Greatest Secret For Private Crypto Transactions:PIVX coin 2021

Greatest Secret For Private Crypto Transactions:PIVX coin 2021

Introduction

We recently published an article discussing privacy coins and how important privacy and securing your data are. We also noted how DASH is shifting away from privacy. One coin is taking over where DASH left off becoming a data protection coin. Find out what old gem is getting a revival rising from the ashes like a majestic fiery privacy phoenix.  

PIVX Coin

Today, we are going to be looking at a gem that's an oldie but definitely a goodie. Today, we're going to be talking about PIVX. Now, you may be wondering what it stands for. It stands for Protected Instant Verified Exchange. 

Private Crypto Transactions : PIVX coin 2021


It's a financial user data protection-oriented cryptocurrency using the z-SNARKs based Shield Protocol, allowing its users an option to choose whether they want to send and receive coins transparently, just like Bitcoin, or privately without revealing any sensitive financial data that is typically public on other blockchains and, in turn, visible on block explorers. 

Shield Protocol is running on the advanced and highly customized proof-of-stake consensus algorithm. PIVX, of course, isn't just another privacy coin. It's a DAO or a decentralized autonomous organization that is governed by its community through the built-in blockchain-based governance model for holders. 

It is self-funded by the PIVX treasury which is being voted on and allocated on a monthly basis. PIVX, at the current moment, is a small market cap project which has a lot of current features that are being integrated by the big caps, like Ethereum. 

Also Read: Bitcoin EXACT Price/Date For Next BULLRUN! (Prepare NOW) BITCOIN TO $100,000 

PIVX Features

Because Ethereum is planning to implement the following features which are already available on the PIVX blockchain--- proof-of-stake consensus algorithm, zk-SNARKs anonymity protocol, 100% of the transaction fees in PIVX are being burned. 

Now, if you've been around crypto a while and survived the dreaded 2018 bear market, you may recognize the name PIVX as this team has been around for some time. But as we're seeing with Cardano, sometimes slow and steady wins the race. 

Although PIVX's main feature is protecting financial user data on the blockchain, PIVX has enriched its blockchain with many industry-leading features such as the cold staking contracts which allow users to stake their coins while they're being safely stored offline on a paper wallet or on a hardware wallet. 

This way, users don't even need to waste a satoshi on electricity costs, nor run the wallet online, while, at the same time, receiving staking rewards for securing the network. We'll get back to the staking rewards in just a few moments, but first, we have to discuss some other tokenomics and fundamentals for PIVX. They also have master nodes. 

Private Crypto Transactions : PIVX coin


These further help secure the network ensuring a higher level of network decentralization. There are currently more than 1700 active master nodes running on the PIVX network. They subsequently serve to allow decentralized governance by giving each master node owner a voting right. One master node in this case is equal to one vote. 

Master Nodes and Staking Nodes

We'll discuss how much you can earn a little bit later. I know that's what your degens are interested in. So master nodes and staking nodes together ensure both the stability and decentralized nature of the PIVX network with at least 2500 full staking nodes running across the globe, each staking up to 10,000 PIVX to run. 

Another key fundamental to PIVX is its dynamic coin supply model which ensures a long-term balance between inflation and deflation. PIVX deploys a fixed emission rate of 5 PIVX per block with a unique block time of just 60 seconds. Additionally, however, all the transaction fees are burned. This means that while there are a number of small transactions on the network, transaction fees are low and the coin is inflationary with the added caveat of spending being incentivized. 

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On the other hand, as soon as larger amounts of transactions occur on the PIVX blockchain, transaction fees are slightly increased, more coins are burned, making the coin deflationary incentivizing the savings instead of spending the coin. There's more though. 

Assuming that there will be a significantly larger adoption of decentralized exchanges in the upcoming months, PIVX's coin supply can shrink even further as all the trades on decentralized exchanges are happening directly on-chain, so transaction fees will increasingly be burned, while, at the same time, reducing the total circulating supply, making PIVX a more scarce asset. Although you know what they say about assuming. 

It leads to assumptions. But a safe assumption is PIVX has a bright future. You guys better listen up, BitSquad, because this could be the most important part of this whole review. Although there's no hard cap on the PIVX supply, like Bitcoin has 21 million coins, PIVX uses what is called restricted dynamic supply because there is a fixed maximum amount of coins that can be created on the PIVX blockchain every day, month, or year. There are currently a little over 65 million PIVs in circulation according to CoinGecko and PIVX's website. 

Rewards

Let's get into the staking and masternode rewards because here's where you can make big money. Each block, 5 PIVX are being created, 3 PIVX goes to the masternode owner, 2 PIVX goes to the stake. 

Here's some simple math that even you, math dropouts, can do. 5 PIV x 60 minutes x 24 hours x 365 days = 2.628 million PIV total or the maximum coins that are being created year. As of right now, it's around a 4% annual inflation rate. Given the block generation is fixed and isn't changing, the yearly inflation rate is continuously slowing down every day by having more coins in circulation. 

For example, once there are 130 million PIVX in circulation, the inflation rate will be around 2% annually. Further, as per the current PIVX DAO's governance model, each block, 1 PIVX is being allocated for the monthly treasury. 

There's a maximum amount of 43,200 PIV that can be created each cycle and month. Some more simple math that I can probably do in my head. 1 PIV x 60 minutes x 24 hours x 30 days = 43,200 PIV per cycle. 

These coins are allocated to community members who create a proposal, only if the proposed changes are successfully voted in by masternode owners. Any coins from these 43,200 PIV that are not being allocated to any of the proposal owners are fully burnt into the furnace and cannot be transferred to the next cycle. 

So how much can you make using PIVX staking? 

Well, there's a pretty cool calculator on their website which calculates all that out for you. The straight-up figure is currently between 8% to 9% per year. While owning a masternode is more lucrative as masternode rewards are currently around 9% per year. That too also has its own nifty calculator available on the website. 

Private Crypto Transactions : PIVX coin staking


But one more thing. PIVX isn't trying to be the next Monero. They're fully compliant with regulations. PIVX allows the ability to use an encrypted memo function, allowing a secure attachment of information or a text message including if required personally identifiable information to appease a merchant or regulators' needs and compliance with AML/CFT laws as well as the FATF Travel Rule. PIVX is the perfect balance between privacy and transparency. 

Also Read: What To Do With XRP In 2021? (HUGE XRP Price Prediction) | Big XRP News and XRP Analysis

Closing

If you'd like to know more, you can check out a detailed PIVX coin economics whitepaper which is available on the website if you still find yourself scratching your head. To find out more about PIVX, visit their website, connect on Twitter or GitHub, or join the PIVX community to participate in the next generation privacy on the blockchain. Let me know what you guys think. Drop your comments down below. That's all I got. Be blessed 

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