Protected Instant Verified Transaction (or eXchange) (PIVX), launched January 30th, 2016, is a decentralized, MIT licensed open-source, fair-launch blockchain/cryptocurrency project managed, developed, governed, and stewarded by a community driven decentralized autonomous organization (DAO). It has been designed, engineered, and tested using advanced cryptography protocols to provide, first and foremost, user Financial Data Protection. PIVX is Financial Data Protection.
While PIVX is based on Bitcoin's codebase fundamentally, it has undergone significant custom developments and integrations. PIVX uses a Proof of Stake (PoS) consensus protocol with its native cryptocurrency, denominated as "PIV". PIVX in many ways has continued to pioneer the Proof of Stake consensus algorithm. PIVX's advanced PoS is enriched with the Time Protocol v2 as well as the Cold Staking functionality which ensures higher security for coin owners and possibility to secure the network and receive staking rewards while coins are being cold stored offline on a hardware wallet.
The PIVX user's financial data protection is secured through a highly customized, open-source implementation of the vetted academic anonymity protocol zero-knowledge succinct non-interactive argument of knowledge (zk-SNARKs) Sapling. All of the user's transactional activities are protected by this protocol, called SHIELD.
PIVX is also fully compliant with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) requirements governed by the Financial Action Task Force (FATF). These regulatory bodies maintain regulation and laws concerning the use, transmission, and legality of digital assets and the associated data required to use them.
PIVX integrates other features including a 2nd layer of functionality through a Masternode network that provides a decentralized governance mechanism of voting; and is currently developing new features for this layer such as the Deterministic Masternode Lists, Long Living Masternode Quorums (LLMQs) and more, as well as including the addition of the anonymity protocol zk-SNARKs Sapling to staking and masternodes---all of these heavily customised.
All the PIVX supply occurs as a direct result of a static/fixed block emission rate plus any monthly budget allocation payouts. PIVX also has a dynamically calibrated coin-supply restrained by burning 100% of the transaction fees on the network. PIVX is an independent, application and payment agnostic blockchain. PIVX uses its native cryptocurrency (PIV) as both a means of rights-preserving, privacy enabling, near instant digital currency exchange as well as the reward for those who help secure, build, decentralize, and govern the PIVX network protocol. PIV is purchased and/or obtained to be held or staked (hot or cold) or locked in masternodes by individuals who want to participate in the network.
The monetary policy of PIVX is designed to enable a sustainable infrastructure service capable of supporting scalable, decentralized, and resilient node infrastructure, allowing for instant, private transactions globally, without astronomical Quantitative Easing (QE) and the corresponding resulting devaluation of the native coin, as experienced in other cryptocurrency endeavors.
PIVX as a DAO utilizes a decentralized network of masternodes that allow running various apps and services, treasury management, and community governance. PIVX has a built-in governance mechanism which allows masternode owners to vote for or against any submitted proposal.
