Crypto markets have been positive lately as the value of many well-known tokens continues to set new all-time highs. While popular cryptocurrencies like Bitcoin and Ethereum have grabbed the headlines, few crypto projects continue to run silently in the background as they make valuable contributions to the ecosystem.
When Bitcoin was first introduced, the basic tenets of cryptocurrencies were privacy, transparency, and accessibility. However, after more than a decade, the ecosystem has undergone drastic changes, thanks to the evolution of technology. Now, the likes of Bitcoin are not as private as one imagined, as specialized software and services like Chainalysis can track transactions and users with tremendous accuracy.
The growing value of these cryptocurrencies is also affecting the adoption of blockchain technology for various real-world use cases in traditional contexts. In such a scenario, the vision of sustainable development of crypto and fintech ecosystems calls for an alternative that can strike a balance between the confidentiality, accessibility and scalability of decentralized protocols.
PIVX makes its appearance
Conceptualized in 2015, PIVX is a blockchain project that was founded to address the challenges that are holding back the widespread adoption of blockchain technology. It incorporates some of the remarkable features of various alternative projects to offer an all-in-one cryptocurrency focused on data protection and privacy. PIVX offers users the option to choose whether or not to keep their transaction information private through their custom SHIELD protocol based on zk-SNARKS.
The self-funded project implemented a combination of proof of participation consensus algorithm and Governance of the DAO model that is loaded with tools and features that have made larger projects open our eyes to the various possibilities that blockchain technology can offer. In fact, the Ethereum protocol will soon adopt some of these features that PIVX has developed, as highlighted in this tweet from Vitalik Buterin.
As ETH 2.0 works to create its version of the Proof of Stake consensus, zk-SNARK anonymity protocol, and burn mechanism transaction fees (existing functionalities of the PIVX ecosystem), PIVX, which has already delivered and integrated all these functionalities into its blockchain, plans to further improve its protocol to meet the evolving demands of the industry.
PIVX offers cutting edge features
The PIVX cryptocurrency ecosystem is a robust solution designed with transaction privacy and security in mind. He is one of the first players in a segment that is becoming as popular as DeFi. Some of the cutting edge features of PIVX include:
- Cold Staking Contracts for energy efficient staking where users can securely store their PIVX coins offline or on a hardware wallet and earn staking rewards
- High levels of decentralization achieved by more than 1,700 active masternodes, which also play a role in the governance of the PIVX network
- 2500 full nodes to maintain the stability of the decentralized network
- Dynamic coin supply model to fight volatility and introduce deflationary movement
- Untrustworthy protocol where users always control their private keys and PIVX coins, even when staking or running masternodes
- SHIELD protocol powered by zk-SNARK for full on-demand privacy of network transactions
What is the SHIELD protocol?
SHIELD Protocol is a financial data protection protocol implemented by PIVX. It uses the Sapling protocol based on zk-SNARK technology on the PoS blockchain to provide complete protection for transactions made on the PIVX network. By implementing the SHIELD protocol, PIVX became the first crypto project in the world to adopt this technology. In addition to enhanced privacy through zero-knowledge transactions, the SHIELD protocol also optimizes transaction data on the blockchain by generating lightweight evidence.
As a result, the PIVX network is much faster and scalable compared to others. The PIVX SHIELD design also allows users to switch between transparent and private transactions on the blockchain while allowing them to choose who to share access to their private transaction information using view keys.
The SHIELD protocol will be the basis for future developments of the PIVX network. The project intends to implement deterministic masternodes with delegation capabilities, SHIELD Staking for armored room staking, SHIELD Masternodes and Staking Pool operations by the end of next year with the SHIELD protocol as a basis.
PIVX – Confidentiality is serious
The features offered by the PIVX protocol make it much more advanced than its peers. For starters, flexible transactions allow users to either send a public transaction like a regular bitcoin transaction where information is visible on block explorers, or opt for private mode without revealing any sensitive financial data like payments. Monero and DASH.
However, the barrier to entry for PIVX is much lower than the others because it is very affordable. Unlike other projects, security and privacy features are top priority in PIVX. The project had already shown its commitment by disabling the critical Zerocoin protocol when a bug was found in its “libzerocoin“library. While his action ensured that the project was never compromised, PIVX’s ranking fell from one of the top 10 to somewhere in the top 300.
Since then, PIVX has developed the SHIELD protocol and has established itself as a strong DeFi-ready competitor in the crypto space, delivering a trustless ecosystem that can earn up to 9% per year in staking and masternode rewards for investors and coin holders.
In addition to earning rewards, PIVX holders play a crucial role in maintaining masternodes and staking nodes contributing to network stability and decentralization. The PIVX network is ready for compliance, able to meet AML / CTF and FATF requirements if required.
Fight against volatility
Volatility is a major concern when it comes to the widespread adoption of cryptocurrencies. PIVX has created a simplified dynamic supply model to reduce volatility by balancing inflationary and deflationary forces. A fixed token issuance rate and the combustion of transaction fees create a constrained dynamic supply directly correlated to transaction and network staking volumes. In the absence of a strict cap on supply and sustained growth in the use of the PIVX network, the project will regulate the inflation rate to keep it at a minimum.
PIVX is listed on most major crypto exchanges, including Bithumb, Binance, Bittrex, KuCoin, CoinEx and more. It is also DEX compatible, supports atomic swaps, and is available on BlockDX. Some of the wallets that support PIVX include Coinomi, Ledger, Flits, and CoinSpot.
With the help of usability, good governance, a dynamic coin supply model for low volatility, and upcoming features, PIVX has positioned itself as the most actively developed cryptocurrency capable of responding to the various needs of the very popular DeFi industry. In the near future, PIVX will potentially regain its past glory as other projects catch up.