Toronto, February 29, 2020 – PIVX announces its plans to implement Sapling (https://z.cash/upgrade/sapling/) , a zk-SNARKs based privacy protocol created by Zcash, on the next major 5.0 core wallet scheduled for release this year that enables both public and private transactions on the PIVX Proof of Stake blockchain.
PIVX to bring next-level privacy to its Proof of Stake network
Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKS) is a non-interactive zero-knowledge proof (ZKP) that can be verified without any interaction with the prover. The Sapling Protocol, makes use of zk-SNARKs proofs to allow both shielded and unshielded transactions on the blockchain, while Groth16 by Jens Groth, a SNARK construct created by a distributed multi-party computation setup phase, will be used for initial setup.
This industry-recognized protocol was chosen by the PIVX development team due to its highly researched status, and advanced technical characteristics such as fast verification time and high level of privacy, thus providing end-users with the best system to transact coins anonymously on the PIVX blockchain.
“PIVX had a tough year last year due to the unexpected Zerocoin protocol issues that affected multiple blockchain projects utilizing the same protocol.” said a long time PIVX member Jakiman. “It has since worked very hard to ensure all zerocoins were accounted for making every holder of PIVX whole. Now that’s complete, PIVX is finally ready to move on, and this updated protocol from the Zcash team will allow PIVX to regain privacy at a higher level that is well recognized by the cryptographic community”
This plan reveal makes PIVX not only the world’s first full-time Proof of Stake cryptocurrency project to announce the implementation of this much-coveted privacy protocol, but also means that PIVX may become the world’s first project to implement direct Sapling onto a non-Zcash code fork blockchain.
All this translates into PIVX remaining unique in the highly competitive markets and continuing to innovate thanks to its dedicated and highly capable developers that are confident in pulling off this monumental accomplishment.
More information about the newly announced privacy protocol implementation can be found in the full PIVX Announcement (https://pivx.org/road-to-pivx-5-0-with-zk-snarks/) along with its referenced technical papers.
PIVX to bring continuous advancements in the future
In addition to the full integration of Sapling protocol with zk-SNARKs, PIVX has already begun planning out the future projects including:
– Trustless setup: Spartan/Halo/Supersonic (ongoing research)
– Anonymous light protocol research (mobile and desktop)
– Anonymous masternodes (collateral and IP)
– Anonymous voting (community governance)
– Anonymous staking (zPoS using zk-SNARKs)
– Anonymous network (Dandelion Protocol)
More information will emerge as more information becomes available.
“PIVX, since its inception in 2016, has remained a steady, trusted pioneer in the blockchain space.” said Bryan “Snappy” Doreian of the PIVX community. “Respecting the rights of the individual and providing a technology that mirrors those values. With this announcement and integration, PIVX continues to set the standards of Proof of Stake development. With Sapling Protocol integration, a user of PIVX will maintain their liberty to exchange PIV privately, while letting him or her be in control of their own financial security and privacy, as well as his/her own regulatory compliance affairs. This is the freedom of choice we all deserve, and PIVX intends to continue to uphold.”
PIVX project keeps on innovating as history shows
Since the launch of its mainnet blockchain (January 2016), PIVX has always strived to create an advanced digital currency that is both decentralized through the use of well-dispersed blockchain and fungible with the use of advanced cryptography.
Decentralization is critical to public blockchain’s success, which is why PIVX adopted the Proof of Stake (PoS) consensus algorithm (August 2016) for its network in the early stages of mainnet to remove the dependency and attack vectors associated with Proof of Work mining that affected many digital currencies in the past.
Along with the implementation of PIVX Cold Staking (https://pivx.org/a-pivx-cold-staking-how-to/) functionality in recent 4.0 release, anyone who owns PIV (the currency unit of PIVX) are able to directly secure the blockchain network through staking their own coins without the need for any external miners; simply put, the coin owners are responsible in securing the PIVX network, and are rewarded every block for doing so.
From the first-ever implementation of Zerocoin protocol on the Proof of Stake network in 2017 to the first-ever zerocoin-based staking called zPoS in 2018, PIVX has always been at the forefront of Proof of Stake and privacy technology in an aim to provide the most fungible digital currency for the cryptocurrency community. The integration of Sapling to PIVX is just its next evolution of privacy.
PIVX (Private Instant Verified Transaction)
Founded in 2016
PIVX is a next-generation online digital money.
An open-source cryptocurrency running on a decentralized full-time Proof of Stake (PoS) blockchain network.
Innovating Proof of Stake, Governance, and Private transactions.
It’s fast, secure, rewarding, and efficient.