What is Pivx

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About PIVX

PIVX is a decentralized, MIT licensed open-source blockchain/cryptocurrency project.
Launched on January 30th, 2016.
Uses a Proof of Stake (PoS) consensus protocol with its native cryptocurrency, denominated as “PIV”.
Features a customized implementation of the zk-SNARKs Sapling protocol for user financial data protection.
Compliant with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) requirements.

Key Features

Uses a 2nd layer of functionality through a Masternode network

About PIVX: Empowering Privacy and Freedom

Introducing PIVX (PIVX): A Comprehensive Overview

Launched on January 30th, 2016, Protected Instant Verified Transaction (or eXchange) (PIVX) is a decentralized, MIT-licensed open-source blockchain and cryptocurrency project, governed and stewarded by a community-driven decentralized autonomous organization (DAO). Leveraging advanced cryptography protocols, PIVX has been meticulously designed, engineered, and tested to prioritize, above all, the protection of users’ financial data. In essence, PIVX embodies Financial Data Protection.

While PIVX is fundamentally rooted in Bitcoin’s codebase, it has undergone substantial custom developments and integrations. Leveraging its native cryptocurrency, denominated as “PIV”, PIVX employs a Proof of Stake (PoS) consensus protocol. As a pioneer in the Proof of Stake consensus algorithm, PIVX has continued to innovate and refine its advanced PoS, which is bolstered by the Time Protocol v2 and Cold Staking functionality. This synergy ensures enhanced security for coin owners, allowing them to secure the network and receive staking rewards while their coins are stored offline in a cold hardware wallet.

The PIVX user’s financial data protection is safeguarded through a highly customized, open-source implementation of the rigorously vetted academic anonymity protocol, zero-knowledge succinct non-interactive argument of knowledge (zk-SNARKs) Sapling. This robust protocol, dubbed SHIELD, ensures that all user transactional activities are shielded from prying eyes.

PIVX is fully compliant with the stringent Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) requirements, as governed by the Financial Action Task Force (FATF). This ensures adherence to the regulatory frameworks and laws that oversee the utilization, transmission, and legitimacy of digital assets, as well as the associated data necessary for their use.

PIVX incorporates a multifaceted framework, featuring a 2nd layer of functionality facilitated by a Masternode network, which enables a decentralized governance mechanism through voting. The platform is currently developing innovative features for this layer, including Deterministic Masternode Lists, Long Living Masternode Quorums (LLMQs), and more. Furthermore, PIVX is integrating the anonymity protocol zk-SNARKs Sapling into its staking and masternode architecture, boasting heavily customized implementations.

The entire PIVX supply is generated through a combination of a fixed block emission rate and monthly budget allocation payouts. Furthermore, the coin supply is dynamically calibrated and restrained by the burning of 100% of the transaction fees on the network. As an independent, application-agnostic, and payment-agnostic blockchain, PIVX utilizes its native cryptocurrency (PIV) as a means of facilitating rights-preserving, privacy-enabling, near-instant digital currency exchange, as well as rewarding those who contribute to securing, building, decentralizing, and governing the PIVX network protocol. Individuals can acquire PIV to hold, stake (hot or cold), or lock in masternodes, thereby participating in the network.

The monetary policy of PIVX is carefully crafted to facilitate a sustainable infrastructure service, empowering a scalable, decentralized, and resilient node infrastructure that enables instantaneous, private transactions on a global scale, while avoiding the pitfalls of excessive Quantitative Easing (QE) and the subsequent devaluation of the native coin, a phenomenon commonly observed in other cryptocurrency ventures.

PIVX, as a decentralized autonomous organization (DAO), leverages a distributed network of masternodes, facilitating the operation of diverse applications and services, treasury management, and community-driven governance. Notably, PIVX features a built-in governance mechanism, empowering masternode owners to cast their votes in favor of or against any proposed initiatives.

Unveiling the Unparalleled Attributes of PIVX

PIVX is a decentralized autonomous organization (DAO) that operates on a self-sustaining, community-driven model, where decision-making authority is distributed among its members.

PIVX boasts a unique capacity for perpetual self-funding, empowering the development and maintenance of its network through monthly treasury allocations, which are determined by community-approved proposals that have garnered successful votes.

PIVX incinerates 100% of all transaction fees, ensuring a truly decentralized and community-driven network.

As a trailblazer in the realm of Proof of Stake and privacy-centric blockchain technology, PIVX has established itself as a leader in user data protection, with a remarkably low staking requirement of just 1 PIV.

PIVX leverages a Tier Two layer within its network, deploying masternodes to facilitate participation in governance. Operating a masternode necessitates a stake of 10,000 PIV.

PIVX boasts a plethora of pioneering achievements in the realm of cryptocurrency and blockchain, including:

Pioneering the first Proof of Stake project to integrate Masternodes, a groundbreaking innovation.
Trailblazing the first Proof of Stake project to incorporate blockchain-based governance, a hallmark of decentralized decision-making.
Introducing the first Proof of Stake project to pioneer blockchain-based community self-sustainable funding, empowering decentralized autonomy.
Debuting the first Proof of Stake coin to combat inflation by burning all transaction fees, ensuring a stable economic ecosystem.
Breaking new ground as the first Proof of Stake project to integrate the Zerocoin protocol, elevating privacy and security.
Setting a new standard as the first Crypto project to offer its main website natively translated into 30+ languages, fostering global inclusivity.
Unveiling the first Proof of Stake project to implement private staking, safeguarding user anonymity.
Achieving a milestone as the first-ever successful implementation of zk-SNARKs based Sapling privacy protocol on a Proof of Stake blockchain, a testament to innovative excellence.

Pioneering the First-Ever Proof of Stake Project with Integrated Masternodes

Pioneering the First-Ever Proof of Stake Project with Blockchain-Based Governance

Pioneering the First-Ever Proof of Stake Project with a Blockchain-Based, Self-Sustaining Community Funding Model

Pioneering the concept of inflation control, this groundbreaking Proof of Stake coin revolutionizes the landscape by incinerating all transaction fees, thereby maintaining a stable economy.

Pioneering the adoption of Zerocoin protocol, this groundbreaking project marks a significant milestone as the inaugural Proof of Stake endeavour to integrate this innovative technology.

Pioneering a new frontier, our project boasts the distinction of being the first cryptocurrency venture to have its primary website seamlessly translated into over 30 languages, fostering unparalleled global accessibility.

Pioneering the industry, our project marks a significant milestone as the first to integrate private staking into a Proof of Stake consensus mechanism.

In a groundbreaking milestone, the pioneering integration of zk-SNARKs-based Sapling privacy protocol has been successfully implemented on a Proof of Stake blockchain, marking a significant breakthrough in the realm of decentralized technologies.

The Genesis of PIVX: Unveiling the Visionary Founders

PIVX was formally introduced on bitcointalk.org on November 25, 2015. The genesis block of the PIVX network was successfully created on January 30, 2016, at 04:10:07 UTC, marking a pivotal milestone in the project’s history.

While the pioneering vision of PIVX was conceived by three individuals (Coin-Server, s3v3nh4cks, and Stakebox), the project’s development and trajectory have been collectively shaped and guided by the community. Notably, none of the founding members have been actively involved since late 2018.

The development of PIVX since 2018 has been driven by a trio of seasoned blockchain developers (Fuzzbawls, Furzy, and Random.Zebra), boasting a collective 20-plus years of blockchain development expertise. Their concerted efforts have consistently positioned PIVX among the top 10 most actively developed blockchain projects, as recognized by Messari and CryptoMiso. Meanwhile, the broader PIVX ecosystem, encompassing marketing, web development, business development, and social media, has been diligently overseen by other community members, many of whom have been instrumental since PIVX’s inception.

The Circulating Supply of PIVX Coins: An Overview

PIVX generates a new block at a consistent interval of 60 seconds. Each of these blocks yields 5 new PIV, with an additional 1 PIV allocated. To grasp the concept of allocation, it is essential to comprehend the PIVX governance model.

The PIVX governance model is a sophisticated system that facilitates the allocation of funds for community-driven proposals. These proposals, submitted by the community, undergo a monthly voting process. Successful proposals are subsequently issued the requested funds. This fund disbursement occurs during a “Super Block,” which takes place every 30 days. The available funds for each Super Block are calculated by multiplying the number of blocks since the last Super Block by the number of PIV allocated per block. The math is relatively straightforward, particularly when considering the allocated PIV. With one PIV per block, and one block generated every minute, the total allocation for a 30-day period can be calculated as follows: 30 days × 24 hours per day × 60 minutes per hour × 1 PIV per block. This works out to 43,200 PIV allocated to the Treasury per Super Block, thereby forming the available “budget” for the proposals.

It is conceivable that precisely 43,200 PIV would suffice to fund approved proposals, leaving no surplus. However, such instances are rare.

Typically, a substantial proportion (usually exceeding 95%) of the allocated 43,200 PIV is dedicated to funding proposals. Consequently, it is reasonable to estimate that inflation is based on the creation of 6 PIV per block. However, it is crucial to acknowledge that this is an approximation rather than an exact figure. Furthermore, it is essential to recognize that the PIV allocated to the Treasury is created during the Super Block, whereas the remaining 5 PIV is generated with each standard block.

Reward Allocation and Distribution

A total of 2 PIV is generated and allocated to the staker responsible for writing the block.
An additional 3 PIV per block is created and distributed to the next masternode in the payment queue.
A further 1 PIV per block is earmarked for the Treasury Budget, which may be created and disbursed as part of the Super Block, subsequently paid out to a funded proposal.

A total of 2 PIV is generated and allocated to the staker responsible for crafting each block.

A total of 3 PIV is generated and allocated to the next masternode in the payment queue, thereby ensuring a seamless reward distribution process.

A total of 1 PIV is allocated to the Treasury Budget per block, which may be generated alongside the Super Block and disbursed to a funded proposal.

The Upper Ceiling: Maximum Coin Supply

The figures below denote the theoretical maximum coin supply, which may be subject to downward adjustments contingent upon transaction fee burning and the allocation of unrequired PIV, thereby impacting the maximum possible monthly budget generation. Consequently, the actual number is likely to be lower than these theoretical maximums.

By June 2040, a staggering total of 125,929,497 PIV is anticipated.

By June 2060, a staggering total of 189,001,497 PIV is anticipated.