The Anonymous Cryptocurrency, Private Instant Verified Transaction (PIVX) is set to execute Zerocoin Protocol to enhance its prevailing system of permitting private transactions. This, in fact, will enable users to mint and spend coins with no transaction history with the utilization of Zero-Knowledge Proofs (ZKP).
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At the prevailing state, their privacy implementation comprises wallet coin mixing which employs CoinJoin with different enhancements over the original, in a decentralized mode aided by the chain of masternodes.
Even though it affords a supplementary panel of mystery in transactions, it does not offer absolute anonymity. It is actually considerably better than the conventional Bitcoin transaction. This is the more reason why the Dash code-fork is bent on ensuring an improvement. The announcement was made on the PIVX blog stating that:
Private Instant Verified Transaction (PIVX) will implement Zerocoin Protocol to improve its current method of enabling private transactions. The underlying technology utilizes Zero-Knowledge Proofs (ZKP) that allow users to mint and spend coins with no transaction history.
What Zerocoin Protocol provides is the capability of Zero-Knowledge records to guarantee absolute financial privacy. Zero-Knowledge proof is a cryptographic process that one person (the sender) can prove to another individual (the receiver) that a delivered statement is valid, without bearing any notice aside from the evidence that the record is really true.
— PIVX (@_pivx) May 25, 2017
In this circumstance of Zerocoin, Zero-Knowledge proofs support for financial transactions to transpire including the exclusive known information remaining that funds were indeed transferred or obtained.
Fascinatingly, PIVX is going to be the first Proof of Stake cryptocurrency to implement Zerocoin Protocol. With disrespect for privacy and burgeoning centralized control, private transaction and anonymity is crucial and cannot be overemphasized
With the transfer of value, PIVX will shortly attain that purpose. The integration of Zero-Knowledge Proofs will supplement existing characteristics of PIVX which comprises faster transactions (SwiftTX), incentivized node network (Masternodes) and Community Designed Governance making PIVX a sturdy private, instant and verified Cryptocurrency and a force to be reckoned with in the digital currency ecosystem.
Do you think PIVX will be able to deliver absolute financial privacy? Let us know in the comments below.
Images courtesy of PIVX, Twitter