PIVX (Private Instant Verified Transaction), the rebrand of ‘Darknet’, has announced it will offer an upgraded DASH v0.12.0.x clean fork based cryptocurrency with custom Proof of Stake (PoS) code and a designer community governance system. The previous Proof of Work (POW) consensus algorithm has been replaced by PIVX so as to enable instantaneous, private and verified transactions to all users.
Similar to other PoW alternative currencies, PIVX has scrapped its dependency on resource-heavy hardware for mining and opted for an online alternative where users can earn PIVX simply through holding tokens in their online wallet. The platform doesn’t differentiate the users based on the type of software or operating system as long as it supports the functioning of PIVX wallet containing the tokens. The device agnostic feature is made possible by the implementation of latest PoS 2.0 algorithm.
PIVX uses Dash fork to utilize Bitcoin (v0.10.x) Core in combination with some already committed v0.13.2 updates and subsequently inherits all the technical features of Dash.
The PIVX crew are working on further improving the platform by upgrading it to v0.12.1.x Dash core with enhanced features like IPv6 support, along with the existing IPv4 and TOR Network support.
PIVX possess all the technical features of Dash, such as masternodes, instant transfers, and private transfers. The custom seesaw algorithm incorporated in the system dynamically alters the rewards split between a masternode and staking nodes. The PIVX network has a block time of 60 seconds with fixed block rewards
The PIVX development team were early pioneers of the implementation of libzerocoin protocol with non-optional minting to the platform. When successfully integrated into the network, the new protocol will enhance privacy and make transactions untraceable.
As strong believers of democratic community governance, the PIVX team is in the process of discussing and exploring ways for improving the existing masternode voting system by including non-masternode PIVX holders in the decision-making process and utilization of its block reward budget. These discussions are being held publicly and are expected to resolve themselves when an ideal governance solution is implemented.
PIVX is a multifaceted community-centric endeavor in the blockchain tech and cryptocurrency realms. It offers a transactional security and privacy-centric, decentralized open source cryptocurrency for the community.
Detailed information about the seesaw algorithm is available in PIVX’s whitepaper.
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