PIVX aims to build a digital value transfer network that prioritizes transaction data security and user privacy while minimizing transaction times and fees. PIVX originally launched on January 31, 2016 as Darknet (DNET) and later rebranded to its current name after significant development and community involvement.
PIVX’s founders are keen on DASH’s general architecture but decided to implement a proof-of-stake network, which they believe offers a fairer reward system with a see-saw mechanism to auto-balance reward payouts. PIVX sees privacy as a critical component of a daily means of exchange and set out to combine the “digital cash” ethos of DASH with more advanced privacy and anonymity.
PIVX employs a custom version of the Zerocoin protocol based on the commonly used libzerocoin technology that obfuscate sending and receiving addresses for added privacy. Unlike Dash and Zcash, on-chain PIVX transactions can be completely anonymous. Users need only to convert their standard PIVX tokens into “zPIV” tokens and can then send them to any PIVX address.
New blocks are added to the PIVX chain every 60 seconds, on average. A small percentage of each block reward goes to PIVX’s self-governance budget. Reward remainders are split between a master node and the staked network participant. Proof-of-stake blockchains like PIVX require participants to stake a portion of their tokens before contributing to the network as a transaction propagator and validator.