There are a lot of cryptocurrencies that are not anonymous or do not follow the principles of decentralization. This means all the transactions you carry out in them are available for everyone to see on their public ledger or blockchain. This allowed agencies, researchers, private agents, government bodies, and trackers to track the real identities of the holders and traders. This way, no crypto trader is 100% safe. That is what paved the way for cryptocurrencies like PIVX to rise.
PIVX’s creation surrounds the goal of becoming the most advanced private cryptocurrency as PIVX uses some of the most top-notch technologies and is the trendsetter among many private coins. PIVX stands for Private Instant Verified Transaction. It is a fork of Dash, but DASH works on proof-of-work while PIVX is designed to work on a proof-of-stake system. The founders of PIVX felt that proof-of-stake was a fairer system in rewarding the miners. It has a see-saw mechanism and automatically balances rewards and payouts.
PIVX has an independent dynamic and payment agonistic blockchain. PIVX blockchain uses proof-of-stake consensus when creating new blocks. It involves master nodes and staking nodes, or validators, that decentralize the system to its core.
PIVX is an open-sourced, decentralized cryptocurrency that focuses primarily on bringing security, anonymity, and privacy to the crypto world. PIVX empowers its customers with instant transactions and stands on four pillars, namely privacy, freedom, technology, and governance. Through this, they are heading towards achieving their main target of creating an exemplary decentralized system with instant private transactions, and the community governance model better than might be better than the Dash one.
PIVX was originally launched as DarkNet (DNET) and did not have an Initial Coin Offering (ICO). Instead, 60,000 coins were pre-mined. Unlike Bitcoin, PIVX coins are not limited. Its supply increases every year by approximately 2.6 million. Its block mining time is 1 minute, which is a lot quicker than the Bitcoin mining time.
Following are the key features of the project:
PIVX rewards you with extra coins when you hold it and keep your wallets synchronized online. By holding PIVX you contribute to the network’s stability. It is like your own bank account in which you are rewarded according to the amount you hold.
As mentioned earlier, PIVX works on a proof of stake system and has two types of nodes: masternodes and staking nodes, or validators. Masternodes are involved in voting on proposals voiced by the community members and validate a transaction as quickly as possible. To run a masternode, you need to have a stake of 10,000 PIVX.
Validators are assigned with the job to mine PIVX. When a new block is generated, 6 PIVX coins are distributed among the validator, master node, and the treasury system: 3 go to the validator, 2 go to the master node, and 1 goes to the treasury. The see-saw mechanism keeps a balance between the master nodes and the staking nodes.
Due to the unlimited number of PIVX that can be mined, it does not have a hard market cap and has an inflation rate of about 3 to 4 percent. The soft cap it has is due to transaction fees. The transaction fee for each transaction is around 0.01 PIVX.
If we discuss PIVX vs Bitcoin, instant transactions can be a winning point for PIVX. Instant transactions have always been a part of the PIVX ecosystem. The near-to instant transaction time in PIVX has been possible due to SwiftTX technology. This takes care of double-spending challenges and much more.
Not many have neared PIVX in terms of a comprehensive and transparent roadmap. PIVX masternodes are highly active in shaping a fundamental direction to the project. Besides, the zk-SNARKs are used now for transacting without the revelation of the amounts processed.
Various cryptocurrencies have been criticized for becoming somewhat centralized over time. PIVX made sure that this does not happen to the PIVX project. With the system that has 1700 actively participating masternodes, it is decentralized to its core. The blockchain provides a single voting right to each master node, further making way for community-based governance. Currently, masternodes are enjoying an annual reward of 9%.
Many users often ask how they can exchange their crypto to PIVX. The answer is fairly simple. There are crypto exchange aggregators like Swapzone that assist users in exchanging their assets with zero hassle. You only need to follow the below-mentioned steps in order to get through the process:
The future of PIVX looks bright as it is set to replace inefficient existing models with a better POS system and rewarding strategies. According to many analysts, it may outpower Dash in terms of service, transaction processing, and costs. And it has already made its move by introducing transaction anonymity.
PIVX is working on very promising developments, such as bringing in deterministic masternodes that will be managed on the basis of on-chain data. They are also making ways to allow investors to stake shielded coins in addition to transparent coins. With these milestones in the pipeline, PIVX can be seen to have a lot of potential.
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.