PIVX is an anonymous peer-to-peer currency that is community driven and uses Blackcoin’s improved Proof of Stake 2.0 protocol instead of Proof of Work. The platform is designed to be similar to the code found in Bitcoin core 0.10.x. The cryptocurrency transitioned from Proof of Work to Proof of Stake in 2016. The feature that PIVX has developed to instill Proof of Stake was made to provide an overall improvement in security. PIVX uses Masternodes which are nodes that run the same wallet software within the same blockchain. This provides services like instant transactions, coin mixing, and a decentralized budgeting system.
Along with Masternodes, some of PIVX's key features include Obfuscation, SwiftTX, and See-Saw Rewards Mechanism. The See-Saw Rewards Mechanism balances the difference between Masternodes and staking nodes on the network, it dynamically adjusts the block reward size between the two nodes. The block reward split between the nodes balances at 10% for staking nodes (budgeting system), and 90% is dedicated to Masternodes (the number of coins locked to Masternodes is smaller than 1% of the entire coin supply). This feature creates a strong network of profitable Masternodes which creates an incentive for 60% of the total coin supply to be available for staking, securing the network and maintaining liquidity.
The transition from proof of work to proof of stake is completed.
The PIVX original blockchain is launched with proof of work with the name DarkNet.
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- MasternodeA masternode is a special type of node in a peer-to-peer network which guarantees a minimum level of performance and functionality to perform certain tasks in exchange for a financial incentive.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.