PIVX, Private Instant Verified Transaction(Tx), is an MIT open-source licensed, decentralized Proof of Stake (PoS) blockchain-based cryptocurrency.
PIVX focuses on transaction privacy, fungibility, community governance, and real-world use.
At its core, PIVX relies on the following key characteristics:
Key differentiating features include:
PIVX differs from other privacy coins based on several of its key features, such as cold staking, a second-tier masternode network, and a dynamic coin issuance system. In addition, the team has been actively working on Sapling, a sK-SNARK privacy solution to replace the Zerocoin protocol.
With Cold Staking, block producers are still required to keep a node online, but the private keys for the staked coins can be safely stored offline. This is achieved by signing a special "contract" transaction that transfers only the coin's staking rights without transferring the coin's ownership. In comparison, in traditional Proof-of-Stake consensus algorithms, block producers are required to keep the private keys to the staked coins in online nodes.
This allows the coin owner to delegate the coins to a delegated staker node to be able to stake the coins on the owner’s behalf, without giving permission to spend the coins themselves. Also, the block rewards, which are received by the cold staking node, are sent directly to the coin owner’s wallet, leading to further trustless relationships.
More technical info on Cold Staking can be found in the Developer Wiki.
In February 2020, PIVX announced its plans to integrate a customized version of Sapling, on the next major 5.0 core wallet scheduled for release in late 2020. This will enable both the public and private transactions on the PIVX Proof of Stake blockchain.
Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKS) is a non-interactivezero-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. On the other hand, Groth16, created by Jens Groth, is a SNARK construct created by a distributed multi-party computation setup phase that will be used for the initial setup.
At the time, PIVX was the world’s first full-time Proof of Stake cryptocurrency project to announce the implementation of this highly recognized privacy protocol. It could be the first project to integrate a Sapling-only protocol.
More technical background info can be found in the developer announcement.
PIVX allows for a specialized full-node wallet that enables a secondary network between them, making them be able to conduct unique tasks that are not possible on the blockchain network or are not feasible to do so.
This specialized mode is called a Masternode, and any user can qualify setting up a masternode by owning 10,000 PIVX coins. This amount is then parked as collateral while the masternode wallet is running, and in return, receives block rewards as an incentive.
PIVX utilizes the masternodes for decentralized governance voting of community proposed budget proposals on how the monthly treasury amount is spent in both the amount and which proposal receives them. More use cases are being researched for future expansion of the network’s usage.
PIVX has a unique dynamic coin supply model, where its coin emission is based on a fixed-amount per-minute block reward minted through Proof of Stake, along with a variable treasury payout each month.
The block reward is fixed at 5 PIV per block, which is split between the “staker” and the selected masternode. The treasury has a maximum of 1 PIV per block, paid out monthly to the voted and passed masternode proposals. So, in total, PIVX has a theoretical maximum emission rate equivalent to 6 PIV per minute, equating to approx. 5.5% per year and decreasing every year.
Although there is no set maximum coin supply, due to all network transaction fees being burnt from the coin supply, the maximum coin supply at any given point in time is governed by how much transactions occur on the network.
Hence, with every block, PIVX never reaches its theoretical max of 6 PIV / minute emission rate due to the burning of fees, which offsets some of its issuance schedule. Worth noting that in a large transaction environment, the actual per-block inflation rate could decrease down to zero or even be negative, i.e., supply reductions.
Maximum Projected Coin Supply is as follows:
While these numbers are theoretical maximums only, the actual coin supply at those times is guaranteed to be lower, owing to fee burns & partial budget generation. As a result, the more people use and transact with PIVX, the rarer it would become thanks to this unique coin emission system.
PIVX team consists of both masternode proposal voted & funded members, as well as community-backed members who are contributing their time voluntarily. As of March 2020, there are over 10 core members, with more than 30 community members who assist and contribute to many different tasks to ensure the PIVX project and its community is maintained.
For the full list of the team behind PIVX, please visit its official website.
|Furszy||Core Development Team||An entrepreneurial experienced blockchain developer that found a home with the PIVX development team.|
|Random.zebra||Core Development Team||Mathematician, and developer of the SPMT (Masternode tool), and deeply involved in PIVX's cutting edge developments.|
|Fuzzbawls||Core Development Team||Long time crypto enthusiast, crypto service provider, and freelance developer determined to break the reliance on fiat currencies.|
|Jakiman||Core Team||Long time “OG member” involved in many operations of PIVX.|
|Rhubarbarian||Core Team||Creative director at Rhubarb Media. Creator of PIVX brand and logo. Co-founder of Vendible.|
|JohnM||Core Team||Head of PIVX Business Development and Exchange Coordinator.|
|Eric Stanek||Core Team||Long time OG member and supporter of PIVX. Co-founder of Vendible.|
|Jeffrey||Core Team||PIVX infrastructure manager. Host of PIVXpress.|
|SnappySnap||Core Team||Global PIVX Ambassador and energy-booster for PIVX. Chief Development Magus of SDG Impact Fund.|
The development activity of PIVX is displayed below:
This report greatly contributed from the contributions from the team of PIVX, especially Jakiman.