PIVX – Forked From DASH
Private Instant Verified Transaction (PIVX) is a cryptocurrency that was originally released under the name DarkNet (DNET) in January 2015. It was rebranded in January 2017, probably to avoid the stigma of being associated with the darknet/deep web where there is lots of illegal activity. PIVX is a fork of DASH (formerly DarkCoin), which is one of the first cryptocurrencies to use the X11 algorithm.
X11 is extremely secure since it goes through 11 rounds of cryptographic hashing including blake, bmw, roestl, jh, keccak, skein, luffa, cubehash, shavite, simd, and echo. This intensive hashing makes it practically impossible for anyone to compromise the security of an X11 network. Also, the developers of PIVX’s platform integrated technology from Bitcoin Core.
The PIVX network utilizes proof-of-stake (PoS), an energy efficient protocol where the network is maintained and secured by all wallets that are open and online. All users that are staking receive new coins for their participation in running the network. A unique aspect of this crypto-platform is that it has masternode technology. In order to start a masternode, a user must keep 10,000 PIVX in a wallet as collateral. They can then decide to use these coins at any time for some other purpose but their masternode would turn off.
The masternodes mix coins, which makes it impossible for anyone to trace the origin of any money that is sent using this method. This provides true anonymity, privacy, and security, so users can send their money anywhere they want to buy anything they want without worrying. Combined with the intrinsic X11 cryptographic security of the network, it makes this crypto-platform a truly decentralized currency, and money sent on the network can never be frozen, seized, or traced.
Better Payment Option
This is a lot better than sending money with centralized payment systems like banks, PayPal, Western Union, Moneygram, etc. where all of your identification info is recorded so there is no anonymity, and your funds can be frozen and seized at any time for any reason. In our extremely centralized and totalitarian society, it is a breath of fresh air to use a cryptocurrency like PIVX. It gives control of money back to the people and, therefore, opens the door for business opportunities that, otherwise, would not be possible when using centralized platforms.
The masternodes also facilitate governance of the network. 10% of all coins generated by staking (21,600 PIVX, ~$87,000 per month) are distributed for development and advancement of the platform’s network, and the masternodes can propose ideas and vote on how this money is used.
Respectable Market Cap
Currently PIVX is worth around $4, and since there are 55.9 million coins in circulation, this yields a market cap of $227 million. Via staking, approximately 2.6 million coins will be generated per year indefinitely. Out of the thousands of different cryptocurrencies, this crypto-platform has the 55th largest market cap, indicating that it is fairly popular, so it is worthwhile to know what this platform is about, if you’re a cryptocurrency enthusiast.
When PIVX was released, it was only worth 1/10 of a cent, so its value has increased hundreds of thousands of percent. During the crypto bubble, which peaked in January 2018, it hit a record high of $15, and since that time, it had steadily declined. Regardless of recent market declines, the future of PIVX is bright since it is one of the most decentralized, anonymous, and secure cryptocurrencies.