PIVX is a decentralized, open-source cryptocurrency that ensures security and privacy, and represents private instant-verified transactions. It was released under the name of Darknet (DNET) before February 1, 2016, and then officially changed its name to PIVX. When DNET switched to the current stage of certificate of stake (PoS), the initial stage of distribution using certificate of work (PoW) was terminated in August 2016 accordingly. PIVX adopts Blackcoin's Proof of Stake (PoS) 2.0 protocol and operates based on the Bitcoin Core 0.10.x codebase. It utilizes a network of masternodes to achieve an open decentralized regulatory approach while enhancing the privacy of transactions. The main goal of PIVX is to achieve near-instant private transactions and build a sustainable network management mechanism that protects the interests of all users.

1. Project introduction

PIVX, known as Puwei currency in Chinese, Puwei currency is the abbreviation of private instant verification transaction. PIVX is an open-source digital currency that ensures transaction security, focuses on privacy and decentralization, which means that PIVX is designed, established, continuously optimized and developed to ensure the security and privacy of your transactions in essence. PIVX is an open-source cryptocurrency based on Bitcoin Core 0.10.x and DASH technology. It uses the Proof of Stake (PoS) 3.0 protocol to ensure network security, and uses an innovative variable rocker reward mechanism to dynamically balance 90% of the block rewards between the master node and the stake accumulation node, and the remaining 10% is used for budget proposals. PIVX's goal is to enable a sustainable cryptocurrency through near-24/7 instant private transactions, fair governance, and a proficient community.

The goal of the PIVX project is to create a community-based electronic cryptocurrency with a fast-response transaction system and a fair management system. PIVX has applied the POS (Proof of Stake) algorithm of the black coin after the completion of the POW (Proof of Work) 6-month stage. PoS2.0 and above abolish the coin age mechanism and allow a fairer reward system, while strengthening the security of nodes. The main difference between v2.0 and v3.0 is that the variable block rewards related to the coin supply are fixed to a static value to provide a more stable reward amount and liquidity. However, PIVX has created a The dynamic balance system of one trade-off type allows the value of the block reward between the master node and the stake node to be variable, so as to optimize and rationally configure the two node networks.

Project Features

In order to promote the proportional balance between equity nodes and masternodes in the network, the PIVX team has developed a variable seesaw reward balance system, which can dynamically adjust the block reward share between masternodes and equity nodes. 10% of each PIVX certificate of stake (PoS) block reward is dedicated to the budget system, and 90% is dedicated to the rewards for masternodes and stake mining. The reward part is further dynamically allocated between the master node and the stake node through the seesaw reward balance system.

The higher the number of masternodes holds, the smaller the reward part of each PoS block, that is, the proportion of rewards paid to masternodes is also reduced, and the proportion of rewards for stake nodes is increased. On the contrary, when the number of masternodes decreases, the proportion of masternode rewards increases, while the proportion of equity node rewards decreases accordingly. Proof-of-Stake (PoS) block rewards start at a 9-to-1 ratio when masternodes stake less than 1% of the total coin supply.

However, as the number of coins locked to masternodes exceeds 41.5% of the total amount of PIVX coins, the total block reward will be transferred to the stake node according to the block reward amount greater than 50%. Doing so would make masternodes less attractive as it would more likely reduce their profitability than an investment with less maintenance costs. This threshold was chosen because it would result in a strong and profitable network of masternodes, as it would incentivize the generation of 60% of the total coin supply in coins that would be used to secure the network and maintain the liquidity of the currency.

Application scenario

Privacy: PIVX implements an advanced version of the "Zerocoin Protocol", which allows PIVX users to conduct completely anonymous transactions.
Fast: PIVX transactions are confirmed within 60 seconds and are usually instant.
Low Fees: Currently sending a $25 bitcoin transaction costs $0.42. The same transaction, paid with PIVX, costs less than $0.01.
Ownership Rewards: There are three different types of rewards for PIVX owners - masternodes, PIV staking and zPIV staking.
Secure Network: A 51% attack on PIVX is almost impossible. PIVX is a highly decentralized proof-of-stake network, and there is no possibility of highly centralized mining pools or authorized nodes.

Technical Overview

The seesaw reward balancing system utilized by PIVX offers many advantages over certificate-of-stake cryptocurrencies over many of the masternode reward split methods used.
1. It can indirectly affect the total number of masternodes in the network by changing its reward size to adjust its reward amount and bet amount.
2. When the number of master nodes is too high, by increasing the reward payment share of equity holders, the number of equity holders is promoted, thereby maintaining a high degree of network security.
3. As long as the masternode value is below the balance threshold (approximately 40% of the coin supply), masternode holders will continue to earn more than stake holders.
4. Guarantee that all coin holders receive rewards, not just masternode holders. This results in a fairer and relatively less centralized system.

Two. Comments

PIVX, an open-source cryptocurrency that ensures security and privacy, uses a decentralized mechanism, and represents private instant verification transactions. It was released under the name of Darknet (DNET) before February 1, 2016, and then officially changed its name to PIVX. When DNET switched to the current stage of Proof of Stake (PoS), the initial stage of distribution using Proof of Work (PoW) was terminated in August 2016 accordingly.

PIVX adopts Blackcoin's Proof of Stake (PoS) 2.0 protocol and operates based on the Bitcoin Core 0.10.x codebase. It utilizes a network of masternodes to achieve an open decentralized regulatory approach while enhancing the privacy of transactions. The main goal is to achieve near-instant private transactions and build a sustainable network management mechanism that protects the interests of all users.

Related links:
http://www.pivx.org/
https://info.binance.com/cn/currencies/pivx
http:/ /www.qukuaiwang.com.cn/szhb/2126.html###
https://www.bijiaocheng.com/baike/szhb/2274.html