Why Should You Get to Know Private Transactions (PIVX) Before February
In the addition of the release of PIVX’s 2018 road map they just announced more exciting news. Since the 22nd of January PIVX became purchasable on Binance with Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) and almost immediately showed a price increase in the range of 80% according to coinmarketcap (US$ 8.50 to US$14.50) and its trade volume increased approximately 280%.
Binance is the fastest growing exchange for trading cryptocurrencies. In the short duration of 5 months, it has reached the 10th position among the top volume cryptocurrency \ exchanges. Binance has become so popular due to some of the factors such as availability in multiple languages, very neat user interface, and it also enables processing the orders at an extremely high speed. Binance exchange is available only for trading cryptocurrencies, hence, it is not available for any FIAT wired deposits.
This PIVX change is very usual after a coin becomes more widely available. It’s a relatively straightforward pattern, repeated many times across different coins and exchanges. The subsequent correction and price drop isn’t unusual either.
What is PIVX?
PIVX is a transactional security and privacy-focused decentralized open source cryptocurrency launched in February 1 of 2016 under the name Darknet (DNET), before it was professionally re-branded to PIVX. The initial PoW distribution phase ended August 2016 when DNET transitioned to the current PoS phase.
PIVX runs on Blackcoin 2.0 protocol and is based on Bitcoin core 0.10.x code base. It utilizes a network of masternodes for an openly visible decentralized governance and increased transaction privacy.
Its main goal is to achieve near instant private transactions and a governance that helps sustain the network for the benefit of all the users involved.
Coin Supply: 55,407,318 coins.
PIVX Zerocoin (zPIV) Technical Paper
As we all know, most common cryptocurrencies such as Bitcoin and others have a well-known public ledger system where all transactions are visible and traceable through its block explorer which results in anyone and everyone having the ability to see all associated transactions, balances and its associated addresses as well. This means that the history of its previous address owner is now visible through your own address once the coins have traversed through the blockchain and end up in your own wallet address.
In most scenarios, such transparency may not be an issue. But it could become a serious problem if the coin that you hold was once associated with an undesirable history or if your address was being targeted by potential thieves.
To overcome this issue PIVX has implemented a very unique feature that nearly no other cryptocurrency currently in the market possesses. They applied a well-known highly-vetted protocol called Zerocoin with many custom enhancements allowing blockchain-level transaction anonymity in the way of unlinkability.
They named this has zPIV, where PIV is a unit of PIVX and z prefix stands for Zerocoin.
zPIV provides a protocol-level coin mixing service using zero knowledge proofs to sever the link between the sender and the receiver with 100% anonymity and intraceability as well it also means that your balance can be masked to avoid being targeted by potential thieves.
PIVX zPIV accumulators are encrypted using RSA-2048 challenge generated keys which negates the need for a developer trusted setup and means that no individual knows the factors. Everyone’s privacy is ensured with the use of zPIV.
PRIVATE INSTANT VERIFIED TRANSACTION (PIVX) has already seen a flow in price in the last few days because of the announcements of their new roadmap and now, their Binance update. After the normal market stabilization, we’ll see what the future will show us, but one thing seems practically certain, its going to be an historical year and exciting February for PIVX.
You can check the most recent PIVX charts below: