX had no ICO. Pre-mined coins to start the chain were publicly burned.
- PIVX is based on Bitcoin 0.10.x core which means it is more up to date than most other PoS digital currencies that commonly use a lower Bitcoin core version.
- PIVX uses an innovative variable Seesaw Reward Balance System that dynamically adjusts its reward to masternodes and staking nodes. (See white-paper section.)
- PIVX has a very large and growing active community on multiple social networking sites such as BCT, Slack, Reddit, Twitter, Gitter, Facebook etc.
- PIVX community also uses Trello for publicly accessible task planning and management.
- PIVX has a highly active, accessible and responsive development team.
- PIVX is available to trade on multiple exchanges including Bittrex with plans to be added to larger exchanges.
- PIVX went through a monthly decreasing block reward inflation period and reached the final level of approx. 4.8% pa in mid-May 2017.
- PIVX has a repository of guides with more planned including video guides and materials.
- PIVX has had consistently higher profitability percentage compared to other digital currencies utilizing masternodes such as DASH since launch and even now.