About PIVX (PIVX)weiss-badge

Overview

PIVX launched on January 31st, 2016. PIVX describe themselves as a multifaceted, community-centric endeavour in blockchain and cryptocurrency. The acronym stands for Privacy, Instant, Verified, Transaction. The Bitcoin-based platform achieves block times of 60 seconds with a 2mb size and boasts a theoretical maximum of 173 TPS. In total, there are 50 million PIVX coins of which around 30 million are in circulation. The coin itself was pre-mined before launch and as such can’t be mined for rewards. Instead, the coin is stakeable; you can earn block rewards from owning coins.

Technology

PIVX is the first proof of stake coin with the Zerocoin protocol (zPIV) and Zerocoin staking (zPOS). This algorithm enables fast transaction times, low fees, and ultimate privacy. The zPIV protocol allows unlinkable anonymity using zero-knowledge proofs that remove the link between sender and receiver. Additionally, zPIV hides the wallet's balance which is a feature few coins have. PIVX employs a variable seesaw reward system. The difference here is that it dynamically balances 90% of the block reward size between staking nodes and masternodes. The remaining 10% is dedicated for budget proposals. One feature PIVX looks forward to is an in-wallet proposal system where users perform governance functions. This includes creating, viewing, and voting for new proposals.

Future Focus

The team’s ultimate goal is to make PIVX a fast, secure, private, and decentralised coin with fair governance. To effectively scale for mass adoption, PIVX is developing elastic block sizes. This means they automatically adjust to accommodate higher transactions per second. They will also look to implement support for Invisible Internet Project (I2P) network nodes for the anonymity of the network. I2P is said to be faster and more secure than the likes of TOR models. The PIVX team has now released the new core wallet, available on desktop (Mac and Windows) with full node and lite client options, and on Android. For more information regarding PIVX see their official site and Whitepaper.  

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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