In the recent past, cryptocurrencies have been emerging at a very fast rate. Today, there are more than 700 cryptocurrencies that people can join either as miners or traders. Every cryptocurrency comes with a different item that largely focuses on making it better than the previous ones. Today, the most famous cryptocurrencies are Ethereum and Bitcoin. Indeed, some very creative cryptocurrency platforms that allow users to convert their popularity on social media have emerged.
On January 2016, a new cryptocurrency blockchain platform called PIVX was founded. Here is a complete review of this new platform that has presented huge competition to other more dominant and older cryptocurrencies.
What is PIVX?
Early in 2016, two financial system experts only known by their online handles as Coin Server and s3v3n h4cks founded PIVX. The core objective of PIVX was creating a decentralized and privacy focused cryptocurrency using a transaction timeframe. Though the transactions lag with a few seconds, the objective has been achieved with PIVX winning the tag of the fastest cryptocurrency.
When compared with other cryptocurrencies, PIVX is a new cryptocurrency that is growing very fast because of a very committed development team. Though the currency of PIVX was initially lower after starting compared to other currencies, it started rising after implementation of ZEROCOIN protocol.
How does PIVX work?
To join the PIVX blockchain system, you are required to download the PIVX wallet and install it in their system. PIVX uses the Bitcoin Core and employs special layers that allow it to implement individual blockchain. By running on a platform that is updated constantly, PIVX has managed to work almost at the same level with the latest cryptocurrencies in the world.
PIVX utilizes PoS algorithm and special community governance to run its decentralized system. The members of the PIVX community earn from PIVX by maintaining their tokens throughout the network. By utilizing the Pos 2.0 algorithm, all the devices that operate on the PIVX wallet can participate and obtain rewards.
Masternodes are the bottom line of PIVX network and are used to map its target. These are incentivized nodes that can take rewards based on their capability and availability to offer decentralized services.
The PIVX wallet provides coin mixing capability and is implemented in a decentralized manner using the masternode network.
This is used to validate PIVX transactions faster. The application has made the cryptocurrency one of the fastest in cryptoworld by applying the latest Bitcoin algorithm.
This is the community that maintains and runs the decentralized system. It helps to regularly update and store data on all transactions to make it difficult for hackers to break into the system.
The benefits of using PIVX
- The digital currency is strongly community driven. This means that the platform is very active and will help to bring new and better features.
- The PIVX network is more secure by applying the proof of stake 3.0 protocol as opposed to the common proof of network.
- The platform uses ingenious reward model that ensures all masternodes and common nodes share the rewards dynamically. This helps all users whether miners or traders to remain committed.
- PIVX maintains an edge over other cryptocurrencies that utilize masternodes. The platform is, therefore, more profitable.
- PIVX can be used like both traditional and hard currencies.
Risks that come with using PIVX
- Because PIVX doubles as a fiat and digital currency, it remains susceptible to the common market fluctuations.
- By putting a lot of weight on masternodes, it means that PIVY is still prone to DDOs attacks.
- PIVX is relatively new in the market. Because of the fast rising competition, one might be unable to predict the expected future performance articulately.
- New users have indicated the difficulty of understanding and using the system. The developers should consider redefining their support system to help newbies join and start mining or trading like a pro.
Where to Buy and Sell PIVX in Australia?
Crypto Currency for Fun recommends buying PIVX at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including PIVX and they offer Instant Delivery or your coins right into your account.
PIVX is one of the most innovative digital currencies today. By running on the Bitcoin core, PIVX has managed to put the focus on building the already advanced Bitcoin framework. Though relatively new, the ability to confirm transactions within seconds and guarantee high levels of privacy makes it one of the most potential blockchains to watch in future.